In an ambitious move to enhance its platform’s security and integrity, BabyDoge appears to be set on proposing a colossal token burn of 100 quadrillion BABYDOGE on the Ethereum protocol. Some tokens, however, will be reserved as a bridge to ETH due to its importance. This proposal, according to the BabyDoge team, comes in response to the community’s concerns and aims to reduce transaction fees on the protocol to 0%.
These 100 quadrillion tokens have been idling since the platform’s Ethereum launch, and their elimination could potentially mitigate the exploitation risk associated with them. Token burns are not a novelty in the world of memecoins; Shiba Inu, for example, burns millions of tokens regularly. BabyDoge’s motive for taking this action is to offer seamless, cost-effective services to its community members while fortifying the security and enhancing efficiency.
In preparation for the official DAO proposal, an unofficial voting process has been conducted, garnering 4,812 votes. The majority of participants, 96%, favored the burn, while 4% preferred maintaining the status quo. The remaining community members have about 23 hours left to voice their opinion.
The BabyDoge team plans to draft an official proposal for the DAO when the current proposal gains substantial community support. Given the recent turn of events, it seems that this official proposal could be launched very soon. BabyDoge even believes that this token burn could potentially go down in history as one of the largest in the crypto space.
Estimated to be worth hundreds of millions of dollars, the burn will initially rely on the Ethereum blockchain, but it may eventually migrate to BNB Chain, depending on its success. BabyDoge currently faces stiff competition from the likes of FLOKI and Shiba Inu, which witnessed its burn rate skyrocket by over 30,000%.
While the proposed token burn appears quite promising for BabyDoge, it is crucial to keep a vigilant eye on the market conditions before investing in cryptocurrencies. As always, it’s essential to conduct thorough research as the author and publication hold no responsibility for personal financial losses.
Source: Coingape
