90 Day Permanent Burn and the Valkyrian Pass (VP)
The Preparation:
Community agrees through governance polling
In light of the proposals to decrease VKR Inflation rewards (gov vote #2) and the execution plan (gov vote #4) that have been passed in recent weeks, the Valkyrie core team is preparing to execute the following roadmap:
- Governance Poll Approval
- Decrease in Inflationary Rewards
- BURN
- Valkyrian Pass
The Reduction:
25% Reduction in Total Inflationary Rewards (100M Tokens)
As a result of the aforementioned polls above, there will be a 25% reduction in the total inflationary rewards, totaling 100M VKR . The details of the reduction are as follows:
- A linear reduction of VKR LP and Governance staking rewards over 4 years
- LP incentives: 300M → 225M
- Governance incentives: 100M → 75M
When :
- December 22nd, 2021. 02:36:00 (UTC)
- 5,770,000 Block
The Inferno:
The Permanent Burn and Redirection
The 100M VKR that will be reduced needs to be redirected. As a result, 20M will be immediately moved to the Community Pool for use through governance. The remaining 80M will be PERMANENTLY BURNED.
In summary, 100M VKR will be redirected as follows:
- 20M VKR to be immediately moved to the Community Pool
- 80M VKR to be permanently burned to create Valkyrian Passes (more details below)
The permanent burn of the 80M VKR will target a linear daily burn over the course of 90 days
i.e. 80,000,000 / 90 = 888,889 VKR tokens daily.
When
- December 23rd, 2021. 02:40:00 (UTC)
- 5,782,800 Block
The Phoenix:
Out of the ashes, arises the Valkyrian Pass!
As the 80M VKR is being burned, Valkyrian Passes will be created. Below are the highlighted details of the program:
What is the Valkyrian Pass?
The Valkyrie core team is preparing to introduce a Loyalty Program, which will feature Valkyrian Passes. Valkyrian Passes are exclusively for Valkyrians who have staked onto governance for a considerable amount of time or in volume. Valkyrie Loyalty Program offers priority access and other offers to IPC, Smart Airdrop and other campaigns. Users for VP will include early/guaranteed participation to protocol token offering and Smart Airdrop events.
How is the Valkyrian Pass created?
As mentioned above, Valkyrie will begin to aggressively burn 80,000,000 (80M) VKR tokens to create the Valkyrian Pass. As aforementioned, the burning will target a daily linear burn over 90 days.
Who can get the Valkyrian Pass?
As per above, the Valkyrian Pass is an exclusive offer for Valkyrians who have staked onto governance for a considerable amount of time or in volume. Although there is no set time or volume threshold, those who have staked longer and/or in larger amounts will benefit most from the Valkyrian Pass.
*Current existing governance stakers are entitled to the Valkyrian Pass.
What are the benefits of the Valkyrian Pass?
- Exclusive Access to Initial Participant Campaigns (IPC)
- Priority access to other campaigns such as Smart Airdrops and NFT minting
What are the limitations of the Valkyrian Pass?
The Valkyrian Pass is non-exchangeable and non-refundable. This also means that it cannot be transferred to another wallet for use as well.
Valkyrian Passes will be available for a one-way burn of 12.5VKR (this can be adjusted via governance later)
How are the Valkyrian Passes distributed?
A total of 80M VKR will be burned to make 8M Valkyrian Passes. As mentioned, stakers of the VKR token will receive these passes directly into the webapp over the course of 4 years.
