04-05-2021, 12:57 PM
Moons on fire: All about burning and the supply cap
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/mkbah8/moons_on_fire_all_about_burning_and_the_supply_cap/"> <img src="https://b.thumbs.redditmedia.com/b9dc6btxQUu49Z3M95HxjygqVz2I02WuHIVgVVjL0wc.jpg" alt="Moons on fire: All about burning and the supply cap" title="Moons on fire: All about burning and the supply cap" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Recently there has been some confusion regarding moon burns, specifically regarding whether admins are burning moons when users purchase the special membership with cash. I wanted to make a post to help explain why moons are burned and what it means for the community in the future.</p> <h1>Why are moons burned?</h1> <p>Moons are hardcapped to 250,000,000 and the cap is expected to be reached by 2035. The admins have provided us with this graph of distribution:</p> <p>​</p> <p><a href="https://preview.redd.it/o184czk05ar61.jpg?width=828&format=pjpg&auto=webp&s=d0d75f05dfb0b266421543887638a29005bec5c7">Moon Distribution Graph</a></p> <p>When the cap is reached distribution would normally end, but the admins have devised a way for distribution to continue beyond new issuance by burning moons. Burned moons are sent to the burn address (0x0000000000000000000000000000000000000000) and are temporarily removed from circulation.</p> <p>Each round half of the total burned moons supply is reintroduced for distribution. Moons are divisible out to 18 decimal places so with this process in place there will always be some amount of moons available to earn through participation.</p> <h1>When are moons burned and who burns them?</h1> <p>Moons are burned when you buy the premium membership or <a href="https://np.reddit.com/r/CryptoCurrency/comments/ixvnfq/new_moons_feature_convert_to_coins/?utm_source=share&utm_medium=ios_app&utm_name=iossmf">redeem moons for Reddit coins.</a> When you buy the membership or coins with moons you send them directly to the burn address, and when you buy the membership with cash the admins burn moons on your behalf. You can track the address admins burn from <a href="https://rinkeby.etherscan.io/token/0xdf82c9014f127243ce1305dfe54151647d74b27a?a=0x2a427a44c8e0ccfdca09e284c53b3906fbf23c01">here.</a> Bricks are also burned from this same address, although only in amounts of 500 as the membership costs 500 bricks.</p> <p>It is possible for new methods to burn moons to appear in the future due to potential new uses cases or proposals. For example:</p> <ul> <li>purchasing <a href="/r/CryptoCurrency">r/CryptoCurrency</a> merchandise</li> <li>purchasing a banner advertisement like in <a href="/r/ethtrader">r/ethtrader</a></li> <li>spent/used in a marketplace</li> </ul> <p><em>Note that none of these are currently implemented and may not be in the future</em></p> <p>​</p> <h1>How many moons have been burned?</h1> <p>​</p> <p>The admins have burned ~1.3 million moons so far, and the address they use to burn currently holds ~4.9 million moons.</p> <p>​</p> <p>I don’t have exact numbers for how many moons users have burned, but just from looking at one month and extrapolating out I would <strong>guess</strong> ~200,000-400,000 moons have been burned by users thus far.</p> <p>​</p> <p>This estimate would put the total number of burned moons around 1.5 million.</p> <p>​</p> <h1>So why the confusion?</h1> <p>​</p> <p>There was roughly an 80 day period where admins were not burning moons due to a technical issue. This led to a buildup of moons that were burned all at once (see below) and the issue has since been fixed.</p> <p>​</p> <p>​</p> <p><strong>Thanks for reading, now check out</strong> <a href="https://rinkeby.etherscan.io/tx/0xb615d0808d22df1e2dd1118beb6b08658a86f58e0ab02c55acf54ab34ae8961e"><strong>this 1,000,000 moon burn.</strong></a></p> <p>​</p> <p>______________________________________________</p> <p>​</p> <p>If you haven’t set up your vault you can do so <a href="https://np.reddit.com/vault/">here.</a></p> <p>​</p> <p><a href="https://youtu.be/XAOhzNk606Q">This video</a> will walk you through the process of setting it up.</p> <p>​</p> <p>&</p> <p>​</p> <p><a href="https://youtu.be/NE9phQLljIY">This video</a> will give you more information about what moons are and how to earn them.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/nanooverbtc"> /u/nanooverbtc </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mkbah8/moons_on_fire_all_about_burning_and_the_supply_cap/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mkbah8/moons_on_fire_all_about_burning_and_the_supply_cap/">[comments]</a></span> </td></tr></table>Kind Regards R
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/mkbah8/moons_on_fire_all_about_burning_and_the_supply_cap/"> <img src="https://b.thumbs.redditmedia.com/b9dc6btxQUu49Z3M95HxjygqVz2I02WuHIVgVVjL0wc.jpg" alt="Moons on fire: All about burning and the supply cap" title="Moons on fire: All about burning and the supply cap" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>Recently there has been some confusion regarding moon burns, specifically regarding whether admins are burning moons when users purchase the special membership with cash. I wanted to make a post to help explain why moons are burned and what it means for the community in the future.</p> <h1>Why are moons burned?</h1> <p>Moons are hardcapped to 250,000,000 and the cap is expected to be reached by 2035. The admins have provided us with this graph of distribution:</p> <p>​</p> <p><a href="https://preview.redd.it/o184czk05ar61.jpg?width=828&format=pjpg&auto=webp&s=d0d75f05dfb0b266421543887638a29005bec5c7">Moon Distribution Graph</a></p> <p>When the cap is reached distribution would normally end, but the admins have devised a way for distribution to continue beyond new issuance by burning moons. Burned moons are sent to the burn address (0x0000000000000000000000000000000000000000) and are temporarily removed from circulation.</p> <p>Each round half of the total burned moons supply is reintroduced for distribution. Moons are divisible out to 18 decimal places so with this process in place there will always be some amount of moons available to earn through participation.</p> <h1>When are moons burned and who burns them?</h1> <p>Moons are burned when you buy the premium membership or <a href="https://np.reddit.com/r/CryptoCurrency/comments/ixvnfq/new_moons_feature_convert_to_coins/?utm_source=share&utm_medium=ios_app&utm_name=iossmf">redeem moons for Reddit coins.</a> When you buy the membership or coins with moons you send them directly to the burn address, and when you buy the membership with cash the admins burn moons on your behalf. You can track the address admins burn from <a href="https://rinkeby.etherscan.io/token/0xdf82c9014f127243ce1305dfe54151647d74b27a?a=0x2a427a44c8e0ccfdca09e284c53b3906fbf23c01">here.</a> Bricks are also burned from this same address, although only in amounts of 500 as the membership costs 500 bricks.</p> <p>It is possible for new methods to burn moons to appear in the future due to potential new uses cases or proposals. For example:</p> <ul> <li>purchasing <a href="/r/CryptoCurrency">r/CryptoCurrency</a> merchandise</li> <li>purchasing a banner advertisement like in <a href="/r/ethtrader">r/ethtrader</a></li> <li>spent/used in a marketplace</li> </ul> <p><em>Note that none of these are currently implemented and may not be in the future</em></p> <p>​</p> <h1>How many moons have been burned?</h1> <p>​</p> <p>The admins have burned ~1.3 million moons so far, and the address they use to burn currently holds ~4.9 million moons.</p> <p>​</p> <p>I don’t have exact numbers for how many moons users have burned, but just from looking at one month and extrapolating out I would <strong>guess</strong> ~200,000-400,000 moons have been burned by users thus far.</p> <p>​</p> <p>This estimate would put the total number of burned moons around 1.5 million.</p> <p>​</p> <h1>So why the confusion?</h1> <p>​</p> <p>There was roughly an 80 day period where admins were not burning moons due to a technical issue. This led to a buildup of moons that were burned all at once (see below) and the issue has since been fixed.</p> <p>​</p> <p>​</p> <p><strong>Thanks for reading, now check out</strong> <a href="https://rinkeby.etherscan.io/tx/0xb615d0808d22df1e2dd1118beb6b08658a86f58e0ab02c55acf54ab34ae8961e"><strong>this 1,000,000 moon burn.</strong></a></p> <p>​</p> <p>______________________________________________</p> <p>​</p> <p>If you haven’t set up your vault you can do so <a href="https://np.reddit.com/vault/">here.</a></p> <p>​</p> <p><a href="https://youtu.be/XAOhzNk606Q">This video</a> will walk you through the process of setting it up.</p> <p>​</p> <p>&</p> <p>​</p> <p><a href="https://youtu.be/NE9phQLljIY">This video</a> will give you more information about what moons are and how to earn them.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/nanooverbtc"> /u/nanooverbtc </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mkbah8/moons_on_fire_all_about_burning_and_the_supply_cap/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mkbah8/moons_on_fire_all_about_burning_and_the_supply_cap/">[comments]</a></span> </td></tr></table>Kind Regards R