AidCoin token supply decrease: what Kate Moss and deforestation have to do with it?

Following our posts about the current use of AID and DAI on AIDChain, we decided to tell you how we decrease the AID token supply with the help of CharityStars —AidCoin’s founding company, which has been arranging charitable auctions with 200+ international celebrities in support of 500+ non-profits for the past 5 years.

There’s still a lot of work to be done to make crypto donations a mainstream practice, despite the long list of their benefits, e.g. taxation, as opposed to fiat donations. But CharityStars’ vast network of celebrities is our trump card on this rather long journey and we use it whenever possible.

Recently, CharityStars has launched a charitable T-shirt campaign in collaboration with the fashion designer Vivienne Westwood, which proved to be a great chance to spread the word about AidCoin and crypto charity: multiple world-class celebrities such as Kate Moss, Celine Dion, and others shared it on their social media. Moreover, it’s also become the first CharityStars campaign to affect the AID token supply and here’s how.

What is special about this campaign?

Revenues from CharityStars campaigns always go to non-profits, mainly in fiat. But in this case, Cool Earth, which has saved nearly 1 million acres of rainforests to date, agreed to accept the full sum in DAI — AIDChain’s new main stablecoin — and spend it transparently through AIDChain. So once the campaign was over, we converted the $20,050 raised into DAI through Wyre platform and sent it in two tranches to the newly created Cool Earth AIDChain page (see its Etherscan wallet and the screenshots below).

Converting the campaign’s revenue into DAI
DAI transfer to Cool Earth’s AIDChain wallet
DAI received the money through its charity page on AidChain

The charity then paid 19% of the campaign’s revenues (3,816 DAI) as a fee for AidChain and CharityStars fundraising services (a common practice on CharityStars and other fundraising platforms), which can be tracked through the AIDChain supplier page or the Cool Earth page.

The charity paid the CharityStars&AidCoin team for organizing the fundraising process

Decreasing the AID token supply

However, transferring the revenues to the charity in DAI through AIDChain is not the only special thing about this campaign. The great news for AidCoin HODLers is that the fee that the charity paid to us wasn’t added to the CharityStars profits. Instead, we used it to buy AID on Bitfinex and burn it, thus reducing the AID token supply by 58,854 AID.

On Bitfinex, we exchanged DAI to BTC, then BTC to AID, and sent the 58,854 AID to our Smart Contract to freeze it there

What does it mean for AidCoin?

As a result, this campaign not only spread the idea of trackable crypto donations among top celebrities & their followers and contributed to saving rainforests. It also slightly decreased the AID token supply and helped to onboard a new charity.

From now on, an increasing number of CharityStars campaigns, which all together raise about $5mln annually, might be managed in such manner if the charities agree to be paid in stable coins instead of fiat. This way, we expect to steadily cut our token supply and boost the AIDChain registrations, thus driving the future amount of fees paid in AID and adding substantial value to our community in the long-run.

Make your first trackable crypto donation here!

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