Proposal to redirect a small percentage of staking rewards to permanently burn MIR instead

By having all fee revenue directed towards buying MIR and then returning it via staking rewards, mirror is simply generating ephemeral buying pressure which is negated by then immediately distributing the MIR to stakers who are then liable to sell said MIR.

By redirecting a portion of the staking rewards instead to permanently burning MIR tokens, you will have permanently increased the value of the remaining MIR tokens.

In the long run, this should lead to significantly more value accrual to the MIR token than directing 100% of fee revenue to staking rewards.

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To be honest, I don’t think this is the right direction.

  1. MIR already has a pretty good daily trading volume. In the last 24 hours it was 9.5 million UST. The fees were around 100k. I don’t think it would have any effect if you took any amount of these fees to buy back and burn MIR. Also take into account that this is only the daily trading volume on Terra, not Binance and Coinbase.

  2. Most of the people I know - who are involved in MIR - are really interested in the terra ecosystem. They are in it for the long run. So they are still stacking up their MIR positions with the rewards they are receiving and not selling them.

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Agree, we need to destroy more Mir or through repurchase