KIP Draft: Stop the Burn

KIPx: Stop burning ROOK

Proposal

This proposal seeks to deprecate the burn, opting instead to fund ROOK staking by sending ROOK to the kROOK holders via the LP contract.

Background

We will continue our buybacks, which has helped create buying pressure on the ROOK token, but not created the flywheel we sought.

ROOK is very cheap at the moment, and while that means we are burning more of it, securing it now at lower prices to be used to fund staking will be more beneficial for ROOK holders as we can accumulate more ROOK for the program quickly.

Considering both of these items, we can tackle both issues by pushing the buybacks towards funding the ROOK staking pool, which will also help remove downward pressure on the token while rewarding our holders.

Specification

Stop burning ROOK after the weekly buyback.

Deposit all bought back ROOK into the Treasury to then be deposited into the kROOK LP when it is launched.

1 Like

It didn’t create the flywheel we were looking for because we only focused on buyback and nothing else, I saw no infographics with predictions how much rook could be burned by 2023 in different scenarios nice presented. I saw no medium article on a known and large publication about this. I only saw some twitter posts. What are those marketing guys doing honestly?

Since Lapras left we did nothing to make sure that this flywheel is working as it should. Sure lets eliminate the only bullish case for the rook token (don’t tell me about CG, I will change my mind when I see it live, until then I have nothing to look forward to) so I can tell my friends that rook token has no use case again. We only focus on the development like we don’t have any token and when we think about the token we are trying to find new ways to give it for free.
The buy back means nothing without burning. We just take tokens from the market and give them to somebody else who eventually gonna sell them back.

Buy back is the only reason we are not to 50$.
PS: send over all the hate you want, I own more rook than 99% of the community so I have the right to complain a bit. I wish only the best to the project and the community behind. Hazard as CEO might change something.
PSS: we already have tons of ROOK set aside for personnel so based on what we need more rook for this?

3 Likes

We could leave the HG buyback and burn as is and do an independent buyback using treasury funds instead (rookhog’s suggestion). We could tie this to the rook market cap. I.e., if the rook market cap is below the treasury value, we buyback some rook.

4 Likes

I support Azsom. Sounds good to me

I think we need to factor in the value of the tech for this aswell

I have updated this to pivot from buyback and hold to buyback and give to ROOK stakers.