🔥THOR Burn
Progress & $THOR distribution can be tracked here on the $THOR Dashboard: https://thorcharts.org/thorswap_dashboard
Last updated
Progress & $THOR distribution can be tracked here on the $THOR Dashboard: https://thorcharts.org/thorswap_dashboard
Last updated
On April 23, 2023. THORSwap Improvement Proposal [TIP-001] Community Incentives Burn passed in majority favour (99.53%) to begin a token burn of non-circulating supply from Community Incentives Allocation, consisting of:
Initial burn of 30M $THOR from Community Incentives allocation (this more than offset all Staking Pool emissions up to that point (~27M).
For 3 months, at the conclusion of each month, burn 3 times the emitted tokens during that month IF THORSwap’s trading volume surpasses the monthly volume target of 8M $RUNE.
On Aug 3, 2023, this was further amended in [TIP-003] Continuation of Monthly Volume Target Based Burn where voting passed in favour to:
Continue burning 3 times the emitted tokens from the Community Incentives pool IF THORSwap’s trading volume surpasses the volume target for that month.
Implement a sliding monthly volume target starting in August 2023:
If the volume target is reached, the following month's target increases by 1M RUNE
If the volume target is NOT reached, next month's target decreases by 1M RUNE
Enable a burn multiplier on top of the monthly burn based on volume % above the target. Where each +1% volume is equal to an additional 1% bonus after 3x Emissions up to a hard cap of 300% multiplier.
On February 15, 2024, $THOR burn was again amended by community approval of [TIP-007] Amend Monthly $THOR BURN logic to:
Change monthly target denomination from $RUNE to US Dollar value
Change sliding volume target mechanism to:
If the volume target is reached, increase by 5% following month.
If the volume target is NOT reached, decrease by 5% following month.
Remove the 300% multiplier hard cap.
On August 18, 2024, $THOR burn was amended by community approval of [TIP-012] to Remove the base 3x Emissions from burn calculations (if monthly volume $ target is met)
This took effect for the first time for the August, 2024 Monthly burn.
[Burn #1] April-28-2023: Initial 30,000,000 $THOR Burned
[Burn #2] July-03-2023: 2,558,928 $THOR Burned (3X emissions for June)
[Burn #3] August-06-2023: 2,651,088 $THOR Burned (3X emissions for July)
[Burn #4] September-08-2023: 7,975,944 $THOR Burned (3X August emissions * 3x Multiplier)
[Burn #5] October-04-2023: 4,878,675 $THOR Burned (3X September emissions * 1.9x Multiplier)
[Burn #6] November-03-2023: 7,836,573 $THOR Burned (3X October emissions * 3x Multiplier)
[Burn #7] December-08-2023: 5,760,599 $THOR Burned (3X November emissions * 2.23x Multiplier)
[Burn #8] January-02-2024: 2,811,680 $THOR Burned (3X December emissions * 1.06x Multiplier)
[Burn #9] February-02-2024: 4,349,162 $THOR Burned (3X January emissions * 1.64x Multiplier)
[Burn #10] April-02-2024: 8,058,465 $THOR Burned (3X March emissions * 3.04x Multiplier)
[Burn #11] May-03-2024: 7,755,274 $THOR Burned (3X April emissions * 3.03x Multiplier)
[Burn #12] June-12-2024: 4,678,713 $THOR Burned (3X May emissions * 1.75x Multiplier)
[Burn #13] July-12-2024: 9,070,835 $THOR Burned (3X June emissions * 3.52x Multiplier)
[Burn #14] August-06-2024: 7,164,993 $THOR Burned (3X July emissions * 2.69x Multiplier)
[Burn #15] September-06-2024: 3,172,983 $THOR Burned (August emissions * 3.57x Multiplier)
Progress & $THOR distribution can be tracked here on the $THOR Dashboard.
