Kommunitas February 2024 Monthly Report
As we move further into the year 2024, here’s our monthly report for February 2024. In this edition, we’ll spotlight the key accomplishments outlined in our latest report, with an emphasis on initiatives such as Social Engagement Burning, DxLock immolation, and the status of KOM liquidity on different exchanges.
What is Token Burn?
Token burning refers to the act of reducing the total supply of a cryptocurrency by removing coins. This process typically entails sending the coins or tokens to a wallet without identifiable private keys, rendering the assets effectively inaccessible, as the designated wallet can only receive assets.
While burning tokens can help maintain a cryptocurrency’s value by decreasing supply, it often involves community participation. Sometimes, prominent holders or those with significant online followings may encourage a group effort to burn tokens. If community members agree to burn a small share of their tokens, it can significantly affect the currency’s circulation and potentially its value.
Kommunitas’ 29th Token Burn
We’ve burned a grand total of 505,159,016 KOM for the 29th Token Burn, or Approximately 1,212,382 USDT at the time. This includes both our Social Engagement Burning and DxLock Burning. Let’s delve into our Social Engagement Burn as well as DxLock Burn.
Social Engagement Burn
During our 29th Social Engagement Burn this month, we burned a total of 1,665,800 tokens. That’s equivalent to Approximately $3,998 worth of KOM tokens burnt. You may find the burn transaction here. The main idea behind Kommunitas implementing a social engagement burning mechanism monthly is to create a novel approach for managing the supply and potentially increasing the value of their token (KOM) through scarcity and deflationary tactics. This method is distinct from traditional reward systems in the crypto industry, which often lead to an increase in circulating supply and potential downward pressure on the token value. This strategy represents an innovative approach in tokenomics, tying token value directly to user engagement and community participation. It’s a method to align the interests of the token holders with the platform’s growth and visibility.By linking social media interactions to the burning mechanism, Kommunitas potentially incentivizes more active and meaningful participation from its community, fostering a stronger and more engaged user base.
Overall, Kommunitas’ monthly social engagement burning mechanism is designed to create a more stable or appreciating token value by reducing supply in a unique way that also promotes community involvement. This approach reflects an adaptive and experimental strategy in the dynamic field of cryptocurrency tokenomics.
1. X (Twitter)
Twitter no longer discloses the total number of profile visits, so we’ve opted to omit that from our calculations. Over the course of this month, we amassed a noteworthy total of 440,000 tweet impressions. Utilizing a multiplier of 1 KOM for each impression, this culminated in the burning of an additional 440,000 KOM!
Moreover, during the month of February 2024, Kommunitas earned an average of 15,200 impressions per day.
2. Medium
Having gained 29 new followers on our Medium page and implementing a burn rate of 200 KOM for each new subscriber, this translates to a total of 5,800 KOM being burnt. Altogether, Kommunitas acquired followers valued at 27,007 in February 2024.
3. Discord
We’ve made a strategic decision to redirect our attention towards monitoring new users on our Discord platform instead of Telegram. In February, we warmly welcomed an extra 500 members to our KOMmunity. By applying a burn rate of 50 KOM for each new member, this translates to a total of 25,000 KOM burnt for the newcomers! You’re welcome to join our Discord and contribute to further KOM burning initiatives!
4. AMA (Ask Me Anything)
A grand total of 13 AMAs took place on our primary Telegram channel! Considering that we burn 20,000 KOM for each AMA conducted, this results in another 260,000 KOM being removed from circulation! To engage and take part in our AMAs, simply become a member of our primary Telegram group and join the Twitter Space on X. Exciting prizes are often up for grabs for selected participants!
5. Private/Public sales on our launchpad
In February 2024, our launchpad organized 5 public sales, leading to the burning of an additional 500,000 KOM tokens.
6. New Unique participants in our launchpad
In light of the introduction of our new unique participants section, we’ve pledged to burn 1000 KOM for every fresh and distinct participant in our launchpad every month. For February 2024, we observed a total of 395 new unique participants in our Launchpad, allowing us to burn a total of 395,000 KOM!
That’s the end of our social engagement burn section, you may find the specifics and criteria of our KOM Social Engagement Burn here: Social Engagement Burning SEB, Monthly — Google Sheets
Coming up next is the exciting part of our monthly report! Following Kommunitas’ decision to reduce our max token supply of the KOM token from 40B tokens to 2B tokens, we have started burning the tokens that are vested from our DxLock contract, in order to reduce our max supply.
DxLock Token Burn
We’re proud to announce that we’ve burned 503,493,216 KOM tokens in February 2024! That’s Approximately $1,208,384 worth of tokens, at the current price of KOM! You can find the burn transaction here.
We’ll be reporting our DxLock Token Burn at the end of every month, so stay tuned! You can also read more about our max supply reduction here.
KOM Liquidity Pool
Following that, we’ll delve into the segment that addresses the liquidity pool of $KOM across various decentralized exchanges.
KOM’s Liquidity across all DEXs
As highlighted earlier, the total KOM liquidity on all decentralized exchanges is presently valued at $467,649. This figure shows an increase of $60,564 which represents a rise compared from the previous month’s that valued at $407,085. If this catches your interest, there’s an opportunity for you to contribute to this liquidity. You can earn returns by participating in the farming of KOM LP pairs on any of the mentioned DEXs.
In conclusion, February 2024 has been a dynamic month for Kommunitas, marked by significant achievements and impactful token burns. The commitment to reducing the max token supply demonstrates our dedication to long-term sustainability and value. We’ve seen active community engagement, successful burns through various channels, and a flourishing liquidity pool across decentralized exchanges. This period has seen robust community involvement, effective burns through various means, and a thriving liquidity pool on decentralized exchanges. We eagerly anticipate more growth and innovation in the upcoming months. Stay tuned for more updates and exciting developments from Kommunitas!
About Kommunitas
Kommunitas is a decentralized crowdfunding ecosystem for web3.0 projects. Some might refer to it as a “launchpad” or “IDO Platform” but Kommunitas is aiming to build not only a platform, but more of an ecosystem.
Kommunitas not only provides fundraising for any type web3.0 projects from various blockchains (Ethereum, BSC, Polygon, Solana, Avax, Fantom, etc), but also other forms of support, such as Marketing, Community Management, KOL, VC Connections, SEO and even project development needs such as vesting portal and staking platform.
Since its inception, Kommunitas has introduced and pioneered many interesting concepts in the web3.0 industry. Some of them are Initial KOMmunity Offering / IKO (tierless, no barrier and decentralized IDO) and Social Engagement Burning (a way of rewarding the community by reducing the circulation supply of the token based on engagement metrics across social media)
Not only investors will get capital gains from their investment of public sale tokens, but they are also presented with the opportunity to earn passive Revenue Sharing in Stable Coins as well as in KOM tokens by holding and staking KOM tokens. (Read more about Revenue Sharing here: https://docs.kommunitas.net/staking/quarterly-revenue-sharing)
