Proposal — Medium version
This post provides further detail on the Proposal placed onto Realms by the BONK DAO to burn BONK Token from its Treasury.
BONK DAO proposes to burn 278,393,137,215B BONK from its Treasury which represents 100% of the BONK earned by BONK DAO from its revenue sharing agreement with BONKBot since its launch in late 2023. As we continue to integrate past the 160+ existing applications the DAO’s goal is to set up agreements for continued revenue sharing agreements that send BONK back to the treasury.
BONKBot is Solana’s Fastest Telegram Trading Bot. Since its launch in November 2023 BONKBot has been wildly successful having transacted ~$5,000,000,000 of volume and served more than 315,000 users. BonkBot charges a fee of 1% on all transactions of which 10% is sent to the BONK DAO.
By Burning BONK, the DAO is reducing the total supply of BONK which can be positive for token value. By Burning all of the BONK earnt, the BONK DAO is recognizing the communities desire to have matching burn from the DAO as done by BONKBot on an ongoing basis. Solana is a special place to all of us and as a community we want to push BONK and SOLANA forward. The trusted dog alongside this amazing ecosystem. Onboarding retail and supporting the chain.
Reflecting a desire to explore increasing community involvement in BONK DAO decision making, any wallet with Bonk will be entitled to participate in the vote by depositing BONK on Realms for the duration of the vote, with a voting weight equal to its corresponding percent of the total supply. Governing Council members of Bonk DAO — all prominent members of the Solana community who have been on the journey with BONK since its initial token distribution — will also be invited to Vote. A quorum will be achieved if more than 1% of the Bonk circulating population participates in the Vote OR if more than 70% of the Governing Council participates in the vote. The Vote will occur over a 5 day window with a 1 day cool down period directly following after which — subject to the Proposal being accepted — the BONK will be burnt. Deposited BONK will be available to withdraw as soon as the 6 day voting period ends.
Subject to the community response to this proposal, consideration will be made in the coming months for further quarterly Burns of Bonk denominated revenue earned by the DAO Treasury, larger burns from the DAO treasury, and to continue forms of community participation in decision making.
