We have said this many times and here it goes again, at Unipilot we believe in “Community first” approach.
Lately, there has been a lot of debate going on in the community about burning most of the $PILOT supply.
We listened to the community and we are opening up a proposal on the $PILOT quarterly burn program.
Background— an overview
It’s been three months since the launch of the token, we initially supplied 600,000 or 3% of the supply to the Uniswap liquidity pool.
Around a week ago, $PILOT jumped in price a lot causing most of the $PILOT in liquidity to be consumed, We added an additional 200,000 or 1% of the supply to the Uniswap liquidity pool after hosting a proposal on discord.
Note: All of the fees generated on the liquidity gets redirected to the index fund which further supports our token.
Token lock schedule:
At TGE, around 7.5% of supply was unlocked and the rest of the tokens are locked in vesting contracts.
With three months passed, the total unlocked tokens stand at 20%, while a mere 4.7% of the supply is in circulation, 92% of it is from the liquidity pool on Uniswap and the $PILOT LM Program.
This shows that we are releasing the tokens in a really controlled manner for the growth of the protocol.
The Pilot Quarterly Burn Program
We all agree that there is alot of gap in the circulating tokens and the locked up tokens which can be daunting to new users joining the community.
The Pilot Quarterly Burn Program aims to burn most of the supply and close that gap.
We plan on doing this by burning a specific supply of $PILOT every month.
Although we wanted to burn more but right now only 12% of supply is unlocked from the vesting contracts that we can access.
Initially, 12% of the supply will be burned, following that every quarter for the next three years, 88% of the previous burn amount will be burned.
Making a total of 78% of the total supply to be burned in three years.
Note: The team has also volunteered to be a part of this program and burn their tokens in accordance with this.
78% of team supply will be burned over the next three years.
While writing this the $PILOT token price is $13, making the total burn amount for the quarter to be $31.2 Million.
A proposal is up in this regard on discord, provide feedback and earn up to $1,000 $PILOT tokens.
Following feedback on discord, we aim to burn tokens on Sunday, 31 October.