In the vast and dynamic realm of Web3, BH Network emerges as a European-compliant hub, steering the launch of the next generation of decentralized applications and services.
At its core, a suite of offerings, including BHero.com Web3 Launchpad, topIQs.com freelancer marketplace, smart contract audits, and cutting-edge marketing solutions, collaboratively propels freelancers and blockchain entrepreneurs toward unprecedented success.
The Genesis of BH Network $BHAT Burn
In the ever-evolving landscape of cryptocurrencies, one concept reigns supreme – scarcity.
The scarcity of a digital asset acts as a catalyst for increased demand, elevating its perceived value and imparting a sense of rarity that magnetizes investors.
BH Network proposes this scarcity through a controlled reduction of the token supply – the $BHAT burn.
BHAT Burn Proposal – This proposal has been passed.✅
Based on over 5,100+ voting points (97.86%) in BHero DAO, the community has decided to initiate the burn.
Current Supply: 500M
Max Supply by the end of Q1 2024: ~200M
— BH Network 🎩 (@BlackHatNetwork) November 10, 2023
Read More: The Great $BHAT Burn
Embracing Scarcity: A Wise Economic Move
Scarcity, an economic principle deeply rooted in the physical world, holds equal significance in the digital domain.
Limited availability consistently heightens the perceived value of assets, from precious metals to vintage collectibles.
In the cryptocurrency realm, mimicking these principles becomes imperative for long-term success.
The Power of Reduced Token Supply
Shrinking the token supply to 100 million tokens bestows each unit with a heightened sense of rarity and value.
As tokens become scarcer, investors and users alike are inclined to perceive them as more significant assets, fostering a collective belief in their enduring value.
Improved Value Reservoir
Drawing parallels with digital gold, cryptocurrencies serve as a store of value that can safeguard against inflation and economic turbulence.
By limiting the token supply, a cryptocurrency can better embody this role, echoing the scarcity inherent in precious metals like gold.
Diminished Inflationary Strain
Tokens facing high inflation rates often grapple with sustaining long-term value.
The reduction of the token supply acts as a shield against inflationary pressure, maintaining relative stability and ensuring the cryptocurrency’s enduring value.
Appealing to Institutional Investors
Institutional investors, with an eye for predictability and stability, find reduced token supplies appealing.
This attractiveness can potentially lead to increased adoption and substantial investments, marking a pivotal step towards mainstream acceptance.
Investors, both seasoned and speculative, are drawn to assets with a touch of rarity.
A reduced token supply not only enhances the appeal of a cryptocurrency but also beckons traders and speculators, potentially amplifying trading volumes and liquidity.
The Great BHAT Burn 🔥
As per the community's decision, the BHAT burn procedure is now underway.
Today, over 10 million BHAT have been burned, with an approximate value of $140,000.
— BH Network 🎩 (@BlackHatNetwork) November 14, 2023
The BHAT Burning Process Unveiled
In a bold move, all unvested token buffers, including those allocated for the team, will undergo the BHAT burning process.
An exception is carved out for the private sale tokens buffer (bonded to SAFTs contracts) and the public sale tokens, which have already vested at the Token Generation Event (TGE).
The Transparency of BHAT Burn Operations
In the spirit of transparency and community engagement, BH Network provides a comprehensive view of all burn and buy-back transactions.
Every detail, from the history of transactions and supply per operation to dates, sources of tokens (Multisig SCs or those bought back from the market), and the corresponding value in USDC, is meticulously documented in the public document available at bh.network/burn.
MultiversX Protocol Upgrades and Token Property Visibility
With the advent of MultiversX protocol upgrades, specifically from epoch 432, the public can burn property is no longer enabled.
It’s important to note that this property was initially activated solely for visibility as a token property in the explorer.
The decision to disable it aligns with the network’s commitment to refining and optimizing its protocols for a seamless and secure user experience.
BHAT Burn Proposal Success: A Community-Driven Triumph
The BHAT Burn Proposal, a pivotal move in the evolution of BH Network’s tokenomics, has successfully passed with an overwhelming endorsement from the community.
The results speak volumes, with over 5,100+ voting points contributing to a resounding 97.86% approval in the BHero DAO.
- Current Supply: 500 million tokens
- Max Supply by the end of Q1 2024: Approximately 200 million tokens
Tokenomics and BHAT Burn Statistics
This repository not only serves as a record of the burn and buy-back operations but also provides insights into the community’s active involvement in shaping the future of BHAT.
In the dynamic landscape of cryptocurrency, this resounding community-driven decision echoes the decentralized ethos that BH Network champions.
The successful passing of the BHAT Burn Proposal signifies not just a reduction in token supply but a collective commitment to sculpting the future of BHAT in alignment with the community’s vision.
As the cryptocurrency saga unfolds, BH Network continues to set the stage for a new era, blending transparency, community participation, and strategic tokenomics to create a resilient and thriving ecosystem.
For real-time updates and in-depth statistics, explore the Tokenomics and BHAT Burn Stats at bh.network/burn.
- Supply Reduction Timeline: By the end of Q1 2024, the supply will be reduced to 200 million tokens. By the end of Q2 2024, the goal is to further reduce it to 100 million tokens.
- Inflation Mitigation: The overall inflation in both the Staking and Metabonding programs will be reduced per the new Tokenomics plan. If the voting passes, the Metabonding program will see a reduction to 1M BHAT tokens for the second year (November 15th, 2023 – June 15th, 2024).
- Token Burning Mechanism: The new supply target of 100 million will be achieved through the burning of unvested tokens and strategic market buybacks, followed by their subsequent burning.
- xExchange Metastaking APR Adjustment: The new xExchange Metastaking Annual Percentage Rate (APR) for BHAT staking will see a reduction of 5%.
Navigating the Future: BHAT’s Evolutionary Trajectory
As the cryptocurrency space continues its dynamic evolution, BHAT’s journey exemplifies the delicate balance between scarcity and utility.
Effectively harnessing scarcity as an asset is crucial for BHAT’s long-term success in this ever-expanding digital frontier.
Details at a Glance
- Current Max Supply: 500 million tokens
- End of Q1 2024 Max Supply: Approximately 200 million tokens
- End of Q2 2024 Max Supply: Targeting around 100 million tokens
In conclusion, the BH Network’s strategic move towards scarcity through the $BHAT burn sets the stage for a captivating chapter in the cryptocurrency saga.
As BHAT transforms into a scarce and sought-after digital asset, it reaffirms the network’s commitment to pioneering innovation in the Web3 landscape.
Stay tuned for the unfolding narrative as BHAT charts its course through the intricacies of tokenomics and emerges as a beacon in the vast sea of digital currencies.