Burns

KONRA is deflationary via dynamic burns serving as the main method used currently to burn KONRA.

Dynamic burns mean that we, as a community, vote on the burn rate for KONRA every 14 days. Once a rate is agreed upon, the burns are done nightly; usually around midnight Eastern time. These burns are influenced a little by Volume and Marketcap – however they are governed by time. The burns are done at around the same time every day, and announced right before the burn in the telegram room.

Each burn consists of three distinct steps, each done manually for maximum safety.

  • A fixed percentage of Liquidity is taken out of one piece of the primary WETH – KONRA LP. Two other pieces of primary LP exist, one which is locked and one which is fattened actively to be used in future burns. The % taken out is governed by the EPOCH vote. It always consists of WETH and KONRA.

  • Immediately thereafter the WETH taken out is immediately returned to the KONRA liquidity via a Market buy of KONRA. This is done immediately to make sure that no WETH stays out of liquidity longer than a few seconds.

  • I record all of this for the after burn report, then add the KONRA that was taken out of the LP to the KONRA that was bought back with the WETH to get my burn amount for the night. This is often posted live in the telegram room, to build excitement and so everyone can monitor the burn address if they wish as I usually burn the KONRA within a minute or two after posting it.

  • Then comes the actual burn. I’ll take all KONRA and burn it by sending it to the Burn address. I call the burn bot up to get the new values of KONRA post burn, then use that information to wrap up the after action burn report. If I’m not too tired I either include a bit of news from the project or something motivational about our burn stats to the after action report, then post it in the telegram and pin it with notifying all members.

A couple of things:

  • I try to always get it in WETH, to make the buy back quickly without math.
  • I try to always do the burn at the same time, so everyone knows it’s coming.
  • If I have wallet errors, I quickly load the address into my secondary browser.
  • I’d love to automate this, but it’s not safe as I’ve seen it being exploited a few times in other projects.
  • I’d love to use a MultiSig for this, but it would leave WETH out of LP too long.
  • A couple of times a tiny bit of WETH was absorbed into side pools, I’ve not yet been able to fix this.
  • In a few months two parts of the LP will be locked up at the same time, to give maximum safety.
  • Sometimes the pin function doesn’t work right when I post the after burn report.
  • Some DEFI scanners / DEX scanners trip by our dynamic burn method.
  • I’ve tried to think of other ways to do this, but it’s *still* the most effective way to deflate KONRA.

See all of our burns over time on the blockchain:

https://basescan.org/token/0xC31170a7d95700D9fDd3337a3371Ea741Dbb937B?a=0x000000000000000000000000000000000000dead

Eventually have a DUNE dashboard for it.