🎯First Community Vote
The Origin of it All：
This all began with a significant decision made after the conclusion of the WL round on June 30th.
Therefore, we immediately began developing the voting function on Ordmint and officially launched the first community Holder vote on Ordmint on July 14th to determine how to deal with the remaining 4BTC equivalent ORMM from the Public Sale.
First community vote
We've put forth two proposals according to community advice, long-term development, and the current plan.
1️⃣ Proposal 1 Solution：
1. 1BTC equivalent of ORMM (78,750,000 ORMM) will be burned:
Sent to the well-known Bitcoin black hole address: 1BitcoinEaterAddressDontSendf59kuE
2. 2BTC equivalent of ORMM (157,500,000 ORMM) goes into Cex reserve:
3. 1BTC equivalent ORMM (78,750,000 ORMM) will be added to Ecosystem Growth for marketing and growth
2️⃣ Proposal 2 Solution：
1. 2BTC equivalent of ORMM (157,500,000 ORMM) goes into Cex reserve
2. 2BTC equivalent of ORMM (157,500,000 ORMM) will be added to Ecosystem Growth for marketing and growth
2. How many voting powers will I have? Every 10,000 ORMM equals one vote. Each wallet, with its full voting power, can cast one irreversible vote per proposal.
Who can vote?
At first only Layer1 snapshot holders can vote. Also, aiming to involve more of our community in the initial vote, we made arrangements to include ORMM holders on stx in the voting process. So, all Holders need to do is connect their wallet on the Ordmint website and cast their votes. No more peg-outs are necessary!
What were the results of the vote?
The vote officially ended on July 24, with a total of 17,553 votes cast. The outcomes of the vote were as follows:
78,750,000 $ORMM will be burned
157,500,000 $ORMM will be set aside for Cex reserve
78,750,000 $ORMM will be allocated for Ecosystem Growth
The Tokenomics were updated on July 27.
https://twitter.com/OrdmintAPP/status/1683477132314574848 Let's celebrate the first community vote of Ordmint, marking the first step towards a Community-led approach!
3️⃣FAQ：
How many voting powers will I have? Every 10,000 ORMM equals one vote. Each wallet, with its full voting power, can cast one irreversible vote per proposal.
Why Burn? Burning a portion of tokens can reduce circulation, but in the long run, these tokens may not play a larger role.
Why add to the Cex reserve fund? We need more tokens to enter the Cex reserve fund in order to go to more Cex listings, thereby increasing the liquidity of ORMM.
Why add to Ecosystem Growth? Ordmint is still in its early stages. We need more marketing events to gain more users and awareness.
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