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Phase 2 SPARTA Burn Complete

General

Phase 2 SPARTA Burn Complete

Over 37% of the SPARTA token supply (47,480,300) has now been burned permanently! Read up on the Phase 2 burns, what they mean for us all and where we go from here

Phase 2 SPARTA Burn Complete

Watch out Elon Musk, #SpartanProtocol knows how to use a flamethrower too.

Today you will have noticed that the furnaces were set to 🧨extreme mode🧨 and an effort was made to incinerate the maximum possible SPARTA out of existence.

A sum of 47,480,300 SPARTA tokens were sent to the 0x0..DEAD address today, bringing us to a grand total of 57,480,300 SPARTA now permanently burned out of the supply.  That's over 37% of the current total supply.

It's been a long road, but the token distribution phase of the project is finally over! 🥳

Check the 0x0DEAD address in this holders list to confirm the burnt tokens:

https://bscscan.com/token/0x3910db0600ea925f63c36ddb1351ab6e2c6eb102#balances

  • This is the same address that Spartan Protocol used during its initial Proof of Burn distribution, where users could burn bridged BEP2 & other BEP20 assets in exchange for newly minted SPARTA (#BurnForSparta)

This means that the new theoretical max supply of SPARTA is 242,519,700 instead of 300,000,000.  Or, to put it another way, the new maximum total supply of SPARTA that can ever exist (outside of the 0x0...dead address).

FallenSpartans

So, what's the deal with the fallenSpartans & how is this related to the burn?

Well, the fallenSpartans contract was deployed back when the V2 token was released, to assist in partially offsetting the loss Spartans experienced from the May exploit. This increase in supply, while necessary, did result in the perceived inflation of the token.

A total of ~13,900,000 SPARTA was introduced at this time, which has now been fully offset based on the feeBurn as well as the current large-scale Token Burns, to a factor of more than 4x.

Ensuring the widest & fairest possible distribution of the tokens into the hands of the Binance Chain & BSC community members has been important, right from the start. This has been evident with all novel distribution programs like #BurnForSparta at the beginning & #Bond ever since.

FallenSpartans expire() transaction: https://bscscan.com/tx/0x84a62d458c925484eea6414ccb58936640b28ce634e4656aa9a34da0c167c147

Why Now

With the fallenSpartans fund due to expire more than a month ago and the actual expiry finally being actioned today, a review of the token distribution progress is in order:

  • We see the protocol now reaching maturity with the V2 features all released and any future bonus features only serving to continue to bolster that fundamental strength.
  • We see ever-increasing swap volumes despite a fairly young and low TVL.
  • We see sufficient token distribution.
  • We see a community stepping up keenly; ready to contribute to the future of Sparta.
  • We see a deep Reserve, with enough runway to continue distributing incentives where they are needed.
  • We see a DAO not ready to confidently support more Bond allocations at this time, and no critical 'need' to continue the distribution phase of the SPARTA token. It's already distributed.

It is also a way to ensure that all future $SPARTA in 2022 and beyond are earned by contributing to the Protocol, and just seems like a nice way to round out the year whilst there is a bit of a lull in the markets, in general, so that Spartan Protocol can enter 2022 year with APIs updated, refreshed, and raring to go 😎

What Next?

In short, the distribution phase is finally over, there is no more Bond, the only way to acquire Sparta will be:

  • Buying it on CEXs or DEXs (Good old fashioned buying)
  • Providing Liquidity in the pools (Dividends & Revenue)
  • Staking Curated LP tokens in the DaoVault (Harvest)
  • Forging Synths into the SynthVault (Harvest)
  • DAO grant proposal (from the Reserve as proposed & voted by the Community)

This means of course inflation and the total supply of SPARTA will be reduced, benefiting all SPARTA token holders now and in the future. All of this SPARTA going to the dead address means we have jumped ~15% further forward along the emissions curve which means the daily emissions rate will drop down by more than 20% overnight!

This alone means we have successfully reduced inflation instantly in a much more effective way than the feeBurn would ever have been able to achieve.

Onwards - Aroo! Aroo! Aroo!

Spartan contributors are continuing to work on multiple initiatives to both promote and enrich the protocol, by engaging with advertisers, aggregators, and other projects to spread the word.

Contributors are still building out new features and working to improve the existing DApps, tools & features whilst simultaneously expanding the ecosystem into new areas such as NFTs and gaming. The token distribution phase finally ending means the contributors and community can focus on these existing and new areas without any ambiguity about the future of the token supply. The new token supply is now deterministic and controlled solely by the emissions curve.

I look forward to bringing along more information as we progress into our next phase as a project, but for now, happy holidays and enjoy the new year Spartans! (Some contributors will continue to work through the holidays, keep an eye out for the continued weekly update articles)

Project Information

  • Website: https://spartanprotocol.org/
  • DApp: https://dapp.spartanprotocol.org/
  • GitBook (Docs): https://docs.spartanprotocol.org/
  • GitHub: https://github.com/spartan-protocol

Community Contribution

Spartan Protocol is at its core, a community-driven and led project. In this vein, the more contributors the better. There is a great opportunity for community members to contribute by making LP reward analysis tools, unique and different front-ends, and much more - reach out and let us know what you can do! If the community is strongly aligned with your proposals, grants may also be available.

Recently, community members have been graciously funnelling in to contribute to explainer articles, ideas and even $SPARTA donations to support the growth of the platform.‌

Engage with the community and contributors

Where to find out about all the latest updates or suggest improvements — get involved.