Bonfire will be an additional Dapp for use with Limbo, that increases deflationary pressure on any tokens we integrate it with, starting with EYE and SCX.
Example: We can allocate portions of the Flan rewards that are minted per block towards Bonfire. Then, using governance we can set a price for Bonfire such as 1000 EYE. Anyone can send in the required amount of EYE to Bonfire and receive the accumulated Flan. Afterwards, the EYE that was sent in is then burnt. Additionally, we could take 10% of the EYE sent in and create second Bonfire iteration that receives SCX (and the rewards this time are the remaining EYE tokens).
As Bonfire demonstrates its usefulness as an incentive structure to increase deflationary pressure on tokens, we can then open it up as a service to the broader Ethereum ecosystem for any coins that wish to benefit from this.
Last modified 2mo ago
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