Ok, when you look at this title, you don't have exactly the feeling that mountains have been moved. When being familiar with the project, you realize however that for the past months we burnt on average 0.2 to 0.3 CTPSB per week.
During the last weeks, we implemented a new burning mechansime (check the earlier posts to learn more about it) and it's nice to see that we have managed to double the number of burnt tokens this week!
Why burning matters?
Since the value of each CTPSB is defined by the Hive Power on the @ctpsb account divided by the number of tokens in circulation, burning matters greatly. Together with the curation rewards, the post rewards, it adds value to the CTPSB token. Bringing the APR much higher than what curation makes normally possible on Hive.
Since the project mainly grows thanks to the hive power generating income, reducing the token numbers has a long term effect. With a steady growth of hive power and a continuously decreasing number of tokens, the growth of the token value should continue quite strongly in the future.
The numbers of this week
Keeping in account that this week comprehended 8 days, we still made a very nice progress. The APR for the token calculated on the average of the last two weeks, increased from 15 to 16.1%. Also the token value increased by 0.011 Hive in 8 days!
Learn more about the CTP Swarm Booster:
Hey Achim, how's life?
Not sure what I've missed in the past months, but is just sitting on the CTPSB I currently have still a good move? Or should I be doing the extra NFT stuff?
The main thing is still that the value of the token should keep increasing, like it's some kind of fund, right?
Hi man, the concept hasn't changed in this respect. The token is backed by the hive power on the @ctpsb account. Since the account grows constantly, so does the value of CTPSB. I would suggest simply hodling it :-)
Great! This is exactly what I will do then. (For now)
Thanks for the answer. :)
Thanks for the update. As small as the amount may be it still has an impact over a period of time. Keep burning :-)
You are totally right. It's a lot of small steps that together will have a big impact.
Thanks for the update and the amount of tokens burnt are going up slowly over time.
That's the idea :-)