Datamine Network Secures High DeFi Safety Score
💡 AI Article Summary
The Datamine Network ecosystem has reached significant milestones in security auditing and token economics. DeFi Safety completed a comprehensive review of the Datamine and FLUX smart contracts, awarding the protocol an exceptional quality and safety score of 81%. This independent rating, combined with our professional smart contract audits, underscores the architectural integrity of our decentralized, ownerless system.
Unprecedented Token Lock-In Levels
On-chain metrics reveal a new record high for token utilization, with 75.96% of the circulating DAM supply currently locked in the system. Because DAM serves as the ecosystem's foundation token, locking it enables users to mint FLUX on Ethereum Layer 1. This high lock-in rate demonstrates the community's strong commitment to long-term participation and decentralized security.
Accelerating Deflationary Velocity
The FLUX token continues its strong deflationary trajectory. Out of 511,000 FLUX minted, over 330,000 FLUX (approximately 65.75%) have been permanently burned and destroyed, valued at over $180,000 USD. Within the Datamine ecosystem, burning utility tokens is a core mechanism that validators use to boost their minting rewards, directly managing token inflation while maintaining market stability.
Hello everyone,
DeFi Safety completed their review and we scored 81% which is an amazing score! 🔥
We now have a professional audit and a Quality & Safety reports backing our projects. Thanks everyone for spearheading these community initiatives. You guys deserve a round of applause. 👏
We've also just hit our highest Datamine token lock-in at 75.96%! That means over 3/4th of all DAM tokens are now locked-in to mint FLUX!
FLUX is continuing it's strong burn trajectory with 330,000 / 511,000 FLUX destroyed (65.75% valued over $180,000 USD) 👀
Be sure to check out DeFi Safety review of both Datamine and FLUX smart contracts:
https://defisafety.com/2020/11/20/datamine/
Frequently Asked Questions
What is the significance of the 81% DeFi Safety score for Datamine?
The 81% score from DeFi Safety indicates a high level of transparency, security, and smart contract quality. This independent review, along with professional audits like the one conducted by Slow Mist, validates the architectural design and security of Datamine's decentralized smart contracts.
What happens when DAM tokens are locked?
Locking DAM on Layer 1 (Ethereum) allows users to mint FLUX, the ecosystem's utility token. Locking DAM helps secure the network while generating dynamic yield for participants, with a current record of over 75% of the total DAM supply locked.
Why are FLUX tokens burned within the ecosystem?
Burning FLUX permanently reduces the circulating supply, directly offsetting token inflation. Validators choose to burn FLUX to boost their minting rewards and increase their passive yield, creating an on-chain incentive loop.
Who controls the Datamine Network smart contracts?
Datamine is a fully decentralized, ownerless system with no single point of failure. There are no admin keys, no centralized DAO, and no corporate entity in control. The smart contracts run autonomously and permanently on-chain.
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