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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