The Need for Better Tokenomics
During the ongoing bear market, many protocols are facing inflationary pressure on their tokens. TribeOne recognizes this and joins other Web3 protocols in optimizing the tokenomics of their protocol’s token, $HAKA.
Blockchain Governance
TribeOne operates as a decentralized protocol, meaning any changes must go through on-chain governance. Two new proposals have been posted on their governance forum, aiming to optimize $HAKA emissions through burning mechanisms.
The Proposals
- Enable Quarterly Token Buy Back and Burn mechanism
- $HAKA Token Community powered Burn Event
Token Buy Back and Burn
The first proposal suggests using the fees and revenue generated by the protocol to buy back $HAKA tokens. This burn mechanism would be applied retroactively, allocating previous fees and revenue for the buy back and burn events.
Burn Event
In the second proposal, TribeOne proposes engaging the community in a “burn event” where the community participates in the buy back and subsequent burn. Participants receive distributed fees and revenue, along with additional prizes such as NFTs and boosts to voting power. TribeOne’s treasury also commits to burning an additional 20% of $HAKA.
Final Notes
Details of the burn mechanisms and events are still being discussed on the forum. Community members are encouraged to join the discussion and provide feedback to shape the final proposals.
Hot Take
TribeOne’s innovative approach to tokenomics and community engagement sets them apart in the current market sentiment. By involving the community in burn events and offering additional incentives, TribeOne is creating a more sustainable and participatory ecosystem for $HAKA holders.
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