Currently, buyers and sellers will receive $MINT in return for using Mintable marketplace. There is currently a 2.5% fee for transacting on Mintable marketplace. As members of the DAO, $MINT holders should also be rewarded with a fee on Mintable.
I am proposing to share these fees to $MINT holders. $MINT holders will need to exchange their $MINT for a share in the 2.5% fee from transactions on Mintable. After exchanging $MINT for fee reward, the $MINT will be burnt from total supply.
Percentage of fee distributed to $MINT holders will be determined by its percentage in total supply.
Fee received = $MINT balance/Total existing $MINT supply x Total 2.5% fee collected so far
Eg, Someone owns 5,000,000 $MINT, Total 2.5% fees collected = $1,000,000 in ETH, Total $MINT Supply =10,000,000 If he/she exchanges all of the $MINT for total transaction revenue on Mintable, $500,000 worth in ETH will be received. Total supply of $MINT now is 5,000,000 instead of 10,000,000, since the 500,000 $MINT used to exchange will be burnt.
Thereafter, if someone else exchanges 2,500,000 $MINT for another $500,000 total fees collected, he/she will receive $250,000 worth in ETH as well. Since the updated supply now is 5,000,000 $MINT after the initial burn.
This deflationary mechanism will reduce the supply of $MINT in the future as more users exchange it for fees. Those who have not exchanged their $MINT for revenue yet will have a bigger share in future revenue. Rewarding $MINT holders for holding on to their voting NFT.
This will also encourage more users to transact on Mintable and partake in Mintable’s governance.
PROPOSE
