Hive has been around since March 20, 2020. Let’s take a look how we are doing when it comes to burning HIVE.

The initial option that was built in for burning HIVE was the promote option. On the old chain there was a promote section tab, that was mainly not used by almost anyone. Now this tab is no longer on Hive.Blog so the initial idea for burning HIVE is not available now.

Peakd has developed their own model for promotion and burning HIVE and it seems that it is used a bit. Not on massive scale though, but yet a start.

Other options for burning HIVE are the cost for creating accounts and community (3HIVE). When creating proposals there is a tax in form of burning HIVE as well.
Finally, authors can set @null as beneficiary to their posts and burn Hive in that way.

We will be looking at:

• HIVE burned from transfers at null
• HIVE burned from @null as beneficiary
• HIVE burned from creating accounts
• HIVE burned by category
• Top accounts that burned HIVE

The period that we will be looking here is March 21, 2020 till November 9, 2021

Transfers to @null account

Here is a breakdown by date for HIVE transferred to null.

A total of 206k HIVE transferred to @null account in the period.

The largest burn from transfers to @null is from the @hbdpotato account with 191k HIVE burned. This was a left over from the previous project running for stabilizing the SBD. From the quick analysis on the other burns, who is transferring HIVE to null, most of these cases are Peakd promotions and proposals. There is a cost for making proposals. I’m not totally familiar with this but there is like 100 HIVE cost for proposal, and at other times 50 or even 25 HIVE. I guess it depends on the value of the proposal.

Setting @null as beneficiary

Another way for burning HIVE is setting @null as beneficiary. For the not so familiar what this means, it basically sent the rewards for that post to @null, burning them.

Here is the chart.

A total of 17k HIVE transferred to @null as beneficiary account.
This chart is pretty much random. Usually when some of the popular large stakeholders set @null as beneficiary, it creates some significant amounts sent to null from those rewards.

Note: For simplicity I have converted HBD and VEST rewards to HIVE, so the numbers of beneficiaries are approximate and not accurate.

HIVE Burned From Creating Accounts

Accounts can be created with resource credits, but they can also be created with paying a 3 HIVE fee. Here is the chart for the HIVE burned for creating accounts.

This is an interesting chart.
As we can see, starting from August the amount of HIVE burned for creating accounts has increased a lot on a daily level. Ona a few occasinos it has reached 60k per day, but overall it has been in the range of 10k to 50k HIVE daily.

This is mostly becouse of Splinterlands, that has an influx of new users and was creating accounts for them. A total of 2M HIVE was burned from account creation fees.

Total HIVE Burned Per Month

If we take a look at the monthly chart we have this.

As for the account creation fees, we can see a massive increase in the last few months. In September there was almost 800k HIVE burned. The spike in February 2021, with 200k burned is due to the @hbdpotato burn.

A total of 2.17M HIVE was burned in the period.

HIVE Burned By Category

Here is the share of what burend HIVE.

90% of the HIVE burned is from account creation fees thanks to Splinterlands. 9% is from transfers to @null, mostly because of the @hbdpotato transfer and only 1% is from @null as beneficiaries.

Top 15 Users That Burned HIVE In The period

Here is the table for top 15 users that burned HIVE in the period.

Splinterlands is absolutely dominant on the chart with 1.93M HIVE burned. Next is @hbdpotato with 191k. All the next accounts have small amounts of HIVE burned in the range of few hundreds to few thousands.

---

Creating accounts has always been the most costly operation on the blockchain. Users can create free accounts with enough HP staked and resource credits, but when the demand is to high the RC are not enough and accounts are created ith paying a fee. Splinterlands has experience this and they have been creating a lot of accounts and burning HIVE in the process. This has been the dominant way for burning HIVE in the last year.

All the best
@dalz

Posted Using LeoFinance ^Beta