We recently held a governance vote to determine whether or not the VyFinance platform will conduct a burn from its uncirculated supply. The vote resulted in a resounding Yes! From a total of over 9 million VYFI, representing 34% of our circulating supply — 68% voted to conduct a burn.
This now leaves us with two decisions that are left to complete before the burn can be conducted:.
1) How will we burn the tokens?
2) How many tokens will we burn?
Both of these are very important questions, and anything written in this article is presumptive, as community discussion is still ongoing.
Based on discussions with the community and within the team — we see 3 major methods for burning tokens from the uncirculated supply:
1) Instant hole burn from uncirculated supply
2) Set burn over time from uncirculated supply
3) Match farm over 20 years and burn equal amount to farm every cycle.
The major difference between these three options is the slower we burn, a greater capacity to adjust emsission changes in the future should the community vote to do so is retained
As for the total amount of tokens being burnt, we can have anywhere between 30%-50% of uncirculated supply. There has been recent discussions of greater that 50% amongst multiple community members, and these will be taken into consideration leading into the vote — so please let your thoughts be know on our telegram and discord!
