1M BNT has been burned
1 million BNT has been burned, after being bought and collected in the #Bancor v3 vault.
Per the recent governance proposal, the one time BNT burn has been performed and around 0.5% of the circulating supply was destroyed.
See the burn transaction here and more details in the approved proposal.
You could also check out the original proposal to evaluate the effect of directly burning BNT here.
Simulator Tutorial Session 7–9
Session 7–9 of the Bancor Simulator Tutorials have been completed in the past week. If you have missed them, check out the recordings on the Bancor Youtube channel where a playlist has been created for the tutorials.
Nine live tutorials will be scheduled at 12PM EST Monday, Wednesday, Friday from the week of 12 September for 4 weeks, around the “Fundamentals of Bancor V3 Simulations” with Mark Richardson and Mike Casale, allowing everyone to learn how to use the simulator and create their own simulations.
As we draw near to the end of September, over 14k vBNT have been burnt on average each day this month. Cumulatively, this has amounted to over 411k vBNT burnt so far for September and is rapidly approaching 3m vBNT burnt for all of 2022! Additionally, the Bancor 3 protocol has bought over 1m BNT so far and roughly 1m of this amount was recently burned (see below).
To help rebalance token reserves on the protocol, the Bancor DAO previously increased the rate at which fees are used to buy BNT and burn vBNT. 90% of fees on Bancor v3 are being used to buy $BNT (as of July 20th), while 100% of fees on Bancor v2.1 are being used to buy BNT and burn vBNT.
The chart below shows the amount of vBNT burnt per month from network fees collected in Bancor v2.1. Network fees collected in the destination token as part of a swap are used to buy BNT, swap BNT for vBNT, and burn vBNT. The figure below does not include the Bancor v3 vortex which is currently only collecting network fees and buying BNT (happens atomically as part of a trade on v3).
The cumulative amount of vBNT burnt year to date from network fees collected in Bancor v2.1:
The chart below shows the BNT that has been bought from network fees collected in Bancor v3. Since the Bancor v3 vortex is not yet implemented, this BNT has yet to be utilized for swapping to vBNT and then burning the acquired vBNT. This BNT accumulates on the Bancor Network contract and can be read from the contract as the pendingNetworkFeeAmount. As at the 29th of September, as part of the one-time BNT burn, just over 1M BNT were burnt from this address (transaction here). The graph below shows the total amount accumulated including the burn.
Protocol Analytics — Simulator Demo
Following the demonstration on August 18th, a follow up explainer is now available to provide more information on using the simulator.
If you want to learn how to participate, run your own simulations, and become a productive contributor to protocol-level decision making, you are encouraged to join the Bancor Discord and post your questions in the simulator channel.
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