Burned tokens, rewards, and inflation summary October 1, 2022 - Total burn estimates: 113,594K STEEM/SP and 61 SBD

in #blockchain-metrics • 2 years ago (edited)
New visualizations this week on slides 1 and 2


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: Burn amounts in beneficiary rewards and transfers to @null.

Weekly totals were about 8,532 STEEM/SP and 0.38 SBD. The top-4 burn amounts happened during the month of September, with the highest value, 766 SP, observed this week on Tuesday (September 27). This week, I added a table with the dates and amounts of the top-4 days. Also, the month of September closed with the highest monthly total on record.

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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 2: Rewards summary

Unchanged from last four weeks is that SBD printing has remained paused, due to the continuing sluggishness in 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.

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

Noteworthy this week is another drop in liquid STEEM as a percentage of current supply and of virtual supply, mostly resulting from a September 28 powerup of 337K by @reflektor (top-right and bottom-left charts). Also, I rescaled the SBD:STEEM ratio graph as I didn't think the previous zoomed in view was very informative.

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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

ParameterAxis (left/right)MeaningComments
SBD SupplyrightNumber of SBDs in circulationEquivalent in value to collateralized STEEM
Collateralized STEEMleftNumber of STEEM needed to pay off all SBD debtEquivalent in value to SBD Supply
Vested STEEMleftNumber of STEEM staked as STEEMPOWER
Liquid STEEMleftNumber of STEEM that's not staked or needed for SBD collateralCalculated as (Current STEEM supply - Vested STEEM)
Current STEEM supplyleftNumber of STEEM in circulation
Virtual STEEM supplyleftNumber of STEEM in existence

Thanks for reading!

For previous updates, see:

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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
$40.77
  • Past Payouts $40.77
  • - Author $14.56
  • - Curators $26.21
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    • [-]
     2 years ago 

    This post has been featured in the latest edition of Steem News...

    $0.14
    • Past Payouts $0.14
    • - Author $0.07
    • - Curators $0.07
    4 votes
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    [-]
     2 years ago 

    I have an increase. This is pretty cool. I need new advice. A very small amount of steem should be burned while voting, redeeming.

    $0.07
    • Past Payouts $0.07
    • - Author $0.03
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    [-]
     2 years ago 

    A very small amount of steem should be burned while voting, redeeming.

    Interesting thought. That's basically a transaction fee. It would have to be implemented at the blockchain level, but I don't think there's much appetite for making blockchain changes at the moment, and adding transaction fees would probably be very controversial, since on of Steem's selling-points has always been "fast and free transactions".

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    [-]
     2 years ago 

    These visualizations have become even better. it's interesting to watch the progress of burning steem. I think October will be even more productive than September!

    $0.05
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    • - Author $0.02
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    [-]
     2 years ago 

    There should be some new steps to burn more steem every week to support steem more.

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      [-]
       2 years ago 

      I think steem needs more than this, it needs more support

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