Burning STEEM! | November 2019

in steem •  8 months ago 

This is an update for burning STEEM for November 2019.
Burning STEEM has been on a lot of people mind lately. We can see that a lot of tribes are implementing this and for some it seems to be working. Burning tokens represents a sort of anti inflationary measure and can contribute a lot for the token price.

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STEEM don’t have a lot of ways for burning tokens at the moment. The one thing that is strictly made for that is the promotions feature in the promotion tab. Other than this, there is no official usage to burn STEEM.

Lately we are seeing more initiative to burn STEEM. Setting null as beneficiaries is one of the things that can be seen.

Here I will be looking into transfers to the @null account and beneficiaries reward for the null account as well. For those who don’t know the @null account is a special account that burns STEEM and SBD. When STEEM or SBD is sent to this account it is removed from the supply and doesn’t stay in the null account wallet, unlike the SE tokens.
You can check this here https://steemitwallet.com/@null/transfers.

Transfers to @null account

Below is the all time chart for the STEEM transferred to the @null account.

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A total of 47,352 STEEM transferred to @null account.
The chart above is from January 2018. Before this there is an insignificant amount of STEEM burnt and those months are not showed for better visibility.

What is clear from the chart is that there is a clear growth in the STEEM transferred to null in the last months. In September 2019 there was more than 6k STEEM, October 10k and November is a bit more than 10k as well. The last few months basically represent the majority of the total STEEM transferred to null. Lest hope this trend keeps on growing.

Having in mind the STEEM inflation around 60k to 80k daily, and the total supply more than 300 M, this is a small amount of STEEM burned. But we have achieved 10K STEEM transferred to null in November 2019.

Here is a breakdown by date for STEEM transferred to null in November 2019.

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A total of 10,759 STEEM transferred to @null account in November 2019.

Unlike October, November seems to have a better consistency in burning STEEM with almost daily regular burns.

SBD transfers to the null account.

Since our blockhain has a dual currency system lets take a look how is SBD doing. Here is chart.

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A total of 206,257 SBD transferred to @null account.
In total there is more SBD burnt than STEEM. If we take a look at the chart we can see that the SBD burn happened mostly when STEEM prices were high, and STEEM was more valuable then SBD, with price above 1$.
But these days sending SBD to null is almost non exictent with only 112 SBD sent to null in November 2019. STEEM is now taking the lead.

Setting @null as beneficiary

Lately there is initiative to set @null or the @steem.dao as a beneficiary. Let’s see how much STEEM was burned in this way.

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A total of 18,176 STEEM transferred to @null as beneficiary account.
If we take a look at the chart this is happening onlt in the months after the hardfork. Almost all the STEEM sent to null as beneficiarie is in the last three months.

The ammount of STEEM burned by setting null as beneficiary in November 2019 is 7,318.

Here is a breakdown by date for STEEM beneficiaries to null in November 2019.

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What is interesting is that burning steem from by setting null as beneficiary is happening daily and its more consistent than the transfers to null.

Total STEEM Burned in November 2019:

18,076 STEEM


Obviouly there is an upward trend for STEEM burnt in the last months and especialy after the Hardfork. This is a good thing. But this need to be more if we like to counter the inflation a bit. More users coming to the Steem blockchain will eat up that inflation, but for when there is not much of them, the inflation is starting to put pressuer on the price.

The burning thing is only one side in the overall Steem ecosystem, and there is much more reasons why are we here. But having much more STEEM burnt in the future cant hurt anyone 😊.

Top 10 Users that Burned STEEM in November 2019

Here is the table for top 10 users that burned STEEM in November 2019.

NoUserSTEEM
1@burnpost14,166
2@steemitblog412
3@randowhale334
4@justineh295
5@thecryptodrive219
6@theycallmedan175
7@whatsup164
8@steemsports124
9@roadofrich111
10@cjsdns92


The @burnpost initiative is at the top but also some other Steemians are doing their share.

All the best
@dalz








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Glad to see more SBD being burned we need to get rid of some more of it if we are doing to get the peg fixed. It will be interesting to see how this new move to burning STEEM and SBD will affect the platform over the next year

SBD was burnt a lot in the past.
These days not as much :)

STEEM is realy missing a lot with the promotion thing broken. The one thing steem is designed to be burned and it is not working atm. This need to be fixed.

Yeah, I agree, I see steempeak has a pretty cool solution for promotions and burning steem and I think if steemit adopted a similar approach it could really help the burn rate.

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Too much new steem to keep up with! @burnpost is an interesting idea. It's like a community vote to decrease inflation, but we may need more than that

Yea ... a lot of new steem around :)
STEEM is designed for mass adoption and the numbers of users now is small. To reach its potential we need a lot of new people coming in.