Hive has been around since March 20, 2020. Let’s take a look how we are doing in these early days when it comes to burning HIVE.

This is a second report on burning Hive.

On the old chain there were a few initiatives for burning tokens, out of which the most notable the @burnpost experiment from @smooth. This initiative is not running now on Hive.
Some other more systematic ways for burning HIVE started to appear thanks to the Peakd team.

There is an option for promoting posts on Peakd now. To promote the post the author needs to burn some Hive. Finally, a sensible way for promotion. Another thing that burns some small amounts of Hive is the tipping option also provide by Peakd. A small amount of the tip is burned in order to prevent abuser.

Finally, authors can set @null as beneficiary to their posts and burn Hive in that way.

The period that we will be looking here is March 21 till June 6, 2020

Transfers to @null account

Here is a breakdown by date for HIVE transferred to null.

A total of 4541 HIVE transferred to @null account in the period.

From the quick analysis I did on who is transferring HIVE to null, most of these cases are Peakd promotions. Nice! So glad to HIVE been burned for promotion, that is the obvious and logical way. This feature has been broken for so long on the old chain. Imagen a bull market and influx of users and projects that want to promote. It will definitely help the system a lot.
Peakd seems to be working on a new promotional feature as well. There is also a small amount burnt because of the tipping fee.

Hope that hive.blog implement the promotion feature, it will definitely increase the amount of HIVE burned.

If we break down the transfers to null by month there is 2047 HIVE in April and 2079 in May 2020.

Setting @null as beneficiary

Another way for burning HIVE is setting @null as beneficiary. For the not so familiar what this means, it basically sent the rewards for that post to @null, burning them.

Here is the chart.

A total of 3531 HIVE transferred to @null as beneficiary account. This chart is prety much random. A few larger spike at the end of the period. Usualy when some of the popular large stakeholders set @null as beneficiary, it creates some significant ammounts sent to null from those rewards.

Note: For simplicity I have converted HBD and VEST rewards to HIVE, so the numbers of beneficiaries are aproximate and not accurate.

Total HIVE Burned in the period:

8072 HIVE

If we consider the HIVE inflation with around 2 million new tokens created per month (depending on HBD prinitng), the sum above is very small. But it is important to have a proper system put in place going forward. Peakd promotion and tipping are a step in this direction. Hope hive.blog will follow soon.

Top 15 Users that Burned HIVE in the period May 8 – June 6, 2020

I have ranked the top users that burning Hive in the previous report up until May 7th, so here we will be looking after this date. Here is the table for top 15 users that burned HIVE in the period.

The list is a compilation from transfers to null and setting null as beneficiary. HBD converted to HIVE as well.

On the first place is @gre3n with more than 280 HIVE equivavlent burned. This are coming from peakd promotions. Second is @mahdiyasri with around 200 HIVE burned and on the third place is @justineh with burns mosltly coming from @null as beneficiearie.

The top users that burned HIVE is a mix from promotions and setting null as beneficiary on posts.

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The burning thing is only one side in the overall HIVE ecosystem, and there is much more reasons that can contribuite for the overall wellbeen on it.

Some thoughts on the burning tokens.

I have been monitoring the STEEM and HIVE buring for a while now. There have been a period where there is more than 100k tokens burnt per month, and periods where the numbers are very low.

What has been the effect on the price?
Well maybe there was some effect but very insignificant!
What pushes the price is buying pressure on the market. Burning tokens removes some of the supply but not as much. IMO a bigger effect will be achived with increasing the buying pressuer. How to do that? Onboarding new users and dapps is one option. Creating some revenue and then use it to buy back tokens direcly from the market is also an option. Ads on hive.blog/peakd?

All the best @dalz