Burn VEMP Mechanism
Our most recent DDAO proposal has passed with flying colors!
This proposal went up for community decision on whether we should alter our staking functions. Currently, our gifting structure is that DDAO stakers receive a static 15% APR. At present, they also receive an additional 10–20% of profits made from other strategies through the selling of LAND and NFTs, which is then converted into VEMP and sent to the DDAO.
Our new DDAO vote has proposed the decision to remove this additional gift and change the function to buy back and burn VEMP instead. In turn, this would create a recurring deflationary mechanic into our staking functions which would relieve a portion of downward pressure while still allowing stakers to receive rewards on their native token.
To clarify, for people staking VEMP in our DDAO, the 15% fixed APR will remain the same with no changes, this only removes the extra 10–20% that the DDAO receives from vEmpire profits and turns into a burning mechanism
For reference, our last secondary-rewards distribution equaled more than 8 ETH and if this were to be applicable, we would have bought 6.4 ETH worth of $VEMP (443k at the time of writing with a price impact of 1.3%) and sent them to a burn wallet, removing them from supply forever.
This proposal was created by and for the community and the decision of which remains completely in their power. Voting started on Tuesday the 4th of October and lasted for 3 days before ending in the favour of implementing this mechanism!
We also hosted a Twitter Space which talked about the proposal and the pros and cons. Check out the Spaces here: https://twitter.com/vEmpireDDAO/status/1577306374584864770?s=20&t=ScutSEVpXW77PU_DZZHxTA
Link to the snapshot: https://go.v-empire.io/3M8G9LF