Q3-2021 Non-HUNT Revenue Burning

steemhunt (76)in #hunt • 3 years ago (edited)

HUNT Network has been running a unique token model called HUNT Token Burning System since May 2020. As more of the DApps on HUNT Network gain a revenue stream, it is designed to increase the value of HUNT token by 1) promoting the HUNT token usage with a zero-fee structure, and/or 2) burning more HUNT tokens from non-HUNT-related revenue.

HUNT DApps in the burning system

Currently, we have three DApps that contribute to the burning system.

1. Nomadtask

Nomadtask is an on-demand marketing task marketplace. 10% of the revenue fee from the non-HUNT payment methods used on the Nomadtask platform are converted to HUNT tokens and burnt on a quarterly basis.

2. Neverlose.money

Neverlose.money is a gamified HODL protocol on Ethereum that pays a bonus to the winners with the losers’ penalty. People can lock-up their crypto asset for a set target period (3 months to 10 years). They can withdraw their funds at any time regardless of the lock-up period, but a 10% penalty and 3% treasury fund will be deducted if they withdraw the fund WITHIN the set lock-up period. This penalty will be shared among other users (as a bonus) who are maintaining their active HODL assets. The 3% treasury fund will be converted to HUNT token and added to the quarterly HUNT burning system.

3. Mint Club

Mint Club is a smart token building platform that has no need to code and provides instant liquidity. Anyone can launch a smart token with just a few simple clicks. There are trading fees for swapping Smart Tokens on Mint Club (1.3% of sell amount and 0.3% of buy amount). The trading fees accumulating in the default beneficiary wallet (the trading fees taken for people who didn’t use a referral code) will all go to the quarterly HUNT burning.

HUNT tokens burnt for this quarter

We burned the tokens for the third quarter of 2021 which is from July 1 - September 30, 2021. The total amount we burned is 37,267 HUNT (worth $26,975.57 as of October 1, 2021, 00:00 KST). You can see the burning records here - https://etherscan.io/tx/0xfa77762598a7306a9e2fd180ddc6a040ab0f68209ffc6fceda0da30d2192947a.

Allocations from each DApp:

Nomadtask (the 10% non-HUNT fees): 7,664.70 HUNT
Neverlose.money (the 3% treasury fund): 25,344.33 HUNT
Mint Club (1.3% of sell amount and 0.3% of buy amount accumulating on the default beneficiary wallet): 4,258.54 HUNT

Here is the token burning history so far: