Hyper Foundation: Proposed validator vote to "officially confirm the Assistance Fund HYPE token burn".
TL;DR
Hyper Foundation proposes a validator vote to officially confirm the burning of HYPE tokens held by the Assistance Fund, permanently removing them from supply. The vote is a social consensus to never access these tokens, with results based on staking weights.
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According to Odaily Odaily, the Hyper Foundation has proposed a validator vote to formally confirm that the HYPE tokens held by the Assistance Fund have been burned, thereby permanently removing them from the circulating supply and total supply.
Assistance Fund, as part of the L1 execution, converts transaction fees into HYPE tokens in a fully automated manner. Assistance Fund uses the system address 0xfefefefefefefefefefefefefefefefefefefefe. Similar to the zero address, the Assistance Fund system address never possesses the private keys to control its funds. Without a hard fork, these funds are mathematically irrecoverable.
Voting "Agree" signifies that validators agree to treat the HYPE tokens held by the Assistance Fund as burned. Since these tokens are already in a system address without a private key, no on-chain action is required. This vote represents a binding social consensus, promising never to authorize protocol upgrades to access this address.
The results will be determined based on the consensus of staking weights as of 04:00 UTC on December 24.