The last 24 hours was essentially deflationary for
@NEARProtocol at today’s prices.
Further, 4 of the last 6 weekdays when institutions were open (6/4, 6/5, 6/8, and today) have been effectively deflationary. 6/4 exceeded the deflationary threshold, 6/5 exceeded the deflationary threshold by over DOUBLE, and 6/8 and today effectively reached the threshold.
This means that
$NEAR short sellers pushing NEAR’s price down face deflationary headwinds in addition to long contracts on days when Intents volumes exceed deflation.
Today’s calculation:
33M NEAR inflation annually @ $2.05 current price = $67,650,000 annual buybacks needed to become deflationary at this time
$67,650,000 / 365 days = $185,342 daily buybacks needed to become deflationary at this time
$90,049,310
@near_intents volume from today x .002 average intents fee = $180,098 in intents fees estimated today to buyback
$near (.002 is informed estimate, exact fees will vary slightly depending on front end volume)
At $180,098, fee buybacks today are a rounding error away from canceling out inflation ($185,342) and another deflationary day.
Further,
@AlexAuroraDev just mentioned that confidential intents aren’t even included in explorer stats, which would make today exceed the deflationary threshold by a good margin if private volumes are also included (will research this more to confirm).
All in the depths of crypto winter.
@ilblackdragon @near_ai @svrn_ai @sal_ternullo @alex_scharrer @Bitwise @Bitwise_Europe @HHorsley @Matt_Hougan @BradleyDuke_ @Jamie1Coutts @RealVision @Grayscale @Bankless @TrustlessState @kishanshah