Trust is a must!
Maybe you noticed our previous article, and if you didn’t give it a read here. Today we would like to focus on the following fragment from that article:
Now since a lot of coins remained unclaimed we have some burning to do. The initial 100M BZE announced to be used as development fund will be lowered to 30M and the difference of 70M plus the unclaimed 196M BZE coins will be burned in 2 steps. This gives us the opportunity to lower the circulating supply with approximately 266M BZE.
It has been brought to our attention that the huge amount of unclaimed coins might be a burden and there might be some newcomers that can not trust the new “kid” with low liquidity pool and a huge amount of unstaked coins that can be transferred at any time. Even though we’re not an anonymous group of people — we just enjoy our privacy — this isn’t enough on the trust scale, so we decided to take action.
Burning the coins
Coins can not be burned in Cosmos SDK without wiring the code that’s meant to perform this task thus we can NOT burn the coins right away, we have to wait for our next release. We already implemented a feature that will allow us to burn unwanted coins — like those not claimed during the swap — but it is not available on mainnet YET. This is the only reason we have this huge supply, but we have a solution to show you we are trustful. (Thank you Redhaze from “The Chicken Coop” validator for bringing this idea up)
All the coins that we promised to burn in the previous article are now standing comfy in the community pool fund.
You can check the information yourself by querying the blockchain or checking the explorer.
Here are the transactions that sent 266,000,000 BZE to the community pool:
For those that don’t know the community pool funds are unspendable. They can be transferred only through a governance proposal: so we all have to vote before they can be moved!
These funds are safely stored by the blockchain until we have the burning mechanism in place on mainnet. At that moment in time we will vote to burn the coins.
We are in this together and having the power in the hands of the community is what we always wanted.
Stay SAFU and we hope you’re considering to provide some liquidity on our Osmosis pool. We really need it!
Feel free to engage in a discussion with us on any of our communication channels: Twitter, Medium Publication, Discord or Telegram.
