State Of The Finney III
It’s been almost four months since the burning of Genesis Finney Coins was enabled, although I think we’d all agree that it feels like much, much longer. So much has happened since that landmark day, it’s hard to believe that we’re still less than half way through the odyssey that is the distribution of CryptoFinney 1.0.
As you would have gathered by the title of this blog, today we will focus on the WAX blockchain, with the sister blogpost on EOS published earlier this week.
Since State Of The Finney II was published, the price of Genesis Finney Coins has softened in terms of their value in $WAX. Where I reported in the last edition of this post that the price of a single WAX Genesis Finney Coin had doubled in value from ~500 WAX to over 1,000 WAX, prices have pulled back dramatically (in terms of $WAX) over the last few weeks, with coins at the time of writing widely available for just over 500 WAX.
Before we get too carried away and storm the marketplace however, it almost goes without saying that the price reduction per coin in terms of their $WAX prices has everything to do with the recently rebounding WAX price - the price deflation in terms of $USD is actually much less stark with the price per coin coming down by just ~$25 USD from ~$125 USD in mid-June, to ~$100 USD today.
At the time of compilation, 2,564 WAX Genesis Finney Coins had been burned, representing just over half of the total supply.
In breaking down the overall state of play by asset type, some interesting patterns emerge. For Platinum, Iridium and Gold Finney’s, approximately 50% of the overall supply has been collected by coin-burners, which is consistent with the overall percentage of coins burned. Divergence comes however, once we make it down the list to the Rhodium and Palladium Finney’s, where a greater-than-expected 60% of the available Palladium’s have been burnt from coins, while a worse-than-expected 40% of the total Rhodium’s have done likewise.
Similarly interesting is that 121 of a total 150 Dragon Pieces have been unearthed from behind coins, while an almost unbelievable nine of 10 total themed Finney’s have been discovered. Representing 81% and 90% of the total respective supplies, the chances of happening upon a Dragon Piece are now just 1.19%, while the odds of lucking upon a themed Finney are now just 0.04%.
Taking into account the number of Finney’s that have been claimed, burnt, and how many still remain behind Genesis Finney Coins, we can easily calculate the chances of each future burn. At the time of writing, chances by asset type are as follows:
· 42% chance of Platinum
· 30% chance of Iridium
· 20% chance of Gold
· 5% chance of Palladium
· 1.2% chance of Rhodium
Turning now to a quick look at how collectors have been upgrading their CryptoFinney’s to Bare Metals and BTCminers. While a marked slowdown has transpired since the completion of the Character airdrops, upgrades continue to take place at a steady clip with newcomers as keen as ever to add premium 1.0 assets to their inventory.
In total there are now 173 BTCminers on WAX including the one and only WAX Rhodium, five Palladium, and 38 Gold BTCminers, with the balance compiled of 58 and 71 Iridium and Platinum BTCminers respectively.
Of the Bare Metals created there has been a total 7 Green and 46 Red Bare Metals forged, representing 1.5% and 10% of all Bare Metals made, past and present. Of these, 21 of the 46 Red Bare Metals were burned in order to create BTCminers, while four of the total seven Green Bare Metals were similarly sacrificed. Of a total 109 Bare Metals remaining, 23% are Red and 2.8% are Green, but of course this will continue to evolve over time.
To conclude, there are still plenty of amazing 1.0 Finney’s yet to be claimed on the WAX blockchain. While coins are currently going relatively cheaply in terms of $WAX, if you can’t afford one there remains plenty of opportunities to earn Genesis Finney Coins by engaging with Cryptowriter content, as well as participating in the abundance of games and competitions available to active members of our Telegram and other community channels.
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