The community has spoken; VOLT’s initial DAO proposal results in Polygon listing and a massive $VOLT burn.
$74.5 Million Burn and Polygon Listing Confirmed
On February 5, Volt Inu released its first-ever proposal, allowing the DAO to execute its first onchain proposal regarding the future of VOLT.
The proposal aims to achieve two things:
- Reduce the bridge liquidity by burning 44,850,000,000,000 VOLT (worth $56M at the time of this proposal)
- Withdraw 25% of the Uniswap liquidity to allocate it to a VOLT deployment and listing on the Polygon blockchain
The DAO has successfully approved the proposal, with a majority of 99.97% in favor following a week-long voting which ended on February 12 at 10:50 UTC. This first-ever DAO decision will see the project burn 44.85 $VOLT, worth $74.5M at the end of the vote, as well as the transfer of 25% of the Uniswap liquidity to a listing on Polygon. As of writing, the first of five burns has been completed, with $14 million worth of $VOLT already burned.
Upon approval of the proposal, Volt Inu submitted a 24-hour poll on Everrise’s EverOwn to validate and execute the 25% liquidity withdrawal.
VOLT’s proposal to reduce the bridge liquidity is to minimize the impact of potential attacks on the ETH-BSC cross-chain bridge while still maintaining the bridge as a key condition for arbitrage and meeting the demands of CEXs. By burning $VOLT tokens, they aim to reduce the amount of tokens locked in the bridge contract and increase reflections that will be accumulated by burn addresses, resulting in both short and long-term deflationary impacts.
Following the successful deployment of VOLT on BNB Chain in January 2022, the project will deploy and list on the Polygon blockchain based on community request, allowing for the effective allocation of liquidity pools as well as expanding the options for its community to hold $VOLT and transact with low fees while targeting a new user audience.
What is Volt Inu
Volt Inu ($VOLT) is an ecosystem aimed at becoming a one-stop shop offering DeFi products while bringing profits back to the native token to support its deflationary purpose.
This ecosystem includes, among others, a Decentralized Exchange allowing projects to get listed in a free and permissionless way and allowing them to become deflationary by burning their supply, as well as an NFT collection giving exclusive access to future collections, to real-world events & meetups as well as to exclusive rights and revenues within the VOLT ecosystem such as a P2E game.
Learn more about Volt Inu via the following links:
Source : bsc.news
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