The Steemleo 🔥 BURN Report🔥— Permanently Decreasing the Supply of the LEO Token to Support the LEO Economy!
Burn, burn, burn. It seems that the thing on everyone’s mind is “how can we burn more tokens?”
Many are talking about tokens on Steem-Engine and many are also looking for ways to burn STEEM itself to reduce the supply and make the demand ratio higher.
We at Steemleo have been looking into all sorts of ideas for burning tokens. We want to balance a sustainable plan with an aggressive plan.
We’ve come up with a solution that will benefit the whole LEO economy and hopefully drive demand for the LEO token while reducing supply.
So far, we’ve burned 303,037.839 LEO (approximately 6.784% of the circulating supply)
We Currently Have 7 LEO Sinks -- Our current methods for burning LEO Tokens:
1). @nopal4u was airdropped 100,000 LEO and has already burned them (a one-time burning "event")
2). We just completed the first burn of 200,000 LEO from our sell wall
3). We’re burning all of the LEO posting/curation rewards earned by our main @steem.leo account (so upvoting any post made by @steem.leo is effectively earning you curation rewards but then burning our author rewards and depleting the supply of LEO — also referred to as a “burn post”)
4). The @leo.voter is the Steemleo community voting bot. Send LEO to it and it distributes a portion of the bids to delegators and burns the rest. The voting account is already at 100k SP and is burning (at the current rate) about 100+ LEO a day!
5). The Steemleo Weekly Writing Contest —> content creators can submit an article each week for our weekly writing contest and to submit, you have to pay a small (10 LEO currently) LEO fee… We burn 100% of the LEO submitted, creating another sustainable sink for LEO tokens
6). We were suggested by the community to try using a % of mining sales to buy LEO off the market and burn those. We've already put in some buy orders and any LEO bought off the market will be burnt immediately
7). Burn LEO to promote your post on the Steemleo.com interface --> if you send LEO to @null with your post link in the memo field, then your post will appear as promoted and those tokens are permanently removed from the supply
Total LEO Staked Currently = 1,409,477.040 LEO staked by 869 accounts (approximately 59.6% of the circulating supply excluding the sell wall)
Our Burn Goal in the Next 12 Months
Our goal is to burn 3,000,000+ LEO tokens in the next 12 months (30% of the initial supply of 10,000,000 LEO)
- 2,000,000 of that is coming from burning the sell wall (200,000 LEO from the sell wall will be burned every month until there is no remaining sell wall — 10 months)
- We've already burned 300k+ LEO tokens and we will continue to sustainably burn more LEO through the sinks listed above
Burning a Token/Creating Sinks Creates 90% of the Value of a Token??
As @aggroed famously said --> sinks create 90% of the value for a token.
We will always be looking for ways to innovate and burn as many LEO as possible.
LEO has both a high burn rate already and also has a significant amount of staked tokens versus circulating supply. This creates some interesting market dynamics as less tokens are available on the open market creating a variety of supply/demand pressures.
🔥 We'll be doing these burn reports every single month, so stay tuned to see how fast we can burn LEO 🔥
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Would be nice if the was a massive demand and people started buy chunks from the wall...Ha!
Better be prepared...whitewalkers are coming...
hahaha! Indeed they are
They will be consumed by wild fire by dragons and a littlw stark
I love the leo tribe, looks like the only one so far trying to do something different with the tokenomics instead of just throwing coins at users. If we look at these burn rates its going to become increasingly important to stake your coins for those who have them.
I'm really interested to see how the leo token will maintain its value, pretty sure more sinks will be on the way too.
Dear @chekohler
Is there any chance I could contact you via DM? Perhaps telegram or email?
Yours
Piotr
Sure pop me a mail or a telegram DM
Posted using Partiko iOS
It's me again @chekohler, @steem.leo
I was just wondering .... we all know problems with constantly increased selling pressure related to STEEM. Supply is always growing and demand is not.
Sinks and burns can create more value for all early investors, simply because it will be pushing price higher.
And I'm wondering what are possible threats of this solution. There always are. Perhaps once price of LEO token would grow few times, the it would be simply not possible for new comers to ever "exist" on this platform, without spending fortune?
What do you think about it?
Piotr
I actually gave it a bit of thought and yes as more tokens burned prices are going to increase but as a community we can look at reducing burn rates over time for certain tasks!
IE promoting your post won’t burn as much Leo as it does now so we can always adjust it to maintain a certain burn to inflation ratio and manage the deflation to an extent
If Leo becomes less attractive to purchase a focus will be on earning instead of purchasing and there would be more pressure on the inflation pool as users compete for rewards making for a stronger ecosystem which is kind of what we’re aiming for!
We mustn’t also forget that we have 3 decimals too so while users might not be earning large amounts of Leo in the future if they maintain a specific value it would always be worth picking up the dust!
I don’t think there’s an ideal solution yet but I think it’s something we should address year by year! Still very much in infancy
Posted using Partiko iOS
Dear @chekohler
What I'm trying to point out is the fact, that most people already involved wants to burn tokens simply because it lowers supply, which in result may bring price up.
However we don't seem to think long term: if price of LEO would raise x5 one day, then new users will never be able to achieve much without investing huge amount of their resources.
My strong believe is, that maintaining stable price is the best in a long run for this platform.
Yours
Piotr
Are LEO Tokens burning increase Price and Value of LEO? So that, it is very good job!
Posted using Partiko Android
Good question. Token burning permanently removes LEO from the supply. By removing LEO from the supply and (hopefully) keeping demand either equal or increasing, you get a better demand versus supply ratio. One of the fundamental principles of economics!! --> have a higher demand than supply :)
This is Binance gameplay....but this is 100x better!Amazing efforts and insight. Well done!
Awesome glad Leo is setting a great standard that others should look at following.
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Haha we are doing our best to make the best platform possible. Improving just a little each day is the way to a brighter future 🚀
I’ll be following carefully. This should make Leo a top coin!
haha, let's hope so ;) 🧡
Supply and Demand baby! Keep the burns coming and don't hand out any ice.
🔥 noice4u! Burn baby burn, we can't stop won't stop!! 🔥
Leo Token ?? Well is a good deal
🧡thanks for your support :) Things are just getting interesting!
I keep my token ranking on steemleo very positive.
Appreciated the sustainable and aggressive plan!!
Just resteemed and may translate this post to my #cn community, is it possible to do so?
Wonder should I get some LEOMM to try out?
🔥Steemleo #1 / LEO TOKENS To The Moon!! Burn Baby Burn, upped and resteemed!!👍🚀🚀🚀🔥
wow SINKS
like a faucet but the opposite...
look im staking the 30 tokens i have now
Now i will go make a post and send some LEO on https://steemspeak.com discord load my @banjo account and tip away to whoever comes in with this code : ACKZALEO50 lol theres no code system i just mad ethat up but ill give out some leo to people for sure
and @steem.leo im very impressed with just basic simple clean graphics giving this whole thing a professional vibe, pir charts, token burn scheduals, reddit would like it..
now just needs more of a reason reddit users should buy steem leo and not just steem, we need to give people more of a unique use case for LEO and just the IDEA can begood enough... i have a bunch of im saving them for my own scot sites. lol but ill give you this one simple easy to implement Use case trick.... for steem leo I would recomend a personalized "Financial Horascope' :D or maybe not horoscope and maybe not even "financial" for legal issues, but a personal fintech or personal crypto consultation where you can take everyone who has at least X number of LEO staked and if they want, let them que up to recieve a personalized advice, LOL I mean, advice about crypto is NOT financial advice. youd simply explain what they can do with their steem account and existing assets NOT what to do with their fiat... we will just offer personalzied advice... and befroe anyoens ays 'youc ant give out financial advice wahh wahh" then tell me, what about freedom of speech? Can I not tell someone how to usetheir steem account? Im not talking about telling someone how to spend their fiat but if someoen has ASKED for advice, i donts ee why we cant give them the advice, i mean shit, if we have to give diusclaimers everytiem we offer a tip , wtf, wed neevr get shit done... i wanna just be free of this thought crime bullshit sometimes
theres no reason why we cant take advantage of the ideaof fortuen cookies or horrascopes but without teh astrology, the leo symbolism of steemleo makes me expect and want moire astrology symbolismas theres gemini exchange and project libra and bitfionex has a LEO token, so want MORE astrological fun time with crypto and I know others would too
I mean if you had a cute little app that let you choose your astrological sign, and hen had steemconnect login and let you post under a tag with all your fellow scorpios and virgos, it could get interesting, we could have NFT birth stone tokens that allow you to purchase the date (and maybe the time but nah has to be teh date) of your birth
OMG imagine how cool an NFT steem engine token would be that corresponded to a Specific DATE in the last 120 or so years, so the oldest person in teh world could join and get his or her birthday tokenized.
and then imagine everyone born teh same day you are would have to compete for this token that would be your birthday token...
ok anyway these have been ramblings about steemleo and extra use cases .. far far in the future tho .. ok my back hurts, i cant sit like this
Are LEO Tokens burning increase Price and Value of LEO?
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In theory it works. By reducing the circulation supply the price of Leo tokens increase over time, so does their value