This is an attempt to enable all Ryoshi to participate in a well established decentralized #PyroDonation mechanism
All tokens except for $BONE $WBONE and $knBONE that are received from donors ideally would get swapped for K9 DAO tokens and then locked up for the maximum time frame in order to get the most $BONE rewards as we can.
Any $BONE $WBONE and $knBONE that are received from donors ideally would just be held until the burn happens and they would merely get swapped for $BONE and then burned with the rest.
Anyone can participate by merely sending #Shibarium tokens to the official #Shibarium address established by the K9 DAO Team.
The idea would include, the K9 DAO Team regularly (perhaps daily) locking up any additional $KNINE tokens received from the community for the maximum timeframe, with the end result being the burning of all $BONE tokens that are received from staking those tokens along with any $BONE $WBONE and $knBONE that has been received from donors as well at the same time.
Ideally there would be enough notice before the $BONE burn happens to allow others to add to the burn and possibly at the same time extend some feelers out there to grow the $BONE pile
Example:
Since 10/28/24 #LuckyTurdleTournaments has been using #BoneCrusher to BURN $BONE!
Total $BONE accumulated so far: 0.2
(This is all from my own personal funds)
I’d like to have the K9 DAO Team to take over the project as they will have a greater success rate in every way and it costs next to nothing because #Shibarium gas is so cheap and that is why I need to make this proposal. So they can see that people want this and so the funds can be in safer hands at the end of the day.
Donors and participants help do the following…
1)Lock up $KNINE for long periods of time creating $KNINE scarcity
2)Hold community burns of $BONE tokens creating $BONE scarcity
3)Promote the partnershib of K9finance as well as #BoneCrusher in a decentralized fashion
To me this seems like a community initiative that the community could do by assembling themselves if interested.
K9 DAO could stake all of its KNINE of course and earn BONE, but this would essentially mean that the DAO would take the majority of BONE rewards away from users and then burn the BONE that the product is making, rather than using the product as it is intended - to make liquids taking attractive and bring DeFi to Shibarium
I’d be in favor of someone within the DAO on their own accord, which seems like it’s already being done.
When I put on the lens of “does this meet the K9 DAO mission” of “bringing DeFi to Shibarium”, I do not think this meets the goals of the DAO. It seems more like K9 DAO gaming the protocol against its own best interest, at the detriment of genuine users, to meet an agenda of burning BONE versus facilitating real adoption.
As a BONE holder and community member of course I’d be in favor of burning more BONE, but with a K9 DAO hat on trying to analyze this and be impartial I do not think it makes sense for the DAO to get directly involved
Open to others’ thoughts. As an aside, I felt this proposal was difficult to read due to the majority of the text being in the title of the forum post, so in an effort to get more community comments here I would recommend a little reformatting
Love the initiative on getting this going, Weiler!
As Buzz mentioned, this idea doesn’t align with the project’s core and I agree this is a cool community idea that can be taken and expanded with.
Idea: What if there’s a Shibarium token that has a buy/sell tax and a % of those taxes goes to buying KNINE on Shibarium and locking them up for 12 months? Every time more KNINE is added, the lock resets and more BONE rewards can continue to accrue. Burn half the BONE and farm the rest to keep an ongoing vest of KNINE to add to the lock. This will help earn more Bone to continue to burn and farm.
Essentially, you’re creating a service wallet to decrease circulating supply of Bone instead of a human earning, investing, and selling the Bone they’ve earned by using the product.
I think there needs to be another layer wrapped around this initiative to get people excited to try it out. Otherwise, creating a project that auto-burns BONE is probably your better bet. You’d already be in competition with $DAMN though. With enough KNINE locked, this could burn more BONE than Damn though, so I wouldn’t give up on the idea. Just gotta make it worth it to others to give up their rewards that they could be staking and locking for themselves.
