The RFI black hole already holds over 471,000 RFI tokens and keeps expanding, decreasing the total amount of 10,000,000 RFI in circulation with every transaction.
What is the rate of token burn and where does the amount generated from? The 1% fees were distributed entirely to holders, wouldn't that mean there were no other token left to be sent to the blackhole (nice address, by the way)?
The rate of burn is now 1% of the transaction fees that are burned in a (472,000 / 10,000,000) ratio. Fot the first week that was about 3,300 RFI tokens a day that are burned, but that has decreased for obvious reasons; more people are holding their stake.
The future is hard to predict; the black hole grows, holding a bigger stake it will eat up a bigger chunk of the fees.
But when price goes up, you can expect more but smaller transactions, so the burn may actually slow down.
Holding RFI has 2 advantages for a holder: receiving fees + deflation
I think the return (and so, the burn rate) for the past 2 days has dropped a bit. Less trades / volume. Price still steady in ETH.
Still crazy high return in fees. What my bank paid in 1 year when interest was high, I now receive in one week.
Post
Topic
BoardTokens (Altcoins)
Re: [ANN] Reflect.Finance - RFI | Frictionless Yield Generation. Hold and Earn.
I bought 31.000 FRI yesterday and already earned a little over 120 FRI in fees worth ~$25. That's 0,4% "interest" in one day and people just now start to discover this, so this can only grow.
I'm purely curious and this is an honestly puzzled question: wasn't your theory a little bit backward?
They put a flat 1% fee on every transaction and divide them amongst holders proportionally in staking model. So, if someone keeps holding, let's say, 31,000 FRI and the numbers of holders grow as the project gain popularity and people start discovering, it can only shrink perpendicularly with the growth of of token holders, because the sum of stakes will grow too.
I agree, that sounded backward.
What I meant with "this can only grow" is; we are still in the first week of this project and price is still low.
Fees are all based on transactions. Listing new pairs against FRI and integrating it on other platforms can increase those transactions by a lot. It's all "in the works" so no need to hurry.
Post
Topic
BoardTokens (Altcoins)
Re: [ANN] Reflect.Finance - RFI | Frictionless Yield Generation. Hold and Earn.
by
MaGNeT
on 24/11/2020, 12:13:09 UTC
I bought 31.000 FRI yesterday @ ~$0,23 and already earned a little over 120 FRI in fees worth ~$25. That's 0,4% "interest" in one day and people just now start to discover this, so this can only grow.
This is quite ingenous:
-> a smart contract that divides the fees evenly over you stake after every trade, instantly appearing -> a burn address in the form of a "black hole" that accumulates fees too and takes FRI out of circulation forever, while growing to take even more fees -> it doesn't matter if people buy or sell their coins, if you hold FRI you receive fees anyway
And with the gaming platform coming that integrates FRI, more transactions means even more fees.
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