Domain 🔥 burning for fida$

Domain :fire: burning for fida :moneybag:

Hi :slight_smile:

I had an idea with many implications and I want your review to discuss about it.

First are you sure what happen if someone burn a wrapped .sol into solIncinerator : Is this domain lost forever?

So is it possible for the foundation to make a tool able to delete the NFT + the domain. It could be a page or directly a button but to be interessting the action should get back to the holder 50% of the creation price (so 20$ / 2 = 10$ in fida) to his wallet.

Imagine each user able to delete a domain according to Bonfida, to get 10$ (fida) :

  • volume of creation increase (because user could trade 2 old for 1 new)
  • number of domain could decrease first but I don’t think it’s a big problem because of many news each day
  • fida supply could increase first but decrease after because of burning 50% at the end
  • unused domain have a chance to be re-created later after a while (I think about a Selene idea)
  • secondary prices will have a fixed floor price based on usdc (its very interesting for the sellers!)
  • The first question is answered, the bug of lost wrapped .sol is fixed :slight_smile:

Finally it could be positive for the holders (100k?) and for the Fondation too :+1:

Bonus : the price could be modulated by number / type of wolves holded to increase the % of fida returned.

What do you think about that ? :wolf:

InFIDArator / domaIncinarator / solBurner / solOut / Dotsol-Recycler… “Return” button

3 Likes

Hi,
I think it can be a good idea. Only, we need to keep this moneyback in the foundation.
Maybe, we can return like a ticket (idk) for each burned domain?
After if we have two of this tickets we can mint one new domain.
By example i bought two domains to sweep the floor. I keep this domains over the floor to pull up the collection but if i can burned them for one new, i will.

1 Like

hey @SolaNames and @antov

Thanks for posting this proposal. We have discussed it internally, and here are our thoughts:

  1. Currently users are able to delete their domain names, please refer to the below documentation regarding how to do it. We are not considering adding this function to the UI though.

https://bonfida.github.io/solana-name-service-guide/domain-name/delete-domain.html

  1. Adding this burning/rebate function will add complexity to the UI, something we’ve tried our best to avoid. Instead we’d like to encourage users to buy domains they like and if later that’s not the case consider reselling it.

Hope the above helps, and thanks again for your suggestion.

1 Like

Thank you @cynthiaqqq for you answer :slight_smile:

The good new is the code for what I propose is already developped for half of the feature :smiley: , but it’s useless if the holder won’t get back some $fida (or something else). Why deleting a domain except for a bug ?

Your second point is important I totally understand : More domains = More value (for all), yes true but…
My point is on secondaries we can see sh*t domains that even the holder doesn’t want to keep and is unable to sell → The result is a floor price decreasing AND the most viewed .sol on MagicEden are the worst too (because sorted by price by default, amplifying because low volume).
I think it make a bad image for the collection so for all other .sol too, reciprocally a fixed FP will encourage users to buy more domains.

In my imagination if this kind of feature is added one day, the long time effect will be MORE creations of domains (because no risk :heart:) at the opposite you’re seem to thinking (maybe true short time firsts weeks). And it could be modulated by the % of the refund too (using wolves?) :smiley: