Over 900,000 NAS Destroyed Reducing Total Supply
On April 10, just over 900,000 NAS was destroyed that was generated during the Nebulas NOVA period’s revenue increase. This destruction is the result of a community vote for proposal NIP162 to reduce annual inflation.
In addition, on October 29th, 2019, the community voted to destroy 35 million NAS reserved for the community fund. This action significantly reduced the total initial NAS issuance from 100 million to 65 million NAS. In order to maintain a reasonable level of inflation, the Nebulas Foundation and the community unanimously approved a resolution to restore the annual inflation from about 4 million NAS during the Nova phase back to about 3 million NAS when Voyager was released (Proposal No. NIP162: DPoS revenue adjustment proposal, voting results announced).
After Nebulas Voyager’s release on March 30th, 2020, the PoD revenue has been restored to approximately 3 million NAS per year. The excess issuance from the mainnet block height of 2,307,000 to 4,201,999 was locked by the Foundation on November 12th, 2019 and has now been destroyed on April 10th, 2020. The amounts and records are disclosed as follows:
Based on the initial launch of the Nebulas mainnet in March of 2018 and when the latest mainnet update occurred on March 30th, 2020, the excess issuance calculation is as follows: 0.47565* (4201999–2306999) = 901,356.75 NAS
Calculation breakdown
“0.47565” is the additional issuance per block during the Nova phase.
“4201999–2306999” are the block heights when the annual issuance was increased (1,895,000).
“901,356.75 NAS” is the amount of additional NAS generated during the Nova phase (1,895,000*0.47565).
- NAS lock address prior to destruction: n1Rc66BjDF4LSoQ2uC9rbiMDnKMEV8ryG7k,
- Transaction to the lock address: https://explorer.nebulas.io/#/tx/c759c97b06d7dbf2bb7877cd23410a56e16eb01a03e36de559e82ea18389df48
- NAS lock address prior to destruction: n1bMN7dssdVCv7XtnF6tmwB59pxxrwvpNwP
- Transaction to the lock address: https://explorer.nebulas.io/#/tx/cca79634f2c5cbb8dd6057788b2d8b385b0f9b22f4eb27a05eddb19b80e3485a
- NAS burn address: https://explorer.nebulas.io/#/address/n1gczhpkT54RaT4PB55CNoYbqmEQcfo4hqq
Up to now, the Nebulas mainnet has destroyed a total of 35,901,357.73 NAS. As of now, the PoD inflation adjustment has been implemented with the release of Nebulas Voyager.
Nebulas Foundation
April 11, 2020
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