Baby Doge Coin, the meme-based cryptocurrency, has proposed a massive 100 quadrillion token burn and a 0% fee reduction on Ethereum transactions in a bid to bolster security and enhance the project’s integrity
Baby Doge Coin (BabyDoge), the popular meme cryptocurrency, has proposed a groundbreaking 100 quadrillion token burn in an effort to strengthen security and enhance the project’s integrity.
According to a tweet from the official Baby Doge account, the proposal has been submitted for voting by the decentralized autonomous organization (DAO) governing the project.
The initiative also includes a 0% fee reduction for transactions on the Ethereum network. If approved, this could be one of the largest token burns in history, with an estimated value of hundreds of millions of dollars.
The proposal seeks to address concerns regarding the potential exploitation risk of 100 quadrillion idle tokens since the project’s launch on the Ethereum network.
By burning these tokens, Baby Doge aims to ensure long-term stability and security within its ecosystem. The initiative would also preserve some tokens for bridging to Ethereum, while reducing transaction fees on the network to 0%, providing a more efficient and cost-effective experience for community members.
If the proposal receives overwhelming support from the Baby Doge community, the official plan will be submitted for consideration by the DAO.
The token burn is scheduled to take place on June 1, leaving approximately 85 quadrillion Baby Doge tokens that can be bridged to Ethereum.
However, one downside to this proposal is that if something were to happen to the Binance Smart Chain (BNB), only 85 out of 155 quadrillion Baby Doge tokens would be able to move to the Ethereum network.
It remains to be seen whether the proposal will pass and whether the burn will have any impact on the price of Baby Doge token.