STP Update: $250k PoB Burn is Complete

STP Network burned ~8.6% of its circulating token supply to date

To kick off the new year, we are excited to announce that both our Q3 POB burn and recent MTOs burn have been completed with a total of~24M STPT being burned. The details of each one along with the TxID’s are outlined below.

Including this PoB & MTO burn, the total amount of burned tokens is listed below and can also be seen onchain in the black hole wallet here:

TOTAL STPT BURNED: 56,979,717 (~8.6%)

PoB Burn : 40,554,814 STPT (6.10% of circulating supply)

40,554,814 STPT (6.10% of circulating supply) MTO Burn : 7,636,367 STPT (1.15% of circulating supply)

7,636,367 STPT (1.15% of circulating supply) Fast Unlock: 9,822,116 STPT (1.48% of circulating supply)

Between the Q3 POB and two MTO’s, a total of ~24M STPT were destroyed, meaning ~3.5% of circulating supply was permanently burned.

PoB Burn

STP Network recently conducted a Q3 “Proof of Business” token buy back & burn which resulted in $250,000 USD worth of STPT (21.9M STPT) being bought from the open market and burned by sending those STPT into the black hole wallet which can be viewed in real-time here. The buyback occurred at random periods starting December 18th with the burn occurring recently as evidenced by the TxID below;

https://etherscan.io/tx/0x07effa594bcd841cacd31634a8a00e229c9e03cc28f24f8de73bd812a6d48fc0

https://etherscan.io/tx/0xb0b0d028e66fe56851eff980b54fa82d99b7b80c63eb441da28e7033fbc75b55

https://etherscan.io/tx/0x249afd3943b190ba1750602ed6d9a6f330b0b175bf00256e5db2d2bd65c1133e

For a reminder of the PoB program including details of how a portion of Block72’s revenue is used to buy and stake STPT tokens each quarter can be found in this post.

“Block72 will attribute a significant amount of its quarterly revenue to purchasing STPT tokens in the open market.” — — Mike Chen, CEO

As a reminder, we recently announced that instead of staking these tokens for the duration of each Block72 client contracts, the tokens will instead be burned each quarter.

BAT & TAP MTO Burn

STP Network recently conducted two MTO’s that culminated in a total of 1,895,500 STPT being burned. You can find the details from the TxID link below:

https://etherscan.io/tx/0xdc4022f59d0b5ee284396b1515064acec1879452d11cefe910c8aa7ee5537686