Bribe to Burn

Overview

The "Bribe to Burn" feature is designed to speed up the burning of $BOX NFTs by using $GEM as an incentive. This mechanism increases the overall value for $BOX holders, encouraging them to burn their NFTs more quickly.

Purpose

The main objective here is to kickstart the $GEM buyback process and promote the burning of $BOX NFTs. This helps to enhance the scarcity and value of $GEM, benefiting holders who are waiting for these developments but are slowed down by the delay of some $BOX holders to burn their NFTs.

How it works

• Initiate a Bribe: If you own $GEM, go to the rewards page on the app, select a $BOX NFT, and click on the “Bribe To Burn” button.

• Set Your Bribe: Enter the amount of $GEM you want to send as a bribe and confirm the approval $GEM as well as the bribe transaction. This bribe will show up as an incentive for the $BOX holder.

• Encourage Multiple Bribes: A single $BOX NFT can receive multiple bribes from various users. You can distribute your bribes across different $BOX holders to increase the chances of NFTs being burned.

Cancel Bribes

You have the option to withdraw your bribe at any time before the $BOX NFT is burned. This flexibility allows you to use your $GEM elsewhere if you decide against the bribe and punishes late responses by the bribed $BOX holders.
For that simply open the app, choose a $BOX NFT and press the “Bribe To Burn” button. This will display your $GEM bribes along with a "Cancel Bribe" button, allowing you to withdraw your entire bribe amount at any time. Remember, you can always place a new bribe if you change your mind.

Claiming Bribes

Bribes are automatically transferred in a separate transaction to your address as soon as the related $BOX NFT is burned. This process ensures you receive your due $GEM without any need for manual action.

Deflationary Impact

Bribes also help reduce the total supply of $GEM:

• 95% Goes to the Burner: When a $BOX NFT is burned, the holder receives 95% of the total bribed $GEM.

• 5% Is Permanently Burned: The remaining 5% of the bribed $GEM is permanently removed from circulation, increasing the token’s scarcity.

Bribe Contract Functionality

The contract used for the burn to bribe mechanism is a second layer contract. This has the two following implications:

1. Track Bribe Owner

The box owner will be automatically updated whenever a bribe action is performed (depositing or withdrawing bribes). Since BOXes can be traded on secondary markets and transferred from one wallet to another, in very rare cases it can happen that the box owner tracked in the bribe contract does not align with the box owner in the BOX contract. To realign, a function called updateOwner is available in the bribe contract. This function updates the tracked box owner within the bribe contract, so that sending the bribes to the correct wallet can be guaranteed.

ATTENTION: It is crucial to burn the BOX NFT via the official app.gembox.wtf/rewards UI, since it checks an owner mismatch first. It is not possible to update the owner after a BOX is burned. If you encounter any issues, please just give us a note, we will fix it quickly. However, if you want to burn your BOX through another mechanism, make sure to call the updateOwner function first.

2. Sending Bribes

Sending the bribes is a separate transaction that needs to be issued. Even though there is no chance of withdrawing bribes or updating the bribe receiver after a BOX is burned, a new transaction calling the transferBribes function must be issued.