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The SOON Foundation has launched a new governance proposal to burn 3% of tokens to respond to market fluctuations.
On July 11, news from the [币界] reported that the SOON Foundation announced a new governance proposal in response to recent price manipulation events, which includes a series of measures aimed at restoring market confidence and alleviating supply pressure. Details are as follows:
Token Burn Plan - 3% of the total supply. A total of 30 million SOON tokens (3% of the total supply) will be permanently removed. Approximately 7.7 million unclaimed airdropped $SOON (about 0.77%) will be burned in the coming days. The remaining 22.3 million SOON will be repurchased from centralized exchanges and burned in the coming days. This plan aims to directly reduce the existing supply and maintain price stability amid recent market volatility.
To maintain transparency and open communication, an AMA event will be held next Wednesday, where founder Joanna and marketing director Henry will be present. The event will provide a detailed explanation of the complete recovery plan and address various questions from the community.
On-chain SOON buyback product (in development). Meanwhile, the team is building a new on-chain product that will allow the SOON Foundation to regularly buy back tokens directly from holders - this is a mechanism to further strengthen support and gradually reduce the circulating supply.
Launch $SOON governance. The team is preparing to launch the $SOON governance system, which includes everything from fund allocation to protocol upgrades and ecosystem grants.