This proposal is aligned with the save for later, and it’s an alternative use for current marketing budget. The percentage of DAO funds allocated to this proposal would be used to buy Hydra and burn it, increasing pressure to the supply shock already expected with Hydragon.
Since the DAO already have some funds prepared for the Hydragon launch event, this idea would have 2 main purposes:
1 - Reward long term holders by removing Hydra from circulation and the expected increase in its price
2 - Bring extra awareness to the project, since it could produce a price increase right before a big update event (Hydragon)
Hello David,
Starting by your second question, my suggestion would be to use a part of the existing budget for the burn. The total amount would be equivalent to the votes in this budget option, just like it currently works for the save for later option.
But I found a problem with my proposal, and that is the lack of DAO funds in USDT, or other coin apart from Hydra. Without it, we really can’t remove Hydra out of circulation.
To answer your first question, the idea was to buy Hydra from the market, and send it to the burn address.
The only USDT the DAO currently holds, must be the one obtained from the sell of Hydra from the save for option votes. So it wouldn’t make much sense to use it to burn.
I think my proposal can’t really work out right now… Bummer 
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I apriciate your thoughts and apllaud you making a proposal in the dao but personally I am against this proposal.
There are burn meganisms in place connected to real useage of the chain.
My main reason I oppose this is that we need the funds you propose to burn for attracting more users of the chain. The marketing works and is being saved up for tier1 influencers.
Once our community grows through this result burns start happening more automaticly as well due to how hydra is deisgned.
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Hi Kris,
Yes, I understand what you mean and it’s a valid argument. My proposal was a possible solution to work around the current problem we have, and not having to wait for another year or 2, to start attracting new projects and generate enough burns to have an impact on Hydra’s price.
I’m afraid that at the moment newcomers may look at the long term price chart of Hydra and think of it as a failed project.
They don’t know about what happened (major pump by Kucoin, followed with extremely high APRs, and extra offers of 100% and more for limited time, and also major drop after LOC airdrop). They also don’t always understand or want to know about what’s going to happen next (Hydragon, Prometheus, etc).
If they only see what’s in the weekly chart, it’s not a nice picture.
With some kind of pump, things tend to change very quickly. People start to ask about what’s going on, and start thinking it could hit ATH again. And that’s a good thing about the chart, which could play in our favor.
Anyway, since it’s not something we can do, I’ll drop it and try to think about other solutions.
Cheers
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Hydragon is around the corner ams should cause a supply schock as less new hydras come into circulation plus the focus on long term holders. Therefore I am sure it wont take that long. Hydragon will be out long before that. Right now I think we need to wait for it to be live to see those effects. Soon the new website giving info about hydragon and the testnet launches. (And dont forget the marketing combined with that)
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Let’s hope so. I understand how good the update is for reducing the supply, but it all takes time to produce effective results. We’ll probably see some kind of price pump related with current BTC halving and its post effects, than directly from Hydragon, IMO. I hope I’m wrong.
About marketing and the new website, they’ll work great if we can get the attention of people actually investing in crypto, and if there’s a frictionless experience during the buy and stake process. That’s something else to be worked, and probably Hydragon will help.
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