Thanks, Alex for the proposal to update the AURORA token economy. Your vision to introduce a consumption use case through the buy-back and burn mechanism has great potential to increase the token’s demand and value.
As a community member I believe it has the potential to address several areas where improvements could be made and increase the overall utility and value proposition of the AURORA token. Once again, thank you for your hard work and dedication in proposing these exciting changes.
great proposal!
It has the potential to improve the overall utility and value proposition of the AURORA token.
from my point of view I totally agree with your proposal.
Also, I have a question:
as you mentioned, “30% of NEAR transaction fee from near smart contract will be used to buy aurora and burn it on ethereum”,
so, do you can calculate or forecast:
exactly, what percentage of aurora tokens will be burned (per month, quarter or per year)?
I’m very excited about the new updates, especially the buy-back-and-burn mechanism, which could be very useful for the communities. Burning $Aurora with each transaction is an excellent way to boost the token’s value and decentralize governance…
Thanks, and have a great day!
#AuroraOneLove 
Thank you, Alex, for the proposal. I believe that the entire community will gain benefit from this approach. It’s a wonderful method to raise the token’s value and decentralize governance to burn AURORA with each transaction. We value the effort and commitment you have put in.
#AuroraOneLove
The suggested changes have the potential to enhance the utility and value of AURORA token, while also making staking rewards more predictable and accessible to users.
Moreover, the proposed stream of rewards based on locked staked AURORA could incentivize users to participate in governance decisions and contribute to the long-term success of the ecosystem.
I really enjoyed this token economy update, thanks @Alex for writing it down and linking everything so clearly that we can look back again. Seems like
I strongly support this proposal and look forward to the latest updates coming to the community in the next season 
Wow! That would be great.
Adding another use case of the token. Users/newbies generally ask about utility/use cases of $AURORA Token, and luckily now we will have one more point to add there.
And the best part about the proposal implementation plan, a well mannered plan to execute. Too excited about this
I think we need to ask ourselves what is the destiny of Near, Aurora and crypto in general having in mind all this partnerships with google cloud taking huge momentum. If that continues whats the point of blockchain? and whats the point in even having a validators when they are part of centralized system. Does all our projects are becoming nothing but centralized version with one more step in the process. Thats a scary thought.
Would try to open a group for this topic.
Thanks
Thanks for bringing such an exciting update on the economics of Aurora tokens!
The Chinese community is very happy to see Aurora continue evolving and also excited that $Aurora will have more utilities.
We look forward to the implementation of the new token economy.
@techdir, the burning functionality should be implemented through more complicated process described in the initial proposal. There’s no update to the contracts (Engine, Rainbow Bridge) required.
AURORA token contract on Ethereum is non-upgradeable.
@Tran , hi!
The calculation is rather complicated since it takes many unknowns into consideration. But let me perform the estimate for you.
Currently we see approx. 30k MAU on Aurora and 30k tx per day. At $0.02 per tx and 30% of AURORA burned, it would result in $180 USD worth of AURORA being burned daily or approx. 500k AURORA (at current prices) or 0.05% of AURORA token supply per year.
But, say, if nothing changed and with new use cases and Aurora Cloud deployments, Aurora ecosystem can get to 1M MAU (it would be a 33x increase), the burn will get to 1.5% per year.
Obviously, all the calculations are really dependant on the NEAR/AURORA price ratio and the amount of the txs.
Hi Alex,
Can you confirm that the majority of this is on track to be implemented on May 18, 2023?
Overall, excited to see these changes.
LFG
I appreciate something is being done now, but truth is this does very little in reality when supply is increasing at a rate of 200 million tokens per year. It only helps if we get a massing increases in txns. I was hoping we would see a bigger token burn to reduce the total supply as that would put confidence back into the token. Right now 80% supply still being locked and the price being down 99% does not give people any confidence at all.
Now there are a lot of layer2. Although aurora has such a good bottom layer as near, it doesn’t make good use of it. Considering that the near protocol still has a lot of underlying work, I think aurora should undertake the work of publicity and drainage.
For example, as a better Ethereum 2.0 or Ethereum operating system, establish a brand consensus, and build a web3.0-style Ethereum that everyone can use. (In-depth cooperation with the near team internally, and the deep integration of the front-end power of the near operating system in terms of technology, provide a good foundation for near to have enough underlying contract calls for the Ethereum project
In terms of the market, it is necessary to attract the Ethereum ecological project to Aurora, negotiate the entrance of the exchange, encourage native tokens to go out of the circle, enter the exchange, airdrop, etc., so that the market can see the ecology to build a consensus and the price will rise.
Seeing that there are not many practical breakthrough projects in the market, many of them are hype. It is not enough for web3.0 to rely on near’s sparse backend and insufficient traffic frontend. To pave the way for the next round of bull market, aurora must also make breakthroughs and innovations (at least keep up with near’s pace) and attract a wave of ecological migration trends in order to drive the near ecology achieve explosive growth.
Aurora should not always hide behind Near’s ass, but should come forward to drive the entire ecology.
Near has fewer contracts, but many experiences are made by the official team from scratch. Nearos even merges chat functions and dapps like wechat. (Wechat is considered a chat software that Musk is full of praise, because it comes with a dapp.) At least Aurora has to work hard on the next-generation experience to become a market unicorn, rather than being defined as a layer2.
Good to see an update on the token plan. As I said so much earlier, token deflation only makes sense when there is a consensus. Aurora tokens must create more use cases, and the ecology must also rise.
Therefore, aurora should not just copy Ethereum. It is necessary to give the market a new impression and be responsible for establishing a consensus.
In theory, technology will always lead the next generation trend. Aurora should make good use of its own superior conditions. Do what Ethereum can’t do, and drive near to occupy the market. near actually has the potential to become a top3 blockchain.
As a community participant’s opinion, I hope aurora will get better and better!
Just want to echo @scifx sentiment in the comment above.
My concerns with this proposal submitted by @Alex do not so much lie with the content of the proposal itself (as much as the communication around it) - if anything it seems to little too late.
I’ve communicated this directly to Alex in the past, but Aurora - as a network - needs to start embracing both EVM & NEAR adjacent projects and ecosystems, we need to escape this insular echo bubble we find ourselves in to get liquidity and participants flowing back into the network.
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