We have recently upgraded our Polkadot parachain to production runtime:
see <a href="https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fpolkadot.api.integritee.network#/explorer">Integritee Network (Polkadot) on js/apps</a>
for technical reasons, we needed to mint a small amount TEER on that chain.
According to our tokenomics, TEER will be the native token&nbsp; of both Kusama and Polkadot chains and no new TEER may be minted (hard cap).&nbsp;
This proposal aims to burn an equal amount of TEER on Integritee Network (Kusama)
total supply on Polkadot para:
at <a href="https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Fpolkadot.api.integritee.network#/explorer/query/0x8936bda6891383e7cd8e7ee819062d578a78000cc41c5a8b094ca2a3d5f273a0">#2,384,181</a> total issuance is 410.999109325506 TEER
We created a burner account with public key <code>0x4275726E546F4D696E744F6E506F6C6B61646F74000000000000000000000000</code> which corresponds to ASCII <code>BurnToMintOnPolkadot</code> and provably has no known private key.
This proposal force-transfers funds from an account in control of Integritee AG &mdash; which is also in control of the minted funds on Polkadot side
At a later stage, this account can be set to zero if desired, to ensure totalsupply(Kusama) + totalsupply(Polkadot) is capped correctly

See [`Pallet::external_propose_majority`].

Problem Statement:
- The proposal aims to burn an equal amount of TEER on the Integritee Network (Kusama) to maintain the hard cap on the total supply of TEER tokens.

Significance:
- Burning TEER tokens ensures that the total supply of TEER tokens remains within the set limit, maintaining the tokenomics of the network.

Proposed Solution:
- Transfer funds from an account controlled by Integritee AG to a burner account with no known private key, effectively burning the TEER tokens.

Expected Outcomes:
- The total supply of TEER tokens on the Integritee Network (Kusama) will be reduced, aligning it with the total supply on the Polkadot parachain.

#31 Burn TEER on Kusama parachain to mint them on Polkadot parachain

No Active Proposals