The first burn performed on Erasure Bay was against a Numerai contractor who was late to a few meetings:

Burning is required for the marketplace to function correctly. It allows for the community to form norms about quality and appropriate behavior without reliance on a centralized authority.

When a burn is performed, the DAI from the reward pool is automatically swapped for NMR on Uniswap. The NMR is then provably destroyed by removing it from the total supply forever.

🤑 1 Million Dollars Staked

Erasure has passed the $1M staked milestone this month. This is driven by strong user performance on the Numerai Tournament, the launch of Erasure Bay, and market performance of the $NMR token. Amount staked is a great way to measure the amount of user activity on the protocol.

🙋 Erasure Bay Community AMA

Last week, we hosted the first Erasure Bay office hours. Post your questions here for the next AMA. You can join the AMA live this Tuesday morning at 10.30am PT. Zoom link will be shared in the Erasure Community Chat morning-of.

Here are some highlights from last week’s AMA by Anthony where we answered questions like “Why did Numerai build Erasure Bay?”, “What are the plans for governance of Erasure protocol?”, and “What went into the decision to use DAI for payments and staking”.

We received some great user feedback during the last two weeks. Here are some feature requests we are excited about:

Support for other tokens like NMR and USDC in reward pool and stake

A more intuitive way to select request parameters like punishment ratio

Ability to make an exclusive request that can only be fulfilled by a specific person

Ability to reveal the submitted file publically to allow anyone to verify it

Ability to negotiate request parameters or fulfilment content

As we said in our last post, this product is now in the hands of the community — your feature requests and feedback have a direct impact on the roadmap for Erasure Bay. If you have great ideas, share them in the Erasure Community Chat or on Twitter by tagging @ErasureBay.

If there is a feature you really want, you can even request it on erasurebay.org.

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