Related Discussions: [DRAFT] Build HashVerse on its own chain, with HFT as utility token
Submission Date: 11/21/2022
Simple Summary: this topic is created to brainstorm ideas to support the price of HFT
Abstract: as we all know, HFT price keeps going down due to several reasons, resulting in huge losses for all of us, one way to mitigate this on the long term is to create utilities for holding this token, among other ideas discussed on discord, I’ll try to summarize those ideas here.
Motivation: stop the bleeding of HFT price and have a good long term investment
Specification & Rationale:
- I’ll start by the referred idea above by @gxmxni, having a separate side-chain with HFT as a utility token would definitely support its price.
- also could be part of the above idea, having NFT market place where people can buy NFTs using HFT would support HFT’s price.
- Introduction of fees and using them to buy-back some HFTs and burn them on a quarterly basis (similar to BNB and CAKE burn programs) to reduce the total supply.
- The above burn program can be also supported by donations / revision of tokenomics.
- Introduction of locked staking program would help in reduction of selling pressure as more and more HFT tokens get locked (requires a revision of tokenomics as well).
- ability to purchase items for the characters in hashverse using HFT, with immediate burning of those HFTs to reduce the total circulating supply.
- support HFT’s price / stop bleeding
- make it a good long-term investment for holders
- Introduction of fees at early stage might take out one main advantage of hashflow over other DEXs.
- locked staking effect could be temporary solution that may fire-back once unlocked.
Voting: a “yes” or “no” vote can be given to one or more of the above ideas in addition to any other ideas brainstormed by users.