BabyDoge seems to be certain that it has come up with a solution to enhance the security and integrity of its platform. According to a Twitter poll post, the deflationary token platform is proposing that 100 quadrillions of BABYDOGE on the Ethereum protocol to be burnt.
However, some tokens will be reserved to conform as a bridge to ETH as this is of utmost importance. Ultimately, it is believed that this strategy will cause transaction fees on the protocol to drastically reduce to 0%.
Exciting News: A Proposal to Strengthen Security with a 100 Quadrillion Token Burn on ETH and fee reduction to 0%
We’ve been listening to your concerns and have come up with an innovative solution to further enhance the security and integrity of our project. As these 100…
— Baby Doge (@BabyDogeCoin) May 6, 2023
The BabyDoge team said it has been listening to the concerns of its community and “have come up with an innovative solution to further enhance the security and integrity of our project.”
It detailed that the 100 quadrillion tokens it wants to burn have been sitting idle since it launched on ETH and that the proposal to burn them off will “reduce potential exploitation risk associated with them.”
Token burns are not uncommon with memecoins with Shiba Inu notably burning millions of its token on a regular basis.
Markedly, BabyDoge is keen on providing seamless and cost-effective services to its community. Hence the need to strengthen its project and enhance security. In the end, users can have access to inexpensive transactions on the ecosystem that also offers a higher level of efficiency.
BabyDoge Prepares For Official Proposal to DAO
So far, the proposal has received 4,812 votes with 96% in favour of a burn and the other 4% requesting that things are left the way they are. Others who have not voted still have about 23 hours to take a stance.
While this is an unofficial voting process, the protocol has promised to draft an official proposal for the DAO when the time comes. This time would be after the current proposal records overwhelming support from its community. With the turn of events, it seems like the official proposal will be going out very soon.
BabyDoge believes that there is a very high likelihood that this would go down as one of the biggest token burns in history.
The burn is currently estimated to be worth hundreds of millions of dollars. For this initial phase, BabyDoge is leveraging the ETH blockchain but it would eventually move to BNB Chain depending on its success. Meanwhile, BabyDoge is still in close competition with FLOKI and Shiba Inu whose burn rate has jumped by more than 30,000%.
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Source: https://coingape.com/babydoge-proposes-monumental-token-burn-0-fees-on-transactions/