NSR auction #9 cancelled

@jooize and I are in agreement that next week’s NSR auction should be cancelled. We will resume weekly auctions the following week, meaning the next auction will close on August 26th. Let me explain why.

We are currently targeting burning 1500 US-NBT per day. The 14,115 US-NBT received yesterday from auction #8 can be used to meet that 1500 per day burn target. As before, we don’t want to completely stop open market purchases for any length of time, because that would make the US-NBT unstable and lower. Therefore, it seems like the most reasonable action is to take half the 1500 target from auction US-NBT and half from open market purchased US-NBT. This means we will use the 14,115 auction US-NBT at a rate of 750 per day. It will last nearly 19 days at that rate, which means we don’t need any auction derived US-NBT for 18 days. We simply don’t need any more auction derived US-NBT right now to meet our daily burn target of 1500 US-NBT. At the same time, I don’t want to move the 1500 target up out of concern for supporting the NSR price.

Skipping a week’s auction demonstrates we are pivoting toward increased NSR scarcity, which will encourage NSR demand.

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Ok. Seems reasonable. Good work so far.

Unfortunately, NBT price continues to fall, currently at $0.65. It’s a tough battle.