Extending the 100% QUICK Burn From the 'Trial of Fire'

In September 2024, a governance vote was put forth where the community voted “Yes” to buy back and burn QUICK tokens using 100% of protocol revenue for a 3 month trial. This was called the ‘Trial of Fire’ and started October 1, 2024, replacing staking in the Dragon’s Lair with a burn instead.

The rationale behind this initiative was to switch things up and explore a new mechanism to explore the utility and tokenomics for QUICK, also aiming to improve community sentiment around the token.

This trial period is over (but the current burn will be extended until this vote has completed), meaning the introduction of this new proposal for the dragon community to decide to extend this trial or reinstate QUICK staking.

As of January 1, 2025, here’s an overall breakdown of where the numbers lie in regards to the burn, which started on October 1, 2024 (a 93 day period):

Total Supply: 1,000,000,000 QUICK Circulating Supply: 746,020,000 QUICK Burned Tokens to Date: 9,744,590 QUICK Burned Tokens Since October 1: 8,146,591 QUICK Burned Tokens on October 1: 1,598,000 QUICK

Below are stats related to the impact on the supply of QUICK tokens:

Total Supply: 0.97% of the total supply burned to date Circulating Supply: 1.31% of the circulating supply burned to date Annual Burn Impact on Total Supply: With an annual burn of 31.96 million tokens, the total supply would decrease by 3.20% per year Annual Burn Impact on Circulating Supply: At 746.02 million tokens in circulation, the annual burn would reduce the circulating supply by 4.29% per year

So what does this mean as a whole for the QUICK token?

The daily burn rate since October 1 was ~87,598 QUICK/day, which has drastically increased since the previous analysis when it was ~74,471 QUICK/day. Of course, the greater the amount of tokens burned, the greater the impact on both the circulating and total supply.

Read more in the blog: https://blog.quickswap.exchange/posts/governance-proposal-extending-the-100-quick-burn-from-the-trial-of-fire