HUNT DApp Network has been running a unique token model called HUNT Token Burning System since May 2020. As more of the DApps on HUNT Network gain a revenue stream, it is designed to increase the value of HUNT token by 1) promoting the HUNT token usage with a zero-fee structure, and/or 2) burning more HUNT tokens from non-HUNT-related revenue.
HUNT DApps in the burning system
Currently, we have three DApps that contribute to the burning system.
1. Nomadtask
Nomadtask is an on-demand marketing task marketplace. 10% of the revenue fee from the non-HUNT payment methods used on the Nomadtask platform are converted to HUNT tokens and burnt on a quarterly basis.
2. Neverlose.money
Neverlose.money is a gamified HODL protocol on Ethereum that pays a bonus to the winners with the losers’ penalty. People can lock-up their crypto asset for a set target period (3 months to 10 years). They can withdraw their funds at any time regardless of the lock-up period, but a 10% penalty and 3% treasury fund will be deducted if they withdraw the fund WITHIN the set lock-up period. This penalty will be shared among other users (as a bonus) who are maintaining their active HODL assets. The 3% treasury fund will be converted to HUNT token and added to the quarterly HUNT burning system.
3. Mint Club
Mint Club is a smart token building platform that has no need to code and provides instant liquidity. Anyone can launch a smart token with just a few simple clicks. There are trading fees for swapping Smart Tokens on Mint Club (1.3% of sell amount and 0.3% of buy amount). The trading fees accumulating in the default beneficiary wallet (the trading fees taken for people who didn’t use a referral code) will all go to the quarterly HUNT burning.
HUNT tokens burnt for this quarter
We burned the tokens for the 1st quarter of 2022 which is from January 1 - March 31, 2022. The total amount we burned is 26,264 HUNT (worth $30,728.88 as of April 1, 2022, 00:00 KST). You can see the burning records here - https://etherscan.io/tx/0x09608c5448a609757f4d1469527190f5b270296441113b2a319ebf25e1e97c3a.
Allocations from each DApp:
Nomadtask (the 10% non-HUNT fees): 3,578 HUNT
Neverlose.money (the 3% treasury fund): 20,190 HUNT
Mint Club (1.3% of sell amount and 0.3% of buy amount accumulating on the default beneficiary wallet): 2,496 HUNT
Here is the token burning history so far:
1Q-2020 (Feb 1 - Mar 31): $2,672 (1,311,205 HUNT)
2Q-2020 (Apr 1 - Jun 30): $5,126 (1,868,664 HUNT)
3Q-2020 (Jul 1 - Sep 30): $6,123 (112,357 HUNT)
4Q-2020 (Oct 1 - Dec 31): $6,478 (96,994 HUNT)
1Q-2021 (Jan 1 - Mar 31): $15,170.78 (31,989HUNT)
2Q-2021 (Apr 1 - Jun 30): $30,620.59 (82,759 HUNT)
3Q-2021 (Jul 1 - Sep 30): $26,975.57 (37,267 HUNT)
4Q-2021 (Oct 1 - Dec 31): $55,087.89 (62,729.9 HUNT)
1Q-2022 (Jan 1 - Mar 31): $30,728.88 (26,264 HUNT)
You can find the burning records via https://token.hunt.town/