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Deflationary Token Economy
In January 2022, we announced the Deflationary Token Economy of NUM. More details can be found in the following article:
Due to the increasing adoption and transaction volume on the Numbers Mainnet, After an extensive community discussion, we are introducing a new transaction-based burn formula at the 2nd Quarterly burn of 2023.
This update aims to establish a sustainable burn rate by basing it on the number of transactions conducted. The proposed formula strikes a balance between simplicity and the potential for future growth and scalability. The newly adjusted burn mechanism formula is as:
The constant R represents the value of each newly registered asset and is a function of the quarterly adoption rate, market cap, and also NUM price
- Burn & Buy-Back Report: Q1 2022 The Numbers team completed the 1st round of its Burn & Buy-Back plan on March 28, 2022 . A total of 2,542,129 NUM was removed from circulation.
- Burn & Buy-Back Report: Q2 2022 Numbers team completed the 2nd quarterly Burn & Buy-Back plan on June 27, 2022. A total of 956,895 NUM was removed from circulation.
- Burn & Buy-Back Report: Q3 2022 Numbers team completed the 3rd quarterly Burn & Buy-Back plan on September 27, 2022. A total of 1,804,784 NUM was removed from circulation.
- Burn & Buy-Back Report: Q4 2022 Numbers team completed the 4th quarterly Burn & Buy-Back plan on December 27, 2022. A total of 1,380,148 NUM has been removed from circulation.
- Burn & Buy-Back Report: Q1 2023 Numbers team completed the 5th quarterly Burn & Buy-Back plan on March 27, 2023. A total of 1,216,906 NUM has been removed from circulation. The community has decided to change the NUM burning mechanism to transaction-based NUM burning in 3rd DAO meeting. A new formula for the adjusted burn mechanism has been proposed, another community review will be conducted to collect feedback, and the new formula will be implemented in the next quarter's NUM burn cycle to allow for more flexibility in the token burn rate due to the higher number of transactions anticipated.
- Burn & Buy-Back Report: Q2 2023 Starting with new burning formula: N_burn = min(max(N_transactions, 6M), 25.5M) Numbers team completed the 6th quarterly Burn & Buy-Back plan on June 27, 2023. A total of 6,000,153 NUM has been removed from circulation.
- Burn & Buy-Back Report: Q3 2023 Numbers team completed the 7th quarterly Burn & Buy-Back plan on Oct. 1, 2023. A total of 6,000,000 NUM has been removed from circulation.
Last modified 1mo ago