https://github.com/orgs/darwinia-network/discussions/1458
After a temperature check on the forum, most comments supported the proposal, thus initiating the on-chain governance process. The preimage utilizes utility.batch
to combine two calls, which can only be initiated by the root, to perform the burn:
Using balances.forceTransfer
to move 400M RING from treasury address to a dead address 0x000000000000000000000000000000000000dEaD, a dead address no one know its private key.
Using balances.forceSetBalance
to zero out and effectively burn the balance of this dead address in the same extrinsic.
I counter-propose depositing a large quantity of this into the HydraDX Omnipool, to provide more liquidity for swaps and lending RING across the Polkadot ecosystem.
https://github.com/orgs/darwinia-network/discussions/1489
(if you'd like to both burn 400M RING and also deposit 230M RING into Omnipool then sure. But that's 75% of the treasury in total)
--spazcoin