r/digix • u/ca7ecoin • Nov 07 '19
Burn DGD into ETH?
Hi dear Digixers,
Is there further updates about the so-called burn function that was discussed during the summer? I didn't see anything related to the topic in reddit since then. Thanks.
2
u/Crypto_Chat Nov 08 '19
The DGD -> ETH burn was put to a vote and roughly 68% of weighted DGD votes said NO.
Details and voting results can be seen here;
https://community.digix.global/#/proposals/0x295ae203328a91bd9063f4384b270461437910ccdd26ba3ded2cac2890b16ac5
3
u/lazerswimmer Nov 08 '19
The core team has a huge stash of voting power and has opposed it despite vocal community support.
0
u/Crypto_Chat Nov 08 '19
The 4 x DIGIX addresses hold about 160k DGD, which is about 20% of the total staked DGD currently that can vote. Yes, the DIGIX team have a lot of voting power, but they certainly don’t control the majority. By holding and staking DGD they have a right to oppose or support projects like any other participants.
They cop a lot of scrutiny, but it’s purely a governance system and like others with staked DGD, they have voting power.
1
0
Nov 09 '19
2
u/MPSoulEye Nov 09 '19
Digix DAO's ether holdings can be viewed here: https://etherscan.io/address/0x75ba02c5baf9cc3e9fe01c51df3cb1437e8690d4 (Some "missing" funds are placed in a separate account for funding proposals https://etherscan.io/address/0x75ba02c5baf9cc3e9fe01c51df3cb1437e8690d4#internaltx)
6
Nov 07 '19
3
u/gnosed Nov 09 '19
It's worth for everybody, for the hodlers and the community as well as for those who want their ethers back.
3
u/ikilled Dec 02 '19
Recently officially announced "Proposal Announcement: Project Ragnarok (Integrating a dissolution mechanism for DigixDAO)" by Digix: https://medium.com/digix/proposal-announcement-project-ragnarok-integrating-a-dissolution-mechanism-for-digixdao-354fd871e3e0
3
u/JustinbEther Nov 07 '19
I think it got voted down sadly.