Summary: proposal for the management to give an video update on the plan to burn 30% of CRPT tokens by mid 2023.
Abstract: in internal and external media (interviews in global media) Crypterium announced that it would accelerate the burning proces by ‘redeeming tokens from the market’ (Austin Kimm), stating that by mid 2023 ‘30% of all circulating tokens will be burnt’.
This plan has -obviously- been received with much enthusiasm, as it will positively influence the price of the remaining tokens.
We haven’t had a recent update on this plan.
Motivation: as mentioned in the first proposal, in order to fulfill it’s vision of offering crypto banking to all, choise.com needs to maximize transparency, trust and customer experience.
This topic revolves around transparency and trust. In the CRPT Telegram chat many people have asked for an update the last year. Several community managers have mentioned things like ‘the plan still stands’ etc, but any formal update has not been given.
Now, the 15 most active DAO-members have asked that the call for an update be made into a formal proposal.
Specification: a long due formal announcement/update by management would 1.) acknowledge the legitimacy of the call for an update as a year has passed, would lead to 2.) transparency and might 3.) positively influence trust within the community.
Conclusion: a video update regarding the announced burning of 27.000.000 CRPT tokens (30% of circulating supply)by 2023 is appropriate because of different reasons mentioned in this proposal.
**This call for transparency is endorsed by many in the Telegram Chats and has been actively supported by the DAO-forum most active members.
Hello David! We have received your proposal. Your proposal has been forwarded to our team and we will get back to you with our feedback within 30 days.
We take additional time to consider the issue outlined in the proposal.
We appreciate your patience!
Dear members of the DAO community!
Our team is receiving more and more questions regarding our utility token CRPT burn. The main issue is that the burned volumes of CRPT are less than the community is accounting for. Let’s examine the situation together.
As you are probably aware the broad crypto market entered a prolonged crypto winter in November 2021. Unfortunately the downtrend is prevailing until now. As a result, we have seen a reduction in crypto-to-fiat transactions volume. The same goes for the Choise.com App and the burned token volumes decrease accordingly.
It is also worth mentioning that our initial estimation to burn 30% of the total CRPT supply was based on the 2020 data.
Back then we estimated that the transaction volume would continue to increase. Moreover, we made additional steps toward this aim and burned additional volume – 1 mln CRPT in total. Unfortunately, amid the crypto winter those assumptions and calculations failed to come true later.
Despite that, Choise.com continues to develop new solutions, including but not limited to Dual Currency Interest Accounts, Crypto Price Insurance, CeFi-DeFi integration solutions and others. All these products’ consumption will affect Choise.com crypto-to-fiat transactions volume and thereby have a good potential to increase CRPT burning volumes.
Be sure that Choise.com management never forgets about CRPT token and we do discuss the situation every business meeting. Thus, the opinion that CRPT token remains in the shadow of the new CHO token is unjustified. We continue to support the CRPT as well as its holders at our full force. All our programs that existed in the Crypterium App and are supposed to grow CRPT value for holders such as: MLP, referral program, CRPT cashback for Crypterium Cards remain unchanged.
Thank you for your involvement. We appreciate all your ideas and suggestions concerning the development of the project and want to thank you for helping us in creating the #1 crypto ecosystem on the market.