Quick update here:
4.4M $STANDARD have been burned in total over the first three branch license auctions.
Personally, I didnt have the STANDARD ready to participate in the first one and after acquiring some on open market, faded auctions 2 and 3 to see where closing prices land.
Yday, auction closed at 12k STANDARD per license, bringing prices back to launch day levels, and burning another 1.2M permanently.
As I still believe in the ponzinomics and overall system, I'll def keep monitoring the auctions, and am still looking to open more branches on my charter soon.
Scaling and accruing $STANDARD early is still the play imo.
But mechanics are complex, and watching closely + doing the maths is key to riding this successfully.
Today's branch license auctions sold out almost immediately, closing at roughly 12k $STANDARD.
= 1.2M $STANDARD burned forever.
Tomorrow's auction will hence open at almost 24k $STANDARD ($10k rn).
= another 2.4M $STANDARD will be burned forever.
The day after tmrw, the auction will open at 48k $STANDARD ($20k rn).
= yet again burning up to 4.8M $STANDARD forever.
And so on...
That's definitely a very powerful supply sink.
If the hype persists, it will likely remove 0.84% of supply from circulation permanently in just the first 3(!) days alone.