BitSong announces treasury redelgations for locked BTSG tokens!
Dear BitSong community members and governance,
We are here to provide you with an important update regarding our ecosystem. Recently, we have noticed a significant number of BTSG tokens being locked in validators that are no longer active or are decommissioned. This has raised concerns about optimizing the utilization of our tokens and ensuring a fair distribution within the BitSong validation network.
In order to address this situation and promote a better token distribution, we have decided to initiate redelegations for the 1.758.622 locked BTSG tokens. Initially, we had launched a Decentralized Autonomous Organization (DAO) program to manage the delegations as you might be able to see here. However, unfortunately, the program is no longer being followed by its creator Felix, and we hope that someone else will take an interest and care in continuing this initiative, or propose a new one, as we have already discussed in the Validators Channel on Discord, but we extend it to all the community members.
Consequently, we have decided to redistribute the locked BTSG tokens to all active validators with a voting power below 1 Million BTSG. Currently, we have identified 82 validators who will receive the redelgations and each validator will be delegated a 21.446 amount of BTSGs. We believe that this action will help ensure broader and more active participation in the BitSong validation network.
We strongly encourage our community and all validators to contribute to the DAO delegation program, so that we can continue with the program managed by the community itself, as we still have 6M BTSG ready to be delegated to our validators for this batch. We believe that a wider involvement of motivated and passionate individuals will enhance the efficiency and reliability of our ecosystem.
To ensure timely and transparent distribution of the redelegations, we intend to complete the operation within the next 72 hours. During this period, we will perform the redelegations for the 1.758.622 locked BTSG tokens to the identified validators.
We appreciate your ongoing support and commitment to the success of our project.
We remain available to address any questions or clarifications that may arise. Together, we can build a better future for BitSong.
Thank you for your trust and collaboration.
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