Burned tokens, rewards, and inflation summary June 24, 2023: 192K SP, 128K STEEM, and 1,146 SBD burned in 59K burnsteem25 posts

in #blockchain-metrics • 2 years ago

Steemit launched the #burnsteem25 initiative on May 22, 2022 and the corresponding rewards started being delivered to @null on May 29. 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)

According to data from steemdb, weekly totals were about 4,015 SP in burned beneficiary rewards and 0.05 SBD burned on promotion with 1,288 burnsteem25 posts (~3.1 SP burned per post).

The numbers in these slides will differ slightly from the numbers in slides 5 & 7 because of different data sources and collection times. The numbers in slide 2 are artificially low due to some missing information in SteemDB from March 7 through March 14.

Weekly

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May 29, 2022 to present (burnsteem25 era)

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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.

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 since August 21, 2022, SBD printing has remained paused. 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. The current median price is $0.174. The burn ratio shows at 1.92%, which is up from 1.9% last week. It should be noted that this estimate doesn't account properly for 100% powerup posts.

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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 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 decreased for the fifth week after five previous weeks of increases (top-right and bottom-left charts). Also, the current observed inflation rate is now running around 6.64%, which is unchanged from 6.64% last week and down from 6.89% when I started tracking it on November 26, 2022. The value has ranged from 6.64% to 6.89% since I started tracking it.

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The card in the lower-right corner shows the inflation rates for current_supply and virtual_supply, as calculated from the SteemDB API. It also shows the blockchain's current internal inflation rate.

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.

New as of May 6, 2022: the line graph in the center shows the current inflation in terms of new STEEM per block and new STEEM per day. The slopes of those lines should be identical, since one is a multiple of the other, but they look slightly different because of the different scales from the primary and secondary axes. These are calculated using the formulas from Steemit Corner #2 : Understanding Steem Inflation.

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, as explained here.

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

Slide 5-8

Instead of using steemdb.io, here are the newer visualizations - straight from the blockchain's API. These cover the last week, the last month, the full burnsteem25 era, and throughout the entire blockchain's lifetime.

Since these graphs come straight from the blockchain API, they should not be affected by the above-referenced problem with missing data.

Last week

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Last month

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May 29, 2022 to present (The burnsteem25 era)

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All time

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It's interesting to note that the @burnpost value was reported at 11,849 at the beginning of the year and it's now showing at 12,005 - even though the account hasn't burned anything in that time. This is, I think, because the actual burns are happening in VESTS, not in SP so the conversion factor is constantly changing. Therefore, in a sense, burned SP continues to earn interest - and that interest is also burned.

Thanks for reading!

Previous weeks

For links to updates from 2022, 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
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     last year 

    My heartiest respect to steemians who set 25 percent reward to burn steem. I personally did the burn very rarely but my salute to those 8nflation fighters. I did a burnsteem blog this week and honestly I'm very possessive about earning steem. Thanks for the summery. I wish the steem ecosystem get better as it was in 2021.

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     last year 

    Thanks for the analysis. A burning took place close to the previous weeks. I wish this to increase

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     last year 

    Your analysis shows how to burn a coin, every week the progress becomes more visible. Thank you for your weekly work!

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     last year 

    I wish you an excellent day

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