2.7 Million DANK In Smokes (Burned Tokens)

4/20 DANK’IN

Hello, memers. This is the continuation of a tweet a lot of you haven’t understood:

On that day, we were meant to burn the remaining 2,000,000 DANK tokens and tweet that we used it for rolling paper for the fun of the 4/20 day, but unfortunately, a few complications prevented that.

The complication was simply that, as we left 700K DANK in Phantasma’s network from our Phantasma TGE during our presale phase, we chose to have them burned through their network instead of having to move them back to Ethereum, but what we didn’t know is that burning through Etherscan is the only way to remove tokens from total supply numbers.

The burn from Phantasma had already commenced, and there was no way for us to restore them in order to properly “burn” these tokens, hence the delay from our end with burning the remaining 2,000,000 from our reserves, as we didn’t know whether to use Etherscan or to burn through Phantasma as well.

At the end, we concluded that tracking down the burn would be a hassle for our community, and that it would be a pain in general to have to look in multiple networks for proof of the burn, and since we already plan to upgrade our token’s ecosystem for DANK in Q4, this really won’t be a huge issue for us, so we ultimately chose to burn through Phantasma.

The tokens have officially been removed from circulation, although if you check Etherscan or Gecko or CMC, you’ll see that it shows 50,000,000 regardless, however, here’s proof of the burn/removal of the tokens:

  1. The 700K: https://explorer.phantasma.io/tx/580E6BB2CDCF429EFB78F83D70A878F6BF484C32D4577D8A43F41943B35DE0D7
  2. The 2M: https://explorer.phantasma.io/tx/ECDB39D29548C11B4033410416B08E0CE8AB6C149A15C23AB7E607BE1E99214F

That’s it! It’s gone, as we promised.

Now, this brings us to one last thing that some of you guys have addressed. The staking tokens wallet. It has too many tokens that are unlocked which we have access to, and that has raised some concerns that we totally understand and accept.

To solve this issue, since we can’t just “lock” them due to requiring them often for staking rewards, we decided to apply Multi-Sig solutions to this wallet in particular. We already planned to use Multi-Sig for all of our wallets to increase security, but for the staking wallet, the biggest of them all, in particular, we’re going to allow our MU community to elect 2 individuals who will take part of our multi-sig authorization so that there is no way we as a team can use those tokens without the community’s approval. We believe this to be the absolute best and most secure way to preserve our community’s confidence in us as a team.

That’s all for this post, fellas. Take care and stay awesome!

Social media reinvented with the power of dankness!