Burned tokens, rewards, and inflation summary April 15, 2023: 153K SP, 102K STEEM, and 1,146 SBD burned in 47K burnsteem25 posts

in #blockchain-metrics • 2 years ago (edited)

Steemit launched the #burnsteem25 initiative on May 22, 2022 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 & 2: Burn amounts in beneficiary rewards and transfers to @null. (Weekly & All time)

According to data from steemdb, weekly totals were about 3,715 SP in burned beneficiary rewards and 0.04 SBD burned on promotion with 977 burnsteem25 posts (~3.8 SP burned per post). After nearly six months with no new entries in the top-4 days, April 14 showed up in the #1 slot with 831 SP burned (or 829, depending on which data source we use).

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 $0.2185. The burn ratio shows at 1.64%, which is up from 1.60% last week, but includes missing data from March 7 through March 14. This estimate also 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 was basically unchanged this week (top-right and bottom-left charts). Also, the current blockchain inflation rate is now running around 6.73%, which is down from 6.74% last week and down from 6.89% when I started tracking it on November 26, 2022. The value has ranged from 6.73% 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.

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

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 to present (The burnsteem25 era)

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All time

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It looks like maybe @ripon360 @ripon0630 is poised to move into the #6 slot in the next week or two?

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
$39.58
  • Past Payouts $39.58
  • - Author $14.34
  • - Curators $25.24
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     2 years ago 

    I had hope this week for the resumption of printing SBD. Price STEEM it reached more than $0.26 for a couple of days. But such a price should probably last a week at least for the resumption of printing. Unfortunately, the price has fallen again and the print will probably not be soon. Thanks for the helpful report.

    $0.09
    • Past Payouts $0.09
    • - Author $0.04
    • - Curators $0.04
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     2 years ago 

    You've got a free upvote from witness fuli.
    Peace & Love!

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       2 years ago 

      Thanks for the analysis. the amount of burn steem this week is not bad. I wish more and more.

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         2 years ago 

        Happy day and happy start to the week

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