VortexBurner.VortexBurner contract (view on Etherscan) is triggered externally via its burn function, which withdraws the specified tokens from the Network Fee Wallet. VortexBurner Contract DetailsVortexBurner contract is the realization of this policy. The following notes detail the discrete contract functions and their purpose. burnReward | Determine the Value of Initiating a BurnburnReward property returns the amount of BNT that the user will receive for calling the burn function (see below). The reward is offered to motivate regular token burns by sophisticated market algorithms. The burnReward property returns the current incentives as two different numbers:burn | Trigger the vBNT Burning Mechanism burn function is called for specific tokens; it is the responsibility of the entity calling the burn function to determine its profitability. Following its call, the tokens will be swapped in two hops for vBNT, and the vBNT will be burned. Importantly, part of the BNT obtained during the first hop is diverted to the address that initiated the burn function (see above). The burn function requires the token corresponding addresses to be passed, either as a single string, or a list. Since ETH has no address, one has been created for it on our system (0xEeeeeEeeeEeEeeEeEeEeeEEEeeeeEeeeeeeeEEeE).
0xEeeeeEeeeEeEeeEeEeEeeEEEeeeeEeeeeeeeEEeE0xEeeeeEeeeEeEeeEeEeEeeEEEeeeeEeeeeeeeEEeE,
0x514910771af9ca656af840dff83e8264ecf986ca
balanceOf: Read the available token balances and determine their value.burnReward: Query the current reward settings.burn: If the total value of the disbursements is higher than the gas cost of execution, perform it. balanceOf, which returns a value of 10,000 DAI. The value of the DAI holdings is $10,000 according to Etherscan (or getReturn function on Bancor). Then she calls burnReward, which returns 10% (100,000 ppm) and a 100 BNT cap. The price of BNT is $7.00. To calculate the returns, Alice performs the following calculation:$10,000 / 1,000,000 × 100,000 ppm = $1000$1000 / $7.00 = 140.28 BNTtotalBurnedAmount | Determine the Total vBNT Burned To-DatetotalBurnedAmount function returns the total amount of vBNT burned, ever. This data will help the BancorDAO to evaluate the effects of the Bancor Vortex over time. The effect is slow, but persistent. The BIP9 addendum introduced a schedule, whereby the vBNT burn rate starts at a modest 5%, and is slowly ramped to 15% over 18 months, commensurate with target APYs for liquidity providers on the network. The totalBurnedAmount function provides a readily available source of data that can be used in future token supply assessments, and should inform changes to the burn rate, as required to maintain a sustainable monetary policy.