Baby Doge, a popular meme cryptocurrency, has announced a groundbreaking proposal to burn 100 quadrillion tokens through a tweet his official Twitter account. The first proposal was put to the vote of the Decentralized Autonomous Organization (DAO) that administers the project.
Groundbreaking 100 Quadrillion Token Burn
Baby Doge Coin will burn its 100 quadrillion tokens to strengthen security and strengthen the integrity of the project. The planned date for the token burn is June 1. After this, approximately 85 quadrillion Baby Doge tokens will remain available for bridging to Ethereum.
In addition to the token burn, the initiative also includes a 0% discount on fees for transactions on the Ethereum network.
Read more about the proposal..
The main motivation behind the proposal is to address concerns about the potential exploitation risk associated with the 100 trillion inactive tokens since Baby Doge launched on the Ethereum network.
The team cited reasons in an official statement about the burn during the proposal:
“reduce the potential operating risk associated with it.”
In addition, this initiative seeks to allocate some tokens for bridging to Ethereum while reducing transaction fees on the network to 0%.
Baby Doge and his milestones
This proposal came with a potential drawback. In the event of issues or disruptions with the Binance Smart Chain (BNB), only 85 out of a total of 155 trillion Baby Doge tokens will be eligible for migration to the Ethereum network.
The Baby Doge team remains optimistic that this symbolic burn will bolster the project’s safety, reduce costs and improve the overall value proposition.
BabyDoge is ranked 210th on Coinmarketcap with a market cap of $300,789,653, at the time of writing. The BabyDoge community has made a remarkable achievement by setting a new Guinness World Record for the most pet food donated in 24 hours, cementing their position as the record holder and demonstrating their commitment.
In addition, the community is celebrating another milestone like theirs collaboration with $NOOT currency leads to a significant increase in value of 60%, which emphasizes the joint success of both projects.
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