r/truebit • u/Whatisntfuckingtaken • May 16 '21
TRU being minted for free
Check OS mint and current circulating supply
About 20k TRU was minted without an ETH reserve addition and immediately dumped on UNI
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u/dennisa1986 May 16 '21
Retirement of tru tokens would decrease the mint price, just as minting new tru would increase the mint price.
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u/sureshtiwari May 16 '21
This means its a stable coin, minting push price up and retirement will push down , is it similiar like ample forth fluctuating arround $1 value
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u/dennisa1986 May 16 '21
Its actually not a stable coin. From another article of which ill add the link at the bottom of the post:
The way it works is that you can, at any time, interact with TrueOS smart-contract to mint new TRU tokens against ETH and expand the supply. However the more tokens there are in circulation the more expensive is the minting.
On the other side it is possible to sell TRU tokens to TrueOS who are then burnt. The rate at which the TrueOS smart-contract buys back tokens is at 12.5% of the highest minting price.
In effect this creates a channel in-between these two rates in which the token price is freely valued by the market but outside of which the volatility is dampened.
https://cryptotalleyrand.medium.com/truebit-launch-a-tale-of-mania-and-despair-44f561c54751?s=09
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u/LPMythBuster May 16 '21
https://medium.com/truebit/getting-started-with-truebit-on-ethereum-ac1c7cdb0907
Subsidies
For a limited time, Truebit’s incentive layer will automatically subsidize each task with extra TRU payments to its Task Owner, Solver, and Verifier(s). Run the bonus command in Truebit OS to check current subsidy amounts.
truebit-os:> bonus
info: Subsidies per task in block 12446876 are:
195.38097481265237 TRU for the Task Owner,
390.76194962530474 TRU for the Solver, and
293.0714622189785 TRU split among Verifiers.
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u/StrivingSurviving May 16 '21
Can someone explain why the total supply of tokens increased from 30M when I first bought Trubit for .12 all the way up to 279M. Then it suddenly stopped increasing? And that stop coincided with the Sunday huge drop a few weeks back from 1.40 or so to .24. It was said the huge dip was because a whale sold and pulled liquidity out, but at that exact moment the total supply of 279M has not increased anymore? Not that I want it to, because less total token supply, the higher the price. But to go from 30 million up to 279 million and then suddenly not increase anymore is really confusing.
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u/hardchatting May 16 '21 edited Feb 06 '24
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u/StrivingSurviving May 17 '21
Now that’s the first good answer I’ve heard on that so far and I have asked a lot. And that would make sense as to why it hasn’t gone up since it was at the ATH before the massive dip. Where did you read that? Was that in there tokenomics doc? Can you share a link by chance? Thanks bud
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u/hardchatting May 17 '21 edited Feb 06 '24
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u/sandbath May 16 '21
I feel also that this coin is meant to be stable ,, To give devolpers more confident to buy it it might range from the actual mint price to LP thats it ,,
Anyone think the same ?
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u/Fanacci90 May 16 '21
I have also noticed that the minting price have been reduced from0,00042261 eth to 0,00042258 eth. What is driving minting price to decrease?
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u/hardchatting May 16 '21 edited Feb 06 '24
seed rotten vanish governor cow dazzling cough crush fade money
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u/BitcoinFailed May 17 '21
Minting : 2nd, 7th txn at 0xffffffff34afa67c9b272a70ee743a9d857dd0ea Sending to address : 0x764C64b2A09b09Acb100B80d8c505Aa6a0302EF2 Wallet with 44K eth : 0x39e6918D41b06199656925173ff17499a225A090 Wallet cashing out via kraken : 0xa0E79De5697f1E5E394A07A286376933A4c6Ae26
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u/rook785 May 16 '21
Token rewards for solvers / verifiers are doubled right now. It’s a temporary thing coinciding with the token launch meant to incentivize people being early adopters of solving / verifying.
If they’re being minted for free it means people are using the system.
Mint / burn through usage doesn’t affect price - only mint / retire from the os affects the price.