WEEZI
  • Instructions for DAO Managers
  • Tokenomics
  • Basics
    • 1. Basic Management Information
    • 2. How to create your own DAO
  • Setup
    • 1. Frame wallet setup
    • 2. Alternative way to access your DAO
    • 3. Introducing new assets for deposit
    • 4. Setting up the reporting system
  • CT token Management:
    • 1. Token request procedure
    • 2. Asset withdrawal over OTC
    • 3. Burning CT tokens
  • Advanced DAO Procedures
    • 1. Main DAO and product DAOs
    • 2. Rage Quit Procedure
    • 3. Withdrawing Carry fees
    • 4. Transfer in DAO
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  1. CT token Management:

3. Burning CT tokens

Previous2. Asset withdrawal over OTCNext1. Main DAO and product DAOs

Last updated 3 years ago

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Reasons for burning the CT Tokens

The process of burning the CT Tokens is needed mainly for the situations where the community members of your DAO request a fund withdrawal. After manual withdrawal procedure CT tokens are returned to the DAO Agent address. Such returned CT tokens may affect the calculation of DAO's NAV(Net asset value) and CT market price. All returned CT tokens should be burned.

The steps below describe the process of burning the received CT Tokens to avoid the overall CT devaluation.

Step 0 - Connect your wallet

Step 1 - Processing data as a DAO Agent

Click the “Agent" section on the left sidebar of Aragon Framework. Copy the Agent wallet address in the address bar of your browser (HEX value starting with 0x...)

Click on the “Tokens” section of Aragon Framework and select the CT token in the left window. Find the Agent address (copied from Step 1) in the main window. This address will now hold the amount of CT tokens which should be burned.

Step 2 - Start the CT Burning process

Click on the dropdown arrow of the required line and select “Remove tokens”

In the popped up window type in the amount of tokens to be burned or simply click “Max” to burn all tokens on the Agent wallet. Click “Remove tokens” button.

Double-check the amount of the CT to be burnt. Sometimes if there are several withdrawals done at around the same date it is better to proceed with each amount of CT to be burned separately unless you are absolutely sure that the amount displayed if "Max" amount is set is correct.

Step 3 - Press “Create transaction” in the next window.

The process is similar to the standard set of actions needed for most of the transactions done in your DAO. For more reference read the Voting Procedure guide.