Burned tokens, rewards, and inflation summary December 10, 2022 - Total burn estimates: 189K STEEM/SP and 64 SBD

Steemit launched the #burnsteem25 initiative on May 22, 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)

Weekly totals were about 5,810 STEEM/SP in burned beneficiary rewards and 0.12 SBD burned on promotion with 861 burnsteem25 posts (~6.7 STEEM + SP burned per post). This is down by 702 from last week's 6,512. There were no new entries in the all time top-4 list.

Weekly

Steem blockchain beneficiary rewards, week ending December 10, 2022

All time

Steem blockchain burned beneficiary rewards through December 10, 2022

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. This is where the headline number comes from.

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 from the last eleven weeks is that SBD printing has remained paused due to continuing sluggishness impacting the price of STEEM (and crypto markets at large). 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. With 98K burned and 5.04M in overall social rewards during the last 90 days, this represents an average burn rate of just under 2%.

Steem blockchain 90 burned beneficiary rewards and post promotion statistics, December 10, 2022

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 increased for the third consecutive week after six weeks of declines (top-right and bottom-left charts).

Steem blockchain inflation and supply information through December 10, 2022

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

Three weeks ago, I started downloading the actual curation reward transactions from the blockchain, so I can see how well the numbers match up with steemdb. After 29 days of downloading, it's caught up to October 9.

Steem blockchain: burned beneficiary visualization through October 9, 2022

Thanks for reading!


For previous updates, see:


image.png

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.

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Thank you for the excellent report. There is not much time left until the new year, I think we will have time to reach 200K! Lately, I don't like the swing in the price of steem. In the last two days I have seen a sharp decline in prices. I thought it would go up after the 990 Satoshi mark.

200K is definitely possible, but things have been slowing down for the last few weeks, so we'll have to see what happens.

I was also surprised by the negative movement during the last couple days. I was hoping things had turned the corner after FTX, but now I'm not so sure.

The US Attorney's Office is considering the possibility of charging Binance and executives with possible money laundering and violation of sanctions – RTRS sources.

And today I was surprised by such news. Is this really going to be given a go, now it's clear why the cryptocurrency has gone into negative territory since yesterday. I hope everything works out. Thanks for the report.

Yeah, that really shook up the market. Not sure what to expect.

I think everything will be fine!

Hi, @steemit.contest,

Thank you for your contribution to the Steem ecosystem.

Your post was picked for curation by @strawberrry.


Please consider voting for our witness, setting us as a proxy,
or delegate to @ecosynthesizer to earn 100% of the curation rewards!
3000SP | 4000SP | 5000SP | 10000SP | 100000SP

Thanks for the information, more and more burns are being made on Steem day by day and that's nice.

Is there a difference between burning Steem or SBD? In general, you burn SBD if I'm not mistaken.

In order to promote a post, SBD must be burned. The way to do it is to send SBD to @null with a comment of @author/@permlink. Doing that makes the post appear in the /promoted page.

When rewards are burned for #burnsteem25 by setting a beneficiary to @null, a mix of STEEM, SBD, and VESTS (Steem power) will get burned. Right now, since the blockchain is not printing new SBDs for author rewards, it's just STEEM and SP, but if/when the price of STEEM gets high enough to start printing SBDs again, those will be burned, too.

Yes, it's formed in my head now. Thank you Steve. :)

Thanks for the detailed analysis. Interest in cryptocurrencies decreased and this affected the entire industry. If the interest was high, I think there would have been more steem burning.

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