According to the governance page of Odaily, the Layer 1 blockchain Evmos Core team proposed a new token burning mechanism and released the relevant draft, the main contents of which are as follows:
1. Burn all Cosmos transaction fees during the transition period in accordance with the announcement that support for the Cosmos transaction format will be phased out (with a full deprecation planned by Q3 2024);
2. Introduce the EIP-1559 BaseFee destruction mechanism for unregistered contracts.
3. Burn approximately 132.3 million EVMOS tokens from the incentive pool account (the second largest account) and remove them from circulation;
4. Deprecation of incentive modules, thereby reducing blockchain storage;
5. Set the allocation for incentive pool accounts (currently 33.3%) to zero (0%) to prevent further hoarding of tokens, and the percentage corresponding to the incentive will be added to the community pool;
6. Reduce the token issuance (inflation) by 1/3, from about 26.7% to about 17.8%, as there is no longer a need to allocate tokens for the use of incentives.
The draft will be submitted one week after it is published on the community forum, and the final proposal will be published on-chain taking into account feedback from the community, and changes will be applied to the Evmos mainnet in the next release (prior to EOY).