Hi everyone, I have been following Mina Protocol for a year, I believe it is a project that has a lot of potential, even if the plan is very ambitious and in an experimental phase at a macro level in the crypto landscape.
Unfortunately, too much inflation on the token is killing both the token and the project, and only the devs and validators are the ones that are gaining from all of this. Above all, validators are asking for even more tokens with the sole purpose of dumping them to investors’ heads.
All this does not allow the growth of Mina, as it only makes it a deceptive protocol done only to allow the validators to make money.
I saw that a proposal had already been made to reduce inflation for about a year and it has not yet been approved, moreover I see that in the various social networks, even on Twitter the discontent of the whole community about how things are going is very strong.
I spent days also reading the comments of the validators, but even if you then go into the technical details on their part, I only saw excuses to keep inflation high so that they can have as many tokens as possible to dump.
All this does not help the growth of Mina Protocol.
We need to find a middle ground that gives the right rewards to devs and validators, but at the same time we also need value for investors, otherwise the whole project will be seen as a scheme designed to make money on investors instead of creating true value.
To do this, it is necessary to give value to the token by drastically reducing inflation.
My proposal is to mix a burn mechanism that brings together what, for example, Moonbeam with the GLMR token and Binance with BNB.
Then burn at least 30-40% of transaction fees (Moonbeam burns 80%), and in addition to do quarterly burn events on tokens in general in the treasury (as Binance does).
Furthermore, I think it is essential to achieve a fixed max supply of 1 billion tokens and no more.