Datamine FLUX: One Year Anniversary 🥳 — Delayed Gratification Tokenized
It’s been exactly one year since Datamine FLUX was deployed to Ethereum mainnet. A lot has happened since then so let’s take a look at the year-end analytics — Powered By Datamine Network.
DeFi is a wonderful area of innovation and we’d like to show how we’re contributing to this space by solving inflation.
All of the USD price you see in the analytics are based on Uniswap V2 & V3 On-Chain USDc/ETH pair. This means the prices are accurate to represent the actual USD value at that point in time.
All of the data below is sourced from on-chain data meaning it’s proven and immutable, as all great DeFi projects should be.
Our Core Metrics dashboard is your “daily driver”, here we display some of the most important metrics in our deflationary cryptocurrency.
- > $2,100,000 FLUX was minted in the first year. Remember that FLUX supply started at 0 and it took us over 12,000 mints to get to this number.
- > $1,300,000 FLUX was destroyed within the first year. This resulted in NEGATIVE -5.32% inflation!
- > $1,250,000 DAM is locked-in the smart contract to mint FLUX accounting for 68.50% of LIFETIME supply. This creates high volatility for Datamine (DAM) price.
- Uniswap V3 FLUX/ETH pool now contains >$120,000 in liquidity. This liquidity pool currently contains 15% of FLUX supply.
- FLUX Market Cap reached an astounding $400,000. Keep in mind that we’ve destroyed $1,200,000 in value to reach this milestone.
- FLUX Price is still below “Value Creation” meaning 1 FLUX is valued less than it was priced at time of minting.
Datamine Network features rich, real-time analytics for both Datamine (DAM) and FLUX. Here we can dig deep into various address activity to understand how our ecosystem works under the hood.
Currently the largest address destroyed over $81,000 of FLUX. In our monetary system deflation is controlled BY THE PEOPLE. This means we can replace the central bank’s responsibility of managing inflation. On this page you can get an idea of how much various addresses burn.
Within Datamine Network you can narrow down to a “Timeline” view where you can see how our linear deflation works. There are over 5000 unique burns totaling over $1,300,000 in Destroyed FLUX. This is how we’ve been able to achieve negative inflation and what makes our monetary system so unique.
Burning FLUX is a completely optional deflationary mechanism. If you don’t burn FLUX you are punished with receiving up to 10x less APY than someone that burns FLUX for maximum burn multiplier.
Keep in mind that burning FLUX is a global 24/7 competition. When you burn FLUX, you’re decreasing worldwide multiplier but a small fraction meaning everyone else has to burn more FLUX to achieve a higher burn multiplier.
Our largest address minted over $125,000 with 1,000,000 DAM locked-in. However from the above screenshot you can see that someone with 91,000 Datamine (DAM) minted $70,000.
This is the power of burning, someone with >10x less DAM locked-in can mint the same amount as someone by simply burning more FLUX.
It took us one year to mint $2,100,000 of FLUX. This took over 12,000 mints across thousands of unique users. “There is always more FLUX but there is never more DAM”.
This consistent linear inflation of FLUX is how we solve “scarcity” problem of money. FLUX must flow!
After one year of minting FLUX there are currently 693 unique Datamine (DAM) lock-ins.
Addresses constantly lock and unlock DAM as the value of DAM changes. DAM price volatility is what drives lock-in numbers. As price of DAM goes up users are much more likely to unlock and sell their DAM tokens.
The FLUX that was burned to these addresses is then “permaburned” meaning it benefits everyone in the ecosystem. Hundreds of thousands of dollars in FLUX are currently “permaburned”.
Currently to get a 2x burn FLUX multiplier requires a user to burn 0.0634 DAM / FLUX. Meaning:
- User with 100 DAM must burn 6.34 FLUX
- User with 100,000 DAM must burn 6340 FLUX
This linear burn mechanism is how we ensure the “whales” in the ecosystem can never reach 10x burn multiplier. If they do, they must burn millions of dollars of FLUX which would account for a large percentage of the supply.
Keep in mind burning is an amazing deflationary mechanism. We want the whales to burn but the demand is so high amongst smaller lock-in users that there simply isn’t enough supply on the market for all the whales to reach 10x burn multiplier.
The year ended with 61.20% of all FLUX being burned. This means that there is MORE FLUX burned already than what remains on the market.
Ideally this number continues to trend downwards so less and less % of the supply is burned. This would indicate that FLUX is valued so highly that an average minter would rather sell FLUX than burn it.
At 61.20% that means on average users would much rather burn FLUX at these prices than sell.
FLUX Market Cap continues to grow even with the Ethereum price volatility. FLUX is “tied” to ETH volatility due to majority of liquidity being locked-in the Uniswap V3 FLUX/ETH Pool.
However since there is “always more FLUX” and the demand for FLUX is high due to burning the FLUX market cap will continue to creep up.
The FLUX Total supply grew to 575,000 by end of year 1. We’re expecting this number to double by next year which results in lower inflation!
If you subtract total burned FLUX from total minted FLUX the result is something we call “Value Creation”.
If $2,100,000 FLUX is minted and $1,300,000 was burned, where is “the rest of FLUX USD value”? Some of it is in exchanges, some in liquidity pools but ultimately the value is retained somewhere in the ecosystem.
The “magic” should occur when FLUX price reaches Value Created. This means FLUX price is on average the same as when it was minted. We’re expecting to reach this point in year 2!
Finally the “30 day average” chart gives you an idea of where things are trending.
FLUX “Burn Decay” should continue to trend downwards meaning that when a locked-in user burns FLUX they retain the burn multiplier for longer periods. This will make burning FLUX more and more lucrative as it converts into pure ROI increase for users.
Currently due to negative inflation in our ecosystem ~$2,700 FLUX is burned and minted on daily basis.
Finally we’d like to close with the last community imitative for Miami Bitcoin Conference. This decentralized marketing initiative embodies Datamine Network values and is a great end to a wonderful first year.
Be sure to follow Datamine Network as Year 1 was just a “warmup phase” for our deflationary monetary system. We’ve got a lot of big plans for Year 2 and you definitely don’t want to miss out on the updates. 🔥
Datamine Ecosystem Explainer Video:
Unstoppable Demand Meets Immovable Supply — Datamine Network
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