Could you provide a bit more context on the token burn mechanism works?
Although I think it was a good point to mention the native burning mechanism FTX currently has, from my understanding the “burned” mechanism in question here will be the un-wrapped FTT tokens.
The smart contract of the un-wrapped FTT tokens on Ethereum is an ERC20Burnable implementation where any user can choose to burn their un-wrapped FTT tokens in their Ethereum Mainnet wallet and therefore permanently remove the tokens from circulation.
In particular, one wallet labeled as FTX Exchange on Etherscan sends out burn transactions of large amount of FTT tokens weekly, here’s the latest transaction of the wallet calling the burn function
I should have clarified, I meant what the mechanism behind the burn on the FTT (Eth token) is. I was looking for this information out of curiosity. I know it doesn’t apply to the token in question, but I like to nerd out on these bits haha.
Thanks for sharing Bobby ! Wasn’t aware of the burning mechanism before this application. I wonder if that indirectly impacts FTT Wormhole ?
Not in my mind for now as for wormhole we are just sending FTT to it’s Ethereum smart contract, and the relevant amount of wormhole FTT will be minted on Solana.
as can be seen the locked amount on Wormhole’s Ethereum contract is roughly the same as the total supply of wormhole FTT on Solana
yeah, there shouldn’t be any impact on wormhole FTT afaik.
Regardless, we are in favour of onboarding $FTT. Strong MC, sufficient liquidity & Wormhole now has backing by Jump, making it more digestable.
The JetDAO Governance Committee has completed a high-level review of this Asset Application and determined the asset as acceptable to continue with the Onboarding Application. This is not an endorsement of the asset from the Governance Committee.
To continue the onboarding process, we have launched a 7-day off-chain community sentiment poll (see original application post) to gauge the interest of onboarding this asset, as well as help facilitate the community discussion.
Following the conclusion of the Poll, the Governance Committee will publish a summary of the CODEC assessment with a formal decision of allowing the Asset to move forward with the On-chain governance vote and potentially onboarding.
This Poll will run 7 days, and is used to gauge the interest of the Jet Protocol Community on Onboarding this asset as a collateral to Jet Protocol
Super excited to see the progress on this!
Well done @jonathanfttdao
Below we will detail the results of the Off-Chain, community sentiment vote for the $FTT Wormhole proposal. Along with this, we attach a summary of the CODEC evaluation that the $FTT asset has received from the Governance Committee.
We invite those users who have staked JET tokens to cast their vote in this On-Chain vote. Remember that in order to execute your vote you must have at least 1 (One) JET token deposited.
The $FTT On-Chain voting will be executed via the governance platform starting on 10/11/22 and will be live for the following 7 (Seven) days.
We appreciate your collaboration and invite you to participate in the upcoming proposals! For the latest information, visit our sites:
The following summary exposes the key points from the $FTT Collateral Onboarding Domain Evaluation Criteria.
Overall, the Jet Governance Committee endorses $FTT to move forward with an On-Chain vote.
The full CODEC Evaluation Summary can be found here.
Participants have shown eagerness and interest in proceeding with $FTT towards On-Chain voting.
The $FTT collateral sentiment off-chain community poll has concluded with a 92% favorable vote.
The on-chain governance vote for $FTT (Wormhole) has concluded.
We thank all those who have chosen to vote and help both build Jet’s future and support the use of the asset.
With 100% of voting stakers “in favor” of JDAP-13, the vote has concluded to include $FTT (Wormhole) as a collateral type in Jet starting at the next protocol update.
In case you want to review the $FTT (Wormhole) application, community discussion, and CODEC Summary, please go to this link.
We look forward to your participation in the next governance vote!
In light of recent developments, we should cancel its onboarding on to our protocol.
Hey Ezio !
thanks for flagging this
At the moment $FTT has no collateral weight so it don’t posses any risk to the protocol.
@ezio $FTT has already been onboarded.
With $FTT not having any collateral weight do you still think we should consider removing it from the platform? I think it would be good to hear reasoning behind this if so.
why do you want to keep a token that is worthless on to a money market protocol? just why?
Makes no sense.
Such decisions should be made by the DAO so a proposal should be submitted for this. In my opinion it is not critical that it is on the platform and should not be removed immediately, instead the further development of FTT should be followed. And as was said, it has no collateral weighting.
In its current state, FTT provides no risk to the protocol, so there is no need for immediate removal. It does bring up the task of creating a template to remove assets from Jet Protocol.
Jet is not only a money market but also a margin trading protocol, and it’s conceivable that users may want to trade FTT.
Since it carries no risk to the protocol, there’s no compelling reason to remove it now.
@Ivan is right that it should go to a vote though.
Agree with @ezio., should be delisted ASAP.
What is the process of doing so? Is there a template similar to listing proposal?