We recently embarked on a pivotal journey towards transforming Cere Protocol into a non-inflationary protocol through a strategic token burn initiative. This step is critical in our evolution as a leading decentralized data infrastructure standard, aiming to achieve a stable supply of 10 billion tokens. This not only services growing protocol usage but also upholds investor value by preventing dilution.

Incident Overview and Immediate Actions

Despite encountering an unforeseen challenge during the initial stages of our token burn initiative on Mainnet, we prioritized the security and integrity of our network. Our swift response ensured the safety of our community and the stability of the Cere ecosystem. We extend our heartfelt gratitude to all validators for their cooperation and patience during this complex period.

Following a comprehensive review and resolution of the issue, we've not only addressed the matter but also enhanced our systems and processes. This adversity has fortified our infrastructure, enhancing its resilience and readiness for mass adoption and future challenges.

In light of the recent Mainnet downtime, we've rescheduled the token burn commencement for April 2, 2024. We're fully committed to compensating validators for any missed rewards during this period, reaffirming our appreciation for your unwavering support.

Enhanced Validator Rewards

As a token of our appreciation for your patience and unwavering support, we're implementing a 2x APR increase for Validators for the next 20 days following the commencement of the burn. This adjustment aims to compensate for any inconvenience and lost rewards, recognizing the vital role our validators play in maintaining network security and decentralization

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Looking Ahead: Our Commitment to Stability and Growth

The rescheduled token burn underscores our unwavering dedication to robust tokenomics and a non-inflationary future for the Cere Protocol. With renewed determination, we forge ahead with the burn to reset our total supply to 10 billion $CERE tokens, drawing from the treasury and the Cere Network Foundation to safeguard our community's interests.

Moreover, we're eagerly anticipating the launch of Dragon I - the inaugural data cluster powered by the Cere Protocol. By tokenizing data cloud operations into CERE tokens (and staking yields), this initiative is a significant advancement in network utilization and ecosystem growth. In tandem with our token burn strategy, this is poised to fortify Cere's infrastructure, fostering a more secure, efficient, and user-centric data management framework for the Web3 ecosystem.

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Your Engagement and Support

Your active participation in the Cere DAO governance and decision-making processes is indispensable. As we progress on this journey, your voice and vote play a pivotal role in shaping our shared future. We encourage you to remain involved, informed, and proactive in our community discussions and governance initiatives.

Join the Cere DAO today!

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Stay Connected

Transparency and communication are paramount, especially during pivotal moments. Rest assured, we're dedicated to keeping you updated every step of the way as we enhance the Cere Network and its offerings. Your continued support and understanding are greatly appreciated. Together, we're forging a stronger, more resilient Cere Network for the future of decentralized data.

Stay tuned for more updates, and don't hesitate to reach out to us through our community and social channels with any questions or feedback.

Act now, stay informed, and be part of our journey towards decentralization. The future of web3 AI powered data is here, with Cere Network.

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The Cere Network Team

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