This is an update for burning STEEM for October 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.
STEEM at the moment don’t have a lot of ways for burning tokens. 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.
A total of 36594 STEEM transferred to @null account.
What is clear from the chart is that there is a clear spike in the STEEM transferred to null in the last months. In September 2019 there was more than 6k STEEM, and in October there is more than 10k STEEM transferred to null. The last few months basically represent the majority of the total STEEM transferred to null. Lest hope this trend keeps on growing.
The first transfer to the @null occurred in august 2016. Since then a total of 36k STEEM was sent to null. 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 October 2109.
Here is a breakdown by date for STEEM transferred to null in October 2019.
A total of 10053 STEEM transferred to @null account in October 2019.
There no consistency in daily STEEM burned and some days the amount is near zero. There are few days with more than 1k STEEM transferred to null.
SBD transfers to the null account.
Since our blockhain has a dual curencie system lets take a look how is SBD doing. Here is chart.
A total of 206144 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 150 SBD sent to null in October 2019. STEEM is now taking the lead.
Setting @null as beneficiary
A total of 10858 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 Spetember and Ocober. Nice trend as well.
The ammount of STEEM burned by setting null as beneficiary in October 2019 is almost equal as the amount of STEEM burned by transfers to the null account.
Here is a breakdown by date for STEEM beneficiaries to null in October 2019.
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 October 2019 is 20911!
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 October 2019
Here is the table for top 10 users that burned STEEM in October 2019
The @burnpost initiative is at the top but also some other Steemians are doing their share.
All the best