Do you hear this Sky Mavis talking about #SLP ?
Be ready 🚀🚀🚀 . You must read this.
Stability Fund SLP Update : 11 April 2024
At the beginning of the year, we shared our plans to target 2% deflation for $SLP . These plans included an SLP supply cap of 44B and a Buyback & Stability fund.
In this update, you’ll find a description of the Stability Fund’s next steps, and our thinking behind them.
SLP March Stats
In March, SLP saw slight inflation because Origins was in its offseason for most of the month. This had a significant impact on SLP emissions. Here’s what that looked like:
Total SLP On-Chain on March 1: 41,327,114,772
Total SLP On-Chain on March 30: 41,387,406,281
Increase in Supply: 60,291,509
March inflation: ~0.146%
Annualized inflation: ~1.71%
Stability Fund $USDC Balance: 55,000
Stability Fund SLP Balance: 9,773,028
Net SLP Burnt: 59,194,118
Our Next Steps
In response to SLP’s slight inflation, the SLP Buyback & Stability Fund will take the following actions:
• Buy 5,000 #USDC worth of SLP at current prices
• Mint 0 new SLP back to the Stability Fund
• Burn 10M SLP from the Stability Fund Reserves
Together, these actions will modulate SLP's circulating supply.
