Burning SIS token: vote on the deflation framework

A new chapter for SIS

Today marks a new chapter of SIS token in the Symbiosis ecosystem. This is kind of an announcement that was a big focus of our team recently, as SIS token can receive a certain upgrade.

Symbiosis continues to grow, transforming the protocol into a cross-chain powerhouse. Dramatical increases of the main metrics and the community expansion, catering a wide range of use cases - numerous factors contribute to the new path of SIS token.

We’re thrilled to announce that Symbiosis Protocol is ready to implement the Deflation Framework, which can include burning the SIS tokens!
And it’s Symbiotes’ right to decide on it.

Background & the updates

According to the current SIS tokenomics, the supply and the model are distributed among several streams, including Rewards, Treasury and Liquidity. With the protocol fees that the protocol received back, we secured a certain amount of SIS tokens to manage them further.

The suggested Deflation Framework is the first step towards the upgraded mechanism of SIS burning and a contribution to the brand new Symbiosis Protocol v3, therefore under this upgraded system it may include the burn trajectory.

In the previous year, Symbiosis had burned a certain amount of SIS tokens since the proposal was supported by the community. Lots of factors appeared and evaporated, respectively, leaving Symbiosis in new conditions.

Now it’s time to opt in to decide the fate of these funds, so that they can contribute to the growth of Symbiosis Protocol, the governance token SIS and the ecosystem.

Here’s what we suggest.

Decision is yours

There are several mechanisms that can be utilized with the pay-back SIS funds that were obtained by Symbiosis Protocol, and one of them is the Ultimate Burning. Let’s break it down:

• Ultimate Burning is a deflation framework that includes the mechanism of burning the amount of SIS tokens to decrease the supply;
  
  
  
  

• Current circumstances allow our team to initiate SIS token burning if the community supports the idea;
  
  
  
  

• The Ultimate Burning mechanism implies the upcoming burn event which may be transformed later into a series of them - depending on the community decision.
  
  
  
  

Burning SIS tokens may lead to the reinforcement and consolidation of the asset. Bolstering community engagement and participation, we leave this idea to you Symbiotes!

Call-to-action - SIS burn

Token Burn is a crucial and impactful event that should be considered in prior discussion with the Symbiosis community. Therefore, we initiate the DAO Voting on this matter to determine the destiny of SIS Ultimate Burning.

For those Symbiotes that value SIS and wish to navigate its path - by creating a Governance Pool in our Symbiosis DAO Page to decide whether we should burn the buyback-SIS tokens!

New era is right above us, and this is just the beginning.