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Today, crypto projects focus on achieving success and sustainability through a community-oriented approach. In this context, Wing DAO operates under a governance model based on community voting for decision-making processes. Notably, governance proposals WIP-04 and WIP-08 have brought changes to the WING token economy.
WING Token’s Token Economy
The WING token was initially introduced with a maximum supply limit of 10 million tokens. This limited supply was designed to promote value preservation and scarcity. The main outlines of the token economy were as follows:
- The initially set maximum supply of 10 million tokens was designed as an unchangeable and absolute limit.
- Total supply is calculated by subtracting the number of burned tokens from the number of minted tokens.
- The circulating supply includes tokens that are active for trading.
Wing DAO adopts a decentralized governance model, ensuring that important decisions are made through community proposals and votes. This democratic approach aims to allow every stakeholder to contribute to the project’s future and development.
WIP-04 and WIP-08 Adjustments
Following community feedback and voting results on WIP-04 and WIP-08, significant changes were made to the WING token economy. According to these changes:
- A decision was made to ultimately reduce the total supply to 5 million WING tokens, achieved through token burning and adjustment of distribution rates.
- The process of burning 1 million WING tokens was initiated, and distribution rates were adjusted to slow down the new token issuance rate.
- The process of reducing the total supply is carefully managed through a systematic burning mechanism.
Monitoring Third-Party Data
In a statement by the project, inconsistencies regarding WING’s circulating and total supply were observed on third-party platforms like CoinMarketCap and Binance. The Wing team stated that they are working to correct these inaccuracies and called on the community to report inconsistencies on other platforms to maintain accurate and transparent information.
The dynamic adjustments made in Wing DAO’s token economy highlight the importance of community governance and the project’s commitment to sustainability. The changes following WIP-04 and WIP-08 emphasize the community’s influence on the project’s direction and its dedication to maintaining a valuable token ecosystem.
