In Splinterlands play to earn game on the Hive blockchain, The Great Burning event is live and is running for about a month. As a means to celebrate the 5 year anniversary of Splinterlands, the team is giving away a giant heap of prizes in the form of Land Tracts, Land Plots, Legendary/Epic/Rare Titles and a lot of other rewards to players who burn DEC or DEC-B. On top of that it seems that those who burn DEC will also get Guild Power to level the guild buildings. This is a monster event and I think that adapting the phrase "Burn DEC to the ground and build it all again" fits like a glove to it. A huge effort to try to peg DEC in the ratio of 1,000 DEC:$1 and bring more health to the tokenomics from this awesome game.
DEC repegging
Repegging DEC to the USD in the ratio of 1,000 DEC:$1, should benefit the entire Splinterlands ecosystem and have a ripple effect also on Splintershards SPS in case the DEC price is push even above the peg price and determine SPS2DEC burning. This is the ultimate goal and I think if this succeeds will bring a new wave of players within the game and energize the entire community to get involved more in the game, play it and also invest in a thriving economy. Without that, a specific kind of players and investors are staying on the sidelines for now. But with such important moves as "The Great Burning", it surely gets us closer to healthier tokenomics.
DEC - The Great Burning
As we speak and base on "The Great Burning" leaderboard, we can see that there were burned 310,286,027.809 DEC and 151,640,917.034 DEC-Batteries. Considering that DEC-Batteries are DEC tokens with a 20% discount, we can translate that to 181,969,100.440 DEC and that should put us in total to 492,255,128.249 DEC burned. This is quite impressive and it shows that everyone wants a piece of the cake and some players want the cherry itself. If we would exchange the burned DEC to the pegged value which should be reached at some point, it means $492,255 in value burned. And the event has a long way to go and while the initial momentum might slow down, for sure there will be some moves and more burning in order for some to get up on the ladder.
DEC Supply
This event push the overall burning of DEC to new highs and we can see that evolution in the above picture per days. It is amazing that in 30 days the Splinterlands team succeeded to incentivize the community to burn 7.39% of the DEC supply and in 60 days to burn 21.32% of the DEC supply. Tremendous effort, great strategy and great execution from both the Splinterlands team and the community of the players that can recognize a good offer when it is thrown at them. In the end this is a win-win situation, where both sides are giving something and in the same time both sides are winning something and in some cases even more.
For me "The Great Burning" event was quite unexpected and I think together with the Land release and also making SPS as a factor in the rewards equation, we should see better tokenomics moving forward. Things take time and those willing to wait, reap the most rewards in the end. So we'll need to wait and see how this whole plays out, but after a long time I regained hoped for what's to come.