WOOFi puts its proposal to permanently burn 300 million WOO to a vote.

WOOFi submitted a proposal to permanently burn 300 million locked WOO (approximately 15% of total supply) during the voting phase, aiming to bring the circulating supply to 100% of the FDV and prevent further dilution.

The proposal was published on X and, if approved, would end the matching + burning mechanism. Voting is based on Staking experience points (XP) earned through WOO Staking, lasting 7 days from 04:30 on January 6th (Vietnam time).

Proposed burning of 300 million WOO and its impact on supply.

WOOFi is voting on permanently burning 300 million locked WOO, equivalent to approximately 15% of the total supply.

WOOFi stated that this move would bring the circulating supply to 100% of the FDV, aiming to prevent future supply dilution. The proposal is in the voting phase and, if approved, would implement the permanent burning of the aforementioned locked WOO.

If the proposal is approved, the matching + burning mechanism will be terminated. The announcement, posted on platform X, focuses on adjusting the supply structure and burning mechanism within the WOO ecosystem.

Voting method, timing, and allocation of funds.

Voting rights are Staking based on accumulated XP earned through WOO Staking; the voting period lasts 7 days, starting at 04:30 on January 6th (Vietnam time).

WOOFi stated that the proceeds allocation remains unchanged: 40% distributed to Token holders through WOO Staking; 40% used for buybacks and burning; and 20% for foundation expenses. These percentages remain the same despite the changes to the matching and burning mechanism.

Voting begins at 21:30 UTC on January 5th, which corresponds to 04:30 GMT+7 on January 6th. The voting mechanism, based on XP Staking , emphasizes the Vai of Staking participants in governance decisions related to Token supply and burning mechanisms.