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threefoldtech
When TFTs are burned during billing, this should be handled in the bridges as well
The amount of TFT's burned should be removed from the vaults from connected bridges as well and burned too.
Burning tokens in tfchain can happen in one of three scenarios:
1- Voluntary Token Burning: Users can voluntarily burn their tokens using the Burning pallet(
burnTft call).
2- Cultivation Rewards Distribution: During cultivation rewards distribution, 35% of rewards tokens are burned as part of the process. This occurs within the smartContract pallet.
3- Swap tokens from tfchain to stellar via TFT-Bridge: When a swap is initiated via the TFTbridge pallet (swapToStellar call), the bridge handles the burn transaction by sending an equal amount of tokens to a Stellar destination address.
I propose emitting an event to track the amount burned in the first two scenarios. The bridge can handle this event similarly, with the exception that the destination address is the Stellar TFT issuer account.
Note: We can consider the removal of burnTft public call unless there is a good reason to keep it around.
The plan now is to end the burning of TFT on TF Chain as part of the billing flow so we can have a supply of precisely 1B TFT.
With that in mind, I don't think it makes sense to automate this process on the bridge. We can just perform a manual burn of Stellar TFT to remove the supply burned on TF Chain. Or perhaps do one now and one more once the burning has stopped.
I'd agree to close the public access to the burn function.
The plan now is to end the burning of TFT on TF Chain as part of the billing flow so we can have a supply of precisely 1B TFT.
I’m curious about the timing of this event. We’re currently burning tokens as part of the cultivation rewards distribution, and as far as I know, there haven’t been any requirements communicated to the development team regarding removing this logic from the chain, nor has any issue been opened regarding this.
I don't think it makes sense to automate this process on the bridge. We can just perform a manual burn of Stellar TFT to remove the supply burned on TF Chain. Or perhaps do one now and one more once the burning has stopped.
I have no issue with any of these options, as long as we address the inflation.
I’m curious about the timing of this event.
We are finalizing the GEP to do this and will present it to the community very soon. Assuming the GEP is passed, then we'll make a plan to implement this.