HUNT Network has been running a unique token model called HUNT Token Burning System since May 2020. As more of the DApps on HUNT Network gain a revenue stream, it is designed to increase the value of HUNT token by 1) promoting the HUNT token usage with a zero-fee structure, and/or 2) burning more HUNT tokens from non-HUNT-related revenue.
HUNT DApps in the burning system
Currently, we have two DApps that contribute to the burning system.
Nomadtask is an on-demand marketing task marketplace. 10% of the revenue fee from the non-HUNT payment methods used on the Nomadtask platform are converted to HUNT tokens and burnt on a quarterly basis.
Neverlose.money is a gamified HODL protocol on Ethereum that pays a bonus to the winners with the losers’ penalty. People can lock-up their crypto asset for a set target period (3 months to 10 years). They can withdraw their funds at any time regardless of the lock-up period, but a 10% penalty and 3% treasury fund will be deducted if they withdraw the fund WITHIN the set lock-up period. This penalty will be shared among other users (as a bonus) who are maintaining their active HODL assets. The 3% treasury fund will be converted to HUNT token and added to the quarterly HUNT burning system.
HUNT tokens burnt for this quarter
Today we burned the tokens for the first quarter of 2021 which is from January 1 - March 31, 2021. The total amount we burned is 31,989 HUNT (worth $15,170.78 as of April 1, 2021, 00:00 KST). You can see the burning records here - https://etherscan.io/tx/0x6cc575bd491097b8339c9b9cced75c0061f1a04ea1d1df3b03f8123dc05ae709.
Allocations from each DApp:
- Nomadtask (the 10% non-HUNT fees): 21,942.169 HUNT
- Neverlose.money (the 3% treasury fund): 10,046.924 HUNT
Here is the token burning history so far:
- 1Q-2020 (Feb 1 - Mar 31): $2,672 (1,311,205 HUNT)
- 2Q-2020 (Apr 1 - Jun 30): $5,126 (1,868,664 HUNT)
- 3Q-2020 (Jul 1 - Sep 30): $6,123 (112,357 HUNT)
- 4Q-2020 (Oct 1 - Dec 31): $6,478 (96,994 HUNT)
- 1Q-2021 (Jan 1 - Mar 31): $15,170.78 (31,989HUNT)
You can find the burning records via https://token.hunt.town/