1st STRDST Burn | Insights from WolfmanKnows
For the past quarter, ohhNFT has completed its first-ever quarterly token burn. A total of 285,205.83 STRDST, or the equivalent of $13,147.95 USD, 15% of the total supply, was removed from circulation using Stargaze’s token factory burn mechanism. This first burn comes from all transactions within the fully on-chain trading card game Owlies.
Here are the facts and figures from our 1st burn:
- Total STRDST burned: 285,205.83 STRDST
- Approximate value in USD: ~$13,147.95 USD
- Transaction ID (TXID) for STRDST burn: View transaction
- STRDST burned from Owlies trading game: 285,205.83 STRDST
What You Need to Know About STRDST Burn
Since the launch of STRDST in 2023, we’ve committed to securing our tokenomics through various on-chain gamified mechanics, such as the Owlies trading game, using a process called burning. The number of tokens removed is automatically calculated according to the amount added each quarter to the official burn wallet. This burn mechanism was made possible via Stargaze’s Token Factory.
The first STRDST burn reflects the tokens’ usage and revenue generated in the Owlies Trading Game. On top of that, the ohhNFT platform will soon begin to burn a portion of ohhNFT transaction fees generated through the usage of the platform.
A real-time site with STRDST burning information will be made available soon.
WolfmanKnows Insights and Reflections for the 1st Burn.
At ohhNFT our primary emphasis remains on nurturing ecosystem growth, with an emphasis on community first. Our tokenomics are designed to put the holders at the center stage. From our revolutionary POP (proof-of-participation) system which puts the power of token creation in the hands of holders. To our POL (proof-of-liquidity) combining holders, market makers, gamers, and creators into one thriving stakeholder in the Stardust token ecosystem. We have implemented Protocol Owned Liquidity from the launch of the STRDST token, by doing a fair community-centered launch utilizing StreamSwap , mined STRDST (from the ohhNFT DAO) was used for the StreamSwap & seeding of the original USDC/STRDST pool on Osmosis. We have decentralized our token governance by putting the power in the hands of the community via the ohhNFT Community DAO on DAODAO.
Looking ahead into 2024 we will see an even more robust ecosystem rise through the expansion of both the ohhNFT platform & Owlies Trading Game. This will lead to even further hyperdeflationary mechanisms going live. One such mechanism works to lower the token inflation rate via our POP system which requires a 4-step process to bring new STRDST into circulation. All powered by holders. Bringing healthy inflation and deeper liquidity to lp pools.
We will also see the launch of the Ignite Pass subscriptions opening up a whole new suite of tools for hubs and members alike. Starting with the ability to host on-chain raffles, loot boxes, coin flips, and more all utilizing STRDST. Some of which, part or all STRDST income will be burned. With over 50 hubs live on ohhNFT these new tools will lead to heavier usage of STRDST.
2024 will also bring the full launch of the Owlies trading game which will take STRDST token burning to new heights. Starting with upgradable wearables, and moving into the launch of new individual booster packs being made available for purchase in STRDST. Opening these packs and upgrading the Owlies will lead to further usage and burning of the token.
Overall the future is looking very bright for STRDST with a robust and expanding ecosystem being built to fuel its use cases. Additionally, we will endeavor to solidify our position in the industry, driving increased adoption and promoting responsible practices. Our vision is well-defined, our goals are firmly established, and ohhNFT is fully prepared for the journey ahead.
