The token burn proposal is focused on teams of blockchain projects that didn’t take off as planned, but managed to attract large and thriving communities. If you are one of these teams, you shouldn’t feel ashamed that your project didn’t materialize because the failure rate of startups is around 90%. Moreover, you shouldn’t waste all the effort you spent on creating value for your community. Augmented Finance offers communities like yours an opportunity to participate in Augmented Finance Protocol.
You can burn the tokens of your blockchain project to offer your communities a chance of a new life, giving them Augmented Finance tokens (AGF) in exchange. This will genuinely benefit your community by giving its members a new opportunity: transferring the value of the existing token or coin to AGF and allowing the community to participate in the growth of Augmented Finance. In return, the Augmented Finance community will be fueled by the communities of other projects which take up on the offer.
Transfer 100% of the value of burned tokens/coins into AGF tokens. Augmented Finance will not carry out any ICO or VC fundraising before its launch to exclude obligations to repay any financial backers. Should you decide to migrate your community and their tokens to Augmented Finance, we require that the dev team cease its operations and stop its token smart contract to participate in the token burn so that their community can receive AGF tokens. If you represent a dev team or know any dev team that might be interested in burning their tokens, please let us know in Discord.
The initial price of AGF will be set based on the total value of all the burned tokens from other projects.
A total of 1,000,000 AGF has been allocated for token burners to claim and will be released in equal parts over ~180 days (1,200,000 blocks), after the protocol launch.
• The total value of all the burned tokens of other projects is $10,000,000.
• The price of AGF is set at: Total value of all the burned tokens of another project divided by the amount of AGF allocated for token burners = $10,000,000/1,000,000 AGF = $10 per 1 AGF.
• A user who burned the equivalent of $10,000 worth of tokens from another project gets $10,000/$10 in AGF = 1,000 AGF.
• These 1,000 AGF Tokens are issued to the user during the first ~60 days (400,000 blocks) after the protocol launch. Of them, 20% of AGF tokens will be available immediately, and 80% released by equal parts till ~180th day after the protocol launch. All AGF issued to the user, initially go to the Staking module, and the user can claim them or keep them in the Staking module.