Recover & BARK Burning Plan
BARK Burning Plan and Strategy
The BARK Protocol aims to enhance token value, support Raydium liquidity pools, and minimize misunderstandings through a strategic token burning plan and upgrade process. This plan involves burning all old BARK tokens and redistributing new tokens with the same main tokenomics but under a new contract address.
Objectives
Reduce Total Supply: Decrease the overall supply of BARKs to increase scarcity and value.
Support Raydium Liquidity Pools: Ensure the new token supports and integrates seamlessly with Raydium liquidity pools.
Engage Token Holders: Involve the community in the burning process.
Maintain Network Efficiency: Ensure smooth operations during the burning process.
Minimize Misunderstandings: Replace old tokens with new tokens, ensuring clarity and transparency.
Update Technical Details: Introduce a new contract address and account while maintaining the same main tokenomics.
Steps for BARK Token Burning and Upgrading
Snapshot of Token Holders
Timing: A snapshot of all BARK token holders will be taken at a pre-announced date and time.
Purpose: Capture the distribution of tokens for accurate burning and redistribution.
Disabling Transaction Fees
Temporary Fee Waiver: Transaction fees on the BARK Protocol will be temporarily disabled to facilitate the burning process.
Notification: Token holders will be informed in advance about the fee waiver period.
Token Burning Process
User Participation: Token holders send their old BARKs to a designated burn address.
Solana Transaction Fee: Users incur the Solana transaction fee for sending BARK tokens to the burn address.
Burn Address: The burn address will be publicly shared and monitored for transparency.
Verification and Confirmation
Audit: Burning transactions will be audited to confirm the total number of tokens burned.
Public Ledger: All burn transactions will be recorded on the blockchain for verification.
Redistribution of New Tokens
New Token Distribution: Post-burning, new BARKs, compatible with Raydium liquidity pools, will be minted and distributed to holders based on the snapshot.
Distribution Ratio: New tokens will be distributed proportionally to each user’s original holdings as per the snapshot.
New Contract Address: The new tokens will have a different contract address to distinguish them from the old tokens.
Support for Raydium Liquidity Pools
Integration: The new BARK tokens will be integrated into Raydium liquidity pools.
Liquidity Provision: A portion of new tokens will be allocated to Raydium liquidity pools to ensure initial liquidity and support trading activities.
Resumption of Transaction Fees
Reactivation: Transaction fees on the BARK Protocol will be reactivated after the burning process.
Announcement: An official announcement will be made regarding the reactivation of fees.
Communication and Education
Clear Instructions: Provide detailed instructions to token holders on the burning and new token distribution process.
Support Channels: Establish support channels to assist users during the transition.
Benefits of the Updated BARK Token Burning Plan
Increased Token Value: Reducing the supply increases the value of remaining BARK tokens.
Enhanced Liquidity: Supporting Raydium liquidity pools ensures better trading conditions and market stability.
Community Engagement: Involving the community in the process enhances trust and participation.
Network Efficiency: Temporary suspension of transaction fees ensures cost-effective and smooth operations during the burning process.
Clarity and Transparency: Replacing old tokens with new tokens minimizes misunderstandings and ensures clear communication.
Technical Upgrades: Introducing a new contract address and account while maintaining the same main tokenomics ensures a seamless transition.
Conclusion
The updated BARK burning plan aims to strategically reduce the token supply, support Raydium liquidity pools, and engage the community. By introducing new tokens under a new contract address, the BARK Protocol ensures clarity, transparency, and technical upgrades while maintaining the same main tokenomics. This approach seeks to enhance the value of the BARK token and strengthen its ecosystem.
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