According to Foresight News, Celo Foundation Chairman Rene issued a document stating that the CELO token economic model will be upgraded and the introduction of token buyback and burning mechanisms will be considered to improve the long-term economic structure. It said that as network activity grows, existing models need to be redesigned to better accommodate the growing demand for transaction fees. The upgrade process will take place in four phases: first a public call for comments on the Celo forum, followed by the participation of researchers, token economists, and ecosystem contributors in the following weeks; Subsequent research modeling; the third stage is community review; Finally, it is completed through the governance process. The entire process will be fast-paced, transparent, and community-driven, led by the Celo Foundation and cLabs.
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