This is an update for burning STEEM for January 2020.
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.
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. The burn post is constantly on trending.
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.
Monthly STEEM Burned
Below is the all time chart for the monthly STEEM burned.
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. The data is represented for both transfers and @null as beneficiary.
A total of 25,878 STEEM burned in January 2020.
What is clear from the chart is that there is a clear growth in the STEEM burned since the HF21/22. The last months basically represent the majority of the total STEEM burned. January 2020 is the record month for STEEM burned with over 25k STEEM.
Here is the data represented in a cumulative chart
A total of 110,983 STEEM burned.
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 25K STEEM burned in January 2020.
Here is a breakdown by date for STEEM burned in January 2020.
There are few days with more than 2k STEEM burned per day.
SBD transfers to the null account.
Since our blockchain has a dual currency system lets take a look how is SBD doing. Here is chart.
A total of 206,518 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 bunring SBD is almost non exictent with only 158 SBD sent to null in January 2020. STEEM is now taking the lead.
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 January 2020
Here is the table for top 10 users that burned STEEM in January 2020.
The @burnpost initiative is at the top but also some other Steemians are doing their share.
All the best
15% of the rewards from this post will be burned [@null set as beneficiary]
Posted via Steemleo