Black Jack Burn
What is the Black Jack Burn?
As a reminder, an unstake fee of 10% is applied in PirateDAO. These fees are going to a burn wallet (address available on Contracts Page)
Instead of burning straightly $JOLLY tokens in the burn wallet, we will add some innovation to this mechanism.
Here is the plan :
We are going to use, from the treasury, an amount of $MIM equal to the value of the tokens on the burn wallet
We will add liquidity to the JOLLY-MIM LP with this amount of $MIM and the $JOLLY on the burn wallet
With this liquidity, the burn wallet will bonds JOLLY-MIM LP
Tokens mint from these bonds will be claimed in one time at the end of the vesting (5 days) and then will be directly burnt
What is the benefit of the Black Jack Burn?
Increasing the liquidity
Growth of the treasury
More tokens to burn at the end
Better backing price after the burn from bonds
Why do you change your initial idea of simple burn?
We are always looking for continuous improvement even if it shows that the first plan wasn't perfect. If another idea makes our investors to be more profitable, then, after analysis, we will go for that idea.
This is the case for the Black Jack Burn. It doesn't mean that we will repeat that operation everytime but this option is here.
1st Black Jack Burn: 12 january 2022
Before/After
JOLLY PRICE
6.87
6.87
-
Market Cap
223,116 $
253,549 $
+11,60 %
Treasury Balance
247,323.00 $
260,439.00 $
+5,30 %
JOLLYs in Burn Wallet
2000.32
0.32
-
Value of these JOLLYs
13603 $
2 $
-
Liquidity
96,000 $
120,000 $
+25%
The transactions
Remove MIM from treasury amount
Transfer MIM to burn wallet
LP Addition
Bonds Creation
Multiple transactions due to the bond max limitation
Black Jack Burn - Credits
Special thanks to :
AgarthaDAO for successfully experimenting this mechanism (Buy Back 2.0 https://medium.com/@agarthadao/introducing-buy-back-2-0-dc2a87a32ec5)
Our Pirates community for pushing this idea
Last updated
