Our Network: Issue #36
Coverage on MEME, HNS, FDN, and CKB.
The Handshake chain continues to see sustained healthy growth in overall usage in the last 6 weeks (source). (Note: stats taken as of HNS block 30,353)
Up 44% from from the July 17th update, 246,802 name TLD auctions have now been started to date.
Bid amounts for Handshake TLD auctions on-chain have totaled 68,819,281 HNS (with only 44,503,839 HNS REVEALed, this delta indicates how much HNS could be locked in that covenant state forever if the auctions are not revealed - free on-going deflation).
6027 airdrop recipients have received their HNS to date (this includes ‘Faucet’+’Airdrop’), an increase of 29 developer airdrop claims from 7/05.
227,034 names have successfully completed REGISTERing their names on-chain.
This would put the current circulating supply at 313,815,819 HNS ((‘Coinbase’ + ‘Faucet’ + ‘Airdrop’ + ‘Claims’) - ‘Register’ [Burned]).
HNS burning continues as successful name auctions are registered upon completion, with now 9,152,238 HNS burned and removed from circulation, a 44% increase in 6 weeks. The demand for buying Handshake domains appears to be on track for another major parabolic move as new registrars and tools for buying names on-chain mature are sure to release here at the end of Q3, start of Q4. (Source).
On-chain transactional growth continues to hold steady daily at 10,000-40,000+ HNS (a new ATH in daily transactions). Total transactions have *also* grown 44%, up from 1.2million to 1.73 million. (Source).
Mining growth continues to blaze a trail, soaring to almost 2 petahashes; up from 500TH, a 300% growth. This has followed the predictions that we placed prior, and we expect to see more rapid growth before the year’s end. New mining hardware was announced from Goldshell Miner, the HS1 Plus, which is now on sale -- as well as a new dual-algo miner from Toddminer coming in Q4. This should put us comfortably over 3.5PH before the EOY, barring any other additional competitors announcing new hardware.
The heuristic goes that price follows security, which bodes well for this analysis as the price has grown 75% too, up from $0.08 cents to presently $0.14 cents from just 6 weeks ago. (Source)
Introducing ‘THL’ (Total HNS Locked): Covenants aren’t new, but understanding their economic implications for traders and speculators are. Since covenants are encumbered UTXOs that exist as on-chain “smart contracts”(bitcoin script), any value that doesn’t leave them is taken from the circulating supply as they cannot currently be spent (similar to staked assets in a smart contract).
For Handshake, THL is the total number of HNS locked in Bid/Reveal/Register covenants at any given time, and can fluctuate as on-chain auction activity adjusts block-over-block, with over 26,760,000 HNS locked presently out of circulation - an important metric to watch as the chain grows in adoption. (Source)