The Effect of UPME Price Feeder

[theguruasia]

Hello Hives,
You may encounter the query, "What is the UPME Price Feeder?" The UPME Price Feeder is a mechanism that we have implemented to mitigate the token minting rate of UPME by incrementing the token price artificially by 7% on a weekly basis. (The goal is to make the token minting rate less harmful or less severe by artificially increasing the token price by 7% each week.)

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The minting of UPME tokens is exclusively facilitated through the delegation of Hive Power (HP). The daily minting rate of UPME tokens is 15% APR, with an additional 10% of daily APR worth of UPME tokens being granted as a holding reward.
The mint rate of UPME tokens is contingent upon the market price of UPME and the value of the curation project vote power of @hiveupme. Thus, the mint rate of the UPME token is primarily determined by the vote value and the market price of the token.

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The introduction of the UPME Price Feeder has enabled a weekly price increase mechanism of 7%, aimed at reducing the token mint rate in instances where the actual market price does not surpass the token price feed. This, in turn, has generated high demand for the token as the project boasts a robust token burning mechanism.

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Price Cap of The Feeder?

The maximum price cap of the feeder has been established at 1 Hive per UPME token. This will result in a further reduction in the token mint rate as it continues to receive market demand through our existing and future token burning mechanisms. The current circulating supply of the token is approximately 200K, with a gradual decrease in supply.
As a result of the aforementioned price feeder mechanism, the daily token burning rate is higher than the daily token mint rate. These details can be verified through the following links:
UPME token minting details
UPME token burning details

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