IOV Token “Burn” — 4 of 6
The fourth $IOV burn proposal will be submitted today
Following our burn schedule and aiming for the enhancement of our tokenomics, here we are again!… It’s time for our 4th $IOV burn! 🙌
If this is the first time you are reading about these $IOV burns and/or you are just getting to know our project, we get you: you can check this article to get familiar with the burning plan. We are sure you will like it just like our community does. ✨
The main reason for these burns is a change of focus of the Starname project. Due to this change and in accordance with what happened in March, April, and early May, another burn proposal will be submitted today to “burn” some $IOV — that means sending IOV tokens from the community pool to blackhole*iov ( star1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqjewks3 — better to use a starname instead of this long string, right? 😉 ), where they can’t be spent or delegated.
The dynamics of this burn will be similar to the very first burn, so the proposal will be submitted, funded and we can get on to the voting period right away. Sounds confusing? This is how this event will unfold:
1. The proposal will be submitted today and funded so the voting period can start today as well.
2. Once the proposal is in the voting period, $IOV holders will have 4 days to vote (Voting period ends on June 4th 2.20PM UTC). They can do so using Ledger via the Big Dipper block explorer, Cosmostation mobile app, or the Keplr browser extension.
For further information about how to vote, make sure to take a look at the second part of this other article for a step-by-step explanation of how you can do it using Ledger, Cosmostation app, or Keplr Browser Extension.
We will share the burn updates on our social media until the process is over.
Thank you for your participation so far and go vote!
🔥 P.S.: The remaining burn schedule will be accelerated if the Stargate release is ready ahead of burns 5 and 6.
