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Some interesting stuff about #INC #Incentive Token(Edited)🧵/
Base INC Emission in the farm is 1 INC per second, Yet we have 20x and 10x multipliers on the pools in terms of INC emissions at the moment. What does that mean for supply? Is it going to be far higher than expected?
Base INC Emission in the farm is 1 INC per second, Yet we have 20x and 10x multipliers on the pools in terms of INC emissions at the moment. What does that mean for supply? Is it going to be far higher than expected?
Interestingly enough, there have been 2,678,400 seconds since the first PLSX/WPLS farm was opened at launch(Roughly). Yes there have been many more farms opened since then, but to find out what the average emission rate is we need to use this figure.
Lets divide the total supply at the moment for INC of 2,712,739.466 by 2,678,400 sec. We get 1.01339006 INC per second. Very interesting considering we have a 8 farms at 20x multipliers and one at 10x. This should leave us at an average of 18.8 inc per second currently.
This leaves us with the next question of when INC is considered "In Supply"?
According to the code:
the supply of INC is counted and updated when users deposit or withdraw LP tokens to a pool. Here's a breakdown of the process:
According to the code:
the supply of INC is counted and updated when users deposit or withdraw LP tokens to a pool. Here's a breakdown of the process:
The pool's accIncPerShare (accumulated INC per share) and lastRewardTime are updated.
The pending reward for a user is calculated using the formula: pending reward = (user.amount * pool.accIncPerShare) - user.rewardDebt.
The user receives the pending reward sent to their address.
The pending reward for a user is calculated using the formula: pending reward = (user.amount * pool.accIncPerShare) - user.rewardDebt.
The user receives the pending reward sent to their address.
The user's amount (LP tokens) and rewardDebt are updated.
Therefore, the supply of INC is counted and reflected in the system when users interact with the pools by depositing, withdrawing, or harvesting their LP tokens.
Therefore, the supply of INC is counted and reflected in the system when users interact with the pools by depositing, withdrawing, or harvesting their LP tokens.
To Summarize, INC is only counted as "Supply" once it has been harvested by Harvesting or Adding/ Withdrawing LP tokens to a farm. Far more INC is coming to supply to bring the average INC/sec since launch up. Though we don't know exactly how much is just sitting in the farms.
I don't think it is possible to determine how much the supply will be in a year, but 18 INC per second over the course of a month is 46,656,000 INC alone. Whether it comes into supply now or later, it still exists in some form if we see a month of the current farms.
At this pace, there seems to need to be some form of utility outside of simply earning to give it sustainable value after farming, long term - given the hyper inflation we are seeing currently. This is where two features within the smart contract come in to play.
First, we have the ERC20Burnable Contract:
An abstract contract that extends the ERC20 token contract.
Allows token holders to burn their own tokens and tokens they have an allowance for.
Provides the burn and burnFrom functions for burning tokens.
An abstract contract that extends the ERC20 token contract.
Allows token holders to burn their own tokens and tokens they have an allowance for.
Provides the burn and burnFrom functions for burning tokens.
This is future potential game theory waiting to happen IMO, and if implemented into a protocol could reduce supply in a disinflationary manner - Meaning total inflation coming to supply would inflate less with a burn mechanic using INC.
As just an opinion, there would have to be a pretty significant burn rate or reason to burn in order for the "burn" feature to create meaningful impact on supply, therefore this could be impactful or not. We will have to see how/if it is used.
Voting functionality:
The voting functionality within the INC contract enables users to delegate their voting power, both on-chain and through signatures. The contract also tracks vote balances at different block numbers, allowing for accurate calculation of voting power
The voting functionality within the INC contract enables users to delegate their voting power, both on-chain and through signatures. The contract also tracks vote balances at different block numbers, allowing for accurate calculation of voting power
Simply having governance/voting power does not necessarily equate to bullish sentiment. Look at the UNI token as a first example. Voting IMO would only be bullish if the decisions were HIGHLY impactful to both holders and ecosystem participants.
It's interesting that both #PLSX & #INC both have delegated Voting power written into the contract, so I am very curious to see how Both of them get used in this way.
There is far more to think about when it comes to the INC token, however this is a base understanding of the technical happenings and possibilities that lie under the surface.
Does this make you More or Less Bullish on #INC token?
Let me know below and thanks for reading!
@RichardHeartWin #PulseChain #Hex #Hedron #Icosa #Incentive
Let me know below and thanks for reading!
@RichardHeartWin #PulseChain #Hex #Hedron #Icosa #Incentive
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