ChainGPT

A wildly popular method of driving economic activity, burning has become an effective driver of attention and scarcity in the world of cryptocurrency.<img src="https://miro.medium.com/v2/resize:fit:3840/1*avn7PPpoJmH_m9Fap6-nbg.png" /><blockquote>“The finest steel has to go through the hottest fire.”~ Richard M. Nixon</blockquote>&#x1f525; We’re about to crank up the heat! &#x1f525;Already a part of the $CGPT tokenomics, where a portion of application utilization transaction fees are burned, ChainGPT has come up with a unique new way of incentivizing the community to contribute to burning.$CGPT is about to go through its first community burn event!A community burn event is where members gather to contract circulating supply by sending portions of their token balance to the infamous 0x000000 address. Once sent, they can never be recovered!<h3 id="so-why-would-anybody-in-their-right-mind-burn-their-valuable-cgpt">So why would anybody in their right mind burn their valuable $CGPT?</h3>Two reasons, rewards and buybacks.The Burn event shall begin via a proposal that will be submitted for the community’s consideration through the ChainGPT DAO on May 20, 2023. For 72 hours, members will vote on one of the following four potential voting options: 1) No Event 2) 150,000 $CGPT 3) 300,000 $CGPT 4) 600,000 $CGPT&#x1f4c5; Voting Begins: May 20, 2023 &#64; 11:44pm EST &#x1f4c5; Voting Ends: May 23, 2023 &#64; 11:44pm ESTThe option garnering the most votes, shall pass. Depending on which one passes, the potential treasure rewards shall be proportionally implemented.<img src="https://miro.medium.com/v2/resize:fit:1000/1*HNauWsUh24dh41ndxeMtTw.jpeg" />For every $CGPT token burned, the user receives a burn ticket. The more burn tickets a user acquire the more likely they are to earn one of the participation rewards.<h2 id="header-0">Participation Rewards</h2>The CGPT treasury has allocated up to $32,000 in USDT for the event, which will be utilized as follows:<ul><li>$20,000 to facilitate the buybacks and burning of $CGPT tokens.</li><li>$12,000 to develop and deliver the non-monetary rewards and exclusive experiences to participants.</li></ul>There will be a total of 13 rewards that are based proportionally on the outcome of the burn allocation. The following reward structure is based on the max potential Burn Target of 600,000 $CGPT.<ul><li>#1 Burner - $5,000 worth of $CGPT &#43; 2x voting power boost for 30 days</li><li>#2 Burner - $1,000 worth of $CGPT &#43; 2x voting power boost for 30 days.</li><li>#3 Burner - $1,000 worth of $CGPT &#43; 2x voting power boost for 30 days.</li><li>10 random burners - $500 in $CGPT with odds based on contribution.</li></ul><h2 id="header-1">The Buyback</h2>The ChainGPT team will match 20% of the communities total final contributions. If the community burns 600,000 $CGPT then ChainGPT buys $20,000 worth of $CGPT back from its exchange venues and sends it into the infinite void of cyberspace. In the event of a 300,000 $CGPT burn, ChainGPT will buy back $10,000 worth of $CGPT and all the like, if 150,000 $CGPT are burned then $5,000 will be contributed to the buyback and burn by ChainGPT.<h2 id="header-2">The Tracker Dashboard</h2>In honor of this event, ChainGPT has purpose built its own <a href="https://burn.chaingpt.org/" rel="noopener noreferrer nofollow">Burn Tracker Dashboard</a> &#x1f440;In the dashboard you will be able to track your personal contributions and view the global state of activity taking place. Everything from the total amount burned, the chances of successfully claiming rewards, the leaderboard, and burn ticket count.&#x1f3db; DAO members, please join us for <a href="https://dao.chaingpt.org/#/proposal/0xa4cd3c3c1a32ff13f6caf2dc4d2b76e71122f027a253e6db3788ad82bf04d56f" rel="noopener noreferrer nofollow">voting on the proposal here </a>&#x1f3db;&#x1f525; Burners, start your engine and <a href="https://burn.chaingpt.org/" rel="noopener noreferrer nofollow">join the ceremony here</a> &#x1f525;Originally Published: <a href="https://www.chaingpt.org/blog/dao-proposal-cgpt-community-burn-event" rel="noopener noreferrer nofollow">https://www.chaingpt.org/blog/dao-proposal-cgpt-community-burn-event</a>Resources: &#x1f310; <a href="https://www.chaingpt.org/" rel="noopener noreferrer nofollow">Website</a> | &#x1f4e7; <a href="https://www.chaingpt.org/contact-us" rel="noopener noreferrer nofollow">Contact</a>| &#x1f916; <a href="https://www.chaingpt.org/style-guide" rel="noopener noreferrer nofollow">Brand</a> | &#x1f4c3; <a href="https://docs.chaingpt.org/overview/i.-introduction" rel="noopener noreferrer nofollow">Whitepaper</a>Connect with us and Join the community: <a href="https://twitter.com/Chain_GPT" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/chaingpt" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://discord.com/invite/sv2NfqSgVW" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://www.instagram.com/chaingptai/" rel="noopener noreferrer nofollow">Instagram</a> | <a href="https://www.linkedin.com/company/chaingpt" rel="noopener noreferrer nofollow">LinkedIn</a> | <a href="https://www.youtube.com/&#64;ChainGPT" rel="noopener noreferrer nofollow">Youtube</a> | <a href="https://tiktok.com/chain_gpt" rel="noopener noreferrer nofollow">TikTok</a>

DAO Proposal: ChainGPT ($CGPT) Community Burn Event

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ChainGPT

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DAO Proposal: ChainGPT ($CGPT) Community Burn Event

Table of Contents

ChainGPT

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Join our free newsletter for daily crypto updates!

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