Bancor DeFi protocol community proposes burning 1 million BNT tokens

Participants in the Bancor DEX-platform community have put to a vote a proposal to burn 1 million BNT. They believe this should positively impact the price of the project’s utility token.

Bancorians,

There is a proposal on the #Bancor #DAO governance to burn 1m (currently at ~941k) $BNT collected by Bancor v3 vortex that is up for voting this week 🗳

Voting closes at 5PM UTC on 9/28/22 📅

Vote on Snapshot 👇👇
🔗 https://t.co/SCBcIy17NN pic.twitter.com/HlhHfbAlbA

— Bancor (@Bancor) September 26, 2022

Voting will close at 5:00 PM UTC on September 28, 2022.

“The participants of the DAO cited that ‘burning’ has a psychological impact on market participants, — на сайте проекта. — The proposal envisages a one-time burn of 1 million BNT when this amount accumulates in Bancor v3’s vault.”

If the mechanism proves effective, the community will push for continuing the process.

Some 99.27% of voters voted in favour of burning the million tokens.

As of writing, the Bancor Vortex treasury holds 860,000 BNT tokens. The proposal says the target of 1 million will be reached within the next 30 days.

In the last 24 hours, BNT rose 7.4%, to $0.46. In January 2018, the Bancor utility token reached an all-time high of $10.72. Since then, the price has fallen by more than 90%.

The current circulating supply — and the maximum circulating supply — of BNT stands at 193.47 million. The asset ranks 270th in CoinGecko’s market-cap ranking. 

In June, the Bancor protocol developers paused the impermanent-loss protection feature.

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