In an exciting development for the crypto community, BabyDogeCoin has successfully passed a proposal for 0% fees on the Ethereum network. The proposal, which also includes a monumental token burn of 100 quadrillion tokens, aims to enhance security, reduce exploitation risk, and provide a more cost-effective experience for community members.
BabyDogeCoin’s Proposal Gains 99.63% Community Approval
The proposal was put forward by the Coin on May 9th, and after a voting period, it received an overwhelming 99.63% approval from the community. With this resounding support, the 0% transfer fees on BabyDoge within the Ethereum ecosystem went live today.
The significance of this proposal lies not only in the elimination of transaction fees but also in the token burn. The 100 quadrillion tokens, which have remained idle since BabyDogeCoin’s launch on Ethereum, will be burned on June 1st, 2023.
This unprecedented token burn is expected to remove a substantial portion of the tokens, promoting long-term stability and security within the ecosystem.
Despite the token burns, BabyDogeCoin recognizes the importance of bridging to Ethereum and has reserved approximately 85 quadrillion tokens for this purpose. This ensures seamless bridging capabilities while maintaining the aim of reducing transaction fees to 0%.
Although this initiative currently applies to the Ethereum network, its success may lead to similar considerations on the BNB chain. However, one potential drawback of the proposal is that in the event of an issue with the BNB chain, only 85 quadrillion out of the total supply of 155 quadrillion BabyDoge tokens would be able to move to Ethereum.
It is important to note that manually burning tokens that are not in circulation will have minimal impact on the price of the BabyDoge token. The Coin, characterized as a fun meme token, continues to gain traction and support from its vibrant and dedicated community.
As the 0% fee implementation takes effect, the Coin is set to offer its community members a seamless and cost-effective transaction experience. By taking this bold step towards enhanced security and efficiency, it is making history and further solidifying its position in the crypto space.
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