Balance DAO on Juno is looking to reduce $JUNO max supply with a smart contract that burns $JUNO in exchange for $BALANCE tokens.
“I think people –and rightfully so– are jaded in what’s been happening throughout the Cosmos Ecosystem,” Cosmos Influencer Tank said in a recent open AMA. “…I want to share the thought process with as many people as possible. So that we can get the ball rolling and not, not do anything. I’m just sick and tired of nothing happening.”
Balance Dao is the brainchild of Tank and is being developed by Racoon Supply co-founder Moltres.
Tank says he’s “not making a dime” from this idea and is only doing it to help Juno. Sources close to the matter say Tank has aspirations to bring Balance to other Cosmos chains in the future.
How Balance Works
The concept for Balance consists of swapping $JUNO for $BALANCE at balancedao.zone where 1,300 $JUNO have already been burned. $BALANCE has a max supply of 21 million.
Upon executing the swap, 80 percent of the $JUNO is burned and the remaining 20 percent is staked in multi sig wallets “controlled by elected community members.” These wallets are for Balance DAO and Juno development funds. Governance will not be needed to fund or market projects deemed a “proper fit” using these wallets.
Staking rewards from the Balance developer fund will be swapped, burning 80 percent of the $JUNO once again, and the remaining $BALANCE tokens will be used to fund the multi sig wallet.
Once Juno’s inflation schedule is complete, the staked Juno will be airdropped back into user’s wallets.
Juno co-founder Dimi commented on a Balance DAO introduction Twitter thread and gave constructive feedback involving the delaying of the Juno halving due to the way tokens are being burned. The Balance DAO team went into action immediately, thanking Dimi and changing the smart contract to send Juno to a “dead address” to be burned later with a future burn mechanism to be implemented by Juno developers.
This dialogue is awesome, very constructive. This is exactly what @CryptoTank_ and @MoltresRAC were wanting from the community, I just never expected @dimiandre or any other Core1 members to actually read my tweet.
— Chad (@GrifcgChad) July 19, 2023
