Burned tokens, rewards, and inflation summary December 17, 2022 - Total burn estimates: 195K STEEM/SP and 64 SBD

remlaps-lite (76)in #blockchain-metrics • 2 years ago

Steemit launched the #burnsteem25 initiative on May 22, and the corresponding rewards started being delivered to @null on May 29. Subsequently, on August 9, Steemit announced that they'd be monitoring post promotions daily. Here is the next weekly update with PowerBI charts to visualize the burned token-related statistics since those dates.

Slide 1 & 2: Burn amounts in beneficiary rewards and transfers to @null. (Weekly & All time)

Weekly totals were about 5,913 STEEM/SP in burned beneficiary rewards and 0.08 SBD burned on promotion with 810 burnsteem25 posts (~7.3 STEEM + SP burned per post). This is up by 103 from last week's 5,810. There were no new entries in the all time top-4 list.

Weekly

All time

Sidebars

Top sidebar summary cards show total number of STEEM, SP, and VESTS burned, as well as the total number of posts with @null beneficiary settings. This is where the headline number comes from.

In the center-left sidebar is a new table showing the top-4 days in terms of burned beneficiary rewards.

Bottom-left sidebar summary cards show totals for SBD burned in post promotion.

Graphs

Top-left is a graph showing the number of posts and average SP burned per post by month.

Top-right: This shows the VESTS and the estimated SP beneficiary rewards burned per month.

Middle-left: This is a graph showing the number of posts and average SP burned per post, by day.

Middle-right: This shows the daily VESTS and the estimated SP beneficiary rewards that have been burned.

In all of the above graphs, VESTS are shown against the left axis, SP and STEEM are shown against the right.

Bottom: SBD transfers to @null. As readers are likely aware, SBD transfers to @null can get a post added to the /promoted page. The visualization on the left shows a monthly aggregation of SBDs transferred and a count of unique senders. The visualization on the right shows the daily record.

Slide 3: Rewards summary

Unchanged from the last eleven weeks is that SBD printing has remained paused due to continuing sluggishness impacting the price of STEEM (and crypto markets at large). With the present SBD supply, it looks like the median on-chain price for STEEM needs to get back to about $0.252 for SBDs to start printing again. With 96K burned and 5.05M in overall social rewards during the last 90 days, this represents an average burn rate of 1.9%.

Curator rewards use the scale on the right, author and beneficiary rewards use the scale on the left. Thus, curation rewards appear to be scaled down relative to author & beneficiary rewards. Beneficiary rewards for @null in this chart (red) have been adjusted in order to account for both SP and liquid rewards. The top graph shows the monthly aggregations, and the bottom graph shows daily totals.

The new top-left sidebar shows estimates for the 90-day total of distributed "social rewards" (author, curator, and beneficiary), the 90-day total of curation rewards; and the 90-day total of burned beneficiary rewards.

The new bottom-left sidebar shows estimated daily 90-day averages for the same three values. In both sidebars, "social rewards" are calculated as [curation rewards] * 2. Based on these estimates, the burn rate is about 1.9% of all social rewards (this excludes interest paid for staking, rewards to witnesses, and SBDs to the SPS).

Slide 4: STEEM & SBD Supply as well as vested (i.e. staked or "powered up") STEEM

Noteworthy this week is that liquid STEEM as a percentage of current supply and of virtual supply increased for the fourth consecutive week after six weeks of declines (top-right and bottom-left charts).

The card in the lower-right corner shows the inflation rates for current_supply and virtual_supply, as calculated from the SteemDB API.

The top-left image provides a summary view of current and virtual STEEM supply, current SBD supply, liquid and vested STEEM, and the amount of STEEM reserved as collateral for paying off SBDs.

Note
Collateralized STEEM and current SBD supply actually represent the same value expressed in terms of STEEM or SBDs, respectively. They're aligned differently on the graph because they use different axes.

The top-right graphic now contains a zoom-in on "virtual STEEM Supply" (left axis) and the ratio of liquid STEEM / virutal STEEM supply (right axis). As we learned, here, virtual STEEM supply is heavily influenced by price, so with STEEM prices down, it's not surprising to find the virtual STEEM supply increasing. The up-side of this is that it's now possible to burn more collateralized STEEM per SBD with post promotion.

The bottom-left visualization now contains the ratio of liquid STEEM / current STEEM supply (left axis) and a zoom-in on Current SBD supply (right axis)

The chart on the bottom right shows the value of SBDs in terms of STEEM, according to the blockchain conversion rate, not external markets. This is the inverse of the blockchain's: internal price (which is different from the actual feed median, for reasons that I don't currently understand).

Now, here are some more details about each of the values

Parameter	Axis (left/right)	Meaning	Comments
SBD Supply	right	Number of SBDs in circulation	Equivalent in value to collateralized STEEM
Collateralized STEEM	left	Number of STEEM needed to pay off all SBD debt	Equivalent in value to SBD Supply
Vested STEEM	left	Number of STEEM staked as STEEMPOWER
Liquid STEEM	left	Number of STEEM that's not staked or needed for SBD collateral	Calculated as (Current STEEM supply - Vested STEEM)
Current STEEM supply	left	Number of STEEM in circulation
Virtual STEEM supply	left	Number of STEEM in existence

Slide 5

Last month, I started downloading the actual curation reward transactions from the blockchain, so I can see how well the numbers match up with steemdb. After 36 days of downloading, it's caught up to November 15.

Thanks for reading!

For previous updates, see:

^{Pixabay license, source}

Reminder

Visit the /promoted page and #burnsteem25 to support the inflation-fighters who are helping to enable decentralized regulation of Steem token supply growth.

#metrics #burnsteem25 #steemexclusive #penny4thoughts

2 years ago in #blockchain-metrics by remlaps-lite (76)

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strawberrry (71) 2 years ago

A very revealing report by the end of the year. It's a pity that SBD has not been printed for a long time. But nothing, I think there will come a moment soon when they will be back in business. Happy holidays to you, I believe that this is a time of magic)

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yas548 (60) 2 years ago

It's pretty good that the burning activity continues. should be pursued on a larger scale. Many thanks for the detailed analysis.

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