In light of today’s news regarding the launch of the qredo.org Foundation website and the announcement of the new wardenprotocol.org project, supporting QRDO - I would like to make a proposal for the community.
Qredo as we know it is changing - the custody protocol is being redeveloped as an open chain cosmos based protocol. Anyone who has delved into the Qredo · GitHub can see the commits to “Fusion” and I for one am VERY excited about this direction.
I have made it clear on a number of occasions that the legacy tokenomics supply surplus was an underlying issue for me that was hindering the progress of the tokens price appreciation.
Due to this new restructuring that is underway and the fact that QRDOs future is changing… with a now added utility as an airdrop origin token for Warden as well as the existing utility implemented - I would like to make a proposal.
Qredo Foundation is managing many QRDO tokens that have been pledged to multiple different funds - such as the public goods fund and the ecosystem fund. I would like to put forward a new QPIP to remove ALL unnecessary QRDO tokens from the supply to help the token flourish in this new light.
We have always needed a drastic supply shrinkage - I will outline below how this will benefit QRDO holders.
As a QRDO holder, lets say you own 0.05% of the total supply of QRDO. If we were able to reduce the supply by 50%, you would now own 0.1% of the total supply of tokens.
Not only this, but the current circulating supply is only approximately 50% of the Total Supply. A lot of the tokens I propose to burn are unvested, meaning that the percentage of tokens in circulating supply will increase to approx. 80%.
As a QRDO holder, you will be eligible for an airdrop of WARD token. This will likely be linked to numerous eligiblility criteria, with one of them being the % of tokens of QRDO you hold in relation to circulating supply.
In this regard, the Qredo Foundation team would be directly supporting the Qredo Team who manage the Custody Protocol as they are clearly a larger hodler of the QRDO token. As well as QRDO community members - we are all in this together for the future of Fusion and QRDO.
THE PROPOSAL -
QREDO FOUNDATION (QFL) TO BURN
According to up to date info on https://www.qrdo.info/
Ecosystem Fund - 293.892 M QRDO
Staking Fund - 96.272 M QRDO
Public Fund - 24.637 M QRDO
MY PROPOSAL IS TO BURN THE LOT - everything except QFL treasury which sits at 50 M QRDO.
Rebuild sentiment with the community and pledge this token burn - let’s improve the narrative, the sentiment and remove everything that’s not needed.
I suggest we do this burn in the build up to the launch of Fusion