Steemleo 🔥 BURN Report #2 🔥— We've Burned Half a Million LEO Already!

in steemleo •  2 years ago 

2nd Steemleo Burn Report.png

It's already time for the 2nd monthly LEO burn report!?

Time is flying by and so are LEO tokens.. They're flying straight into our growing bonfire of tokens and the circulating supply is continually being reduced.

Since we posted the last burn report, a lot of interesting stuff has happened. One change that is very relevant to burning tokens is the addition of a statistics sidebar to the interface. If you go there and look on the right side of the page, you'll see a real-time counter for tokens burned and staked.

In total, we've burned 508,636 LEO tokens (10.91% of the total supply).

This month, we've burned 205,599 LEO tokens (4.41% of the total supply).

LEO Sinks:

Our list of sinks for the LEO token continues to grow at a rapid pace. We've added several to the list since the last burn report.

1). We added the Crypto Fantasy League game to our discord channel. This game is far more about having fun than really burning tokens, but it still burns a small amount of tokens each week and also gives users a way to spend their LEO on something that's enjoyable.

2). The Steemleo LABS Project. We actually haven't even announced the LABS project officially, but you may have seen the recent launch of the #lifestyle tribe. This tribe was launched through Steemleo LABS. Think of it like a startup incubator. Tribes/token creators/aspiring business creators can come to Steemleo LABS for assistance & funding to get their project off the ground. In exchange, we ask the project to burn LEO tokens. (founders of #lifestyle) are set to buy about 10,000 LEO off the market and burn them. Official numbers and details about LABS will be posted soon.

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. We've run 1 Steemleo writing contest and decided to go back to the drawing board to make the contest better. The weekly writing contests will resume this week. 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). Burn LEO to promote your post on the 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

7). Ads on Condenser (coming soon). You may have seen Aggroed's post about SE adding the ability for tribes to have ads on condenser that will result in the buying & burning of tokens from the market. This one should be live within the next month or so.

8). Ad Spots on the Steemleo Show Podcast (potential sink). The Steemleo podcast audience is growing steadily. We already have a large enough listenership to sign up with an ad network that would run before and after each podcast episode which would work similarly to ads on condenser by burning tokens from the market.

9). Top Secret. We've got another sink in the works, but we'll keep this one to ourselves for now because we don't have a clue when it will be ready due to its complexity.

Amount of Staked LEO is Almost 90%!?

The amount of staked LEO is currently: 2,242,795.82 LEO.

That's 54.01% of the circulating supply if you factor in the sell wall.

Technically, the sell wall doesn't really count as those tokens will likely never see the light of day. So if you remove the 1.6M tokens still remaining in the wall (which will be completely burned in 8 months), then the actual staked number looks more like this:

2,242,795.82 LEO staked = 88% of circulating supply (when excluding the Sell wall from the circulating supply)

Changing Rewards From 100% Liquid to 50/50

You may have noticed that pretty much all of the other tribes are changing their rewards from 100% liquid to being 50/50 liquid and staked payouts.

We've been discussing this quite a bit in the LEO discord and have decided not to change to 50/50 anytime soon. We may continue to poll the community as time goes on, but it seems pretty clear that liquid payouts are the way of the future.

If you look at the statistics, most people who are earning LEO rewards are actually going out and just staking them all anyways. We'd rather give you the choice to do what you please with your rewards.

We've also looked at this from the point of view of content creators. One of our driving missions is to bring in new content creators through the Leo Syndication Strategy and other methods. When you consider an outsider coming into Steem, think about how they're used to getting their rewards from content --> Sponsorship deals don't have vesting periods... YouTube doesn't tell creators that they have to "power down" illiquid rewards...

So from our perspective, it's far more attractive to bring in content creators and show them liquid payouts that just arrive in their wallet rather than confuse them with 50/50. Also see @threespeak as another example: they're using the @likwid service as the default setting to reward video creators in liquid STEEM payouts rather than hold them to the 50/50 split.

More Ways to Spend & Burn LEO

Instead of locking in LEO rewards by auto staking them, we're going to focus on creating more sinks and more ways to spend LEO.

There are limitless ideas out there and all it takes is the right execution. If you've got some ideas for ways to spend/burn LEO, then hit us up in discord and let's make them a reality!

We've also got a few Leo Syndicators on the team already but are looking to expand it. If you're interested in the position, then contact @khaleelkazi on discord for more details.



All LEO Author Rewards On this Post Will Be Burned

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Mh, I wonder if there's a way to stop inflation at all. And create a pool from promotions / other partner and ad programs?

Like promote an official VPN for example, and use the partner earnings to fuel a payout pool

  ·  2 years ago (edited)

Realy not sure what was the thing with the sell wall .... PAL did it and most followed .... but if you think of it, it puts pressure on the price in the same way as STINC on STEEM .... the main income for tribes would be miners sales .... not token sales

A buy wall would make a lot more sense :)
Although that requiers initial investment... but that how buisness is done .... and then use share of the miners sale to further buy and burn tokens ....and hope in a year or two to have a token valued ×100...

I'm thinking you should burn the sale wall ASP

Nice job getting set up - I suspect if all goes well there you'll be asked to be a part of the roll-out of other tribes. Those tokens are going great guns today with the 'mini-drops' bringing people to the market to buy, as opposed to just dumping.

Sticking with 100% is an interesting one and I was hoping at least one of the main tribes would stay with 100% so there is more data to compare.



Man, this is one hell of a report! You have done so many cool things for both the community as well as the value of LEO. I do know why this is my favorite tribe. And about the 100% liquid payouts: I love them and still stake way more than 50% of what comes in. Good choice.

I seems to like this fantastic [email protected] it has alot of exciting stuff on it. The fantasy game aspect is my favorite.
I hope this platform grows and add more value to it.

Posted using Partiko Android

  ·  2 years ago (edited)

Great job. LEO is one of the tokens that is holding its value pretty well in @steem-engine. It is due to the proven efforts by @steem.leo team on taking initiative to burn LEOs and bringing in new creators.

However, we need more curators aka investors-curators who will buy LEO, consume blogs/vlogs, curate and earn. It would be great we also see more plans for onboarding of investor-curators with substantial buying powers. Right now investors-curators are the old-school steemians, we need big fishes from outside this @steem.leo and @steem pond.

I will try to write a blog on how to attract investors-curators, I need lots of brain-storming to do:)

Burn baby burn.

Posted using Partiko iOS

BURN BABY BURN! make my staked LEO worth more! ;)

@steem.leo, Team, this is effective amount of tokens which are burnt and definitely reflecting as added so much value to the Ecosystem. Keep up and keep adding value.

Posted using Partiko Android

Congratulations @steem.leo!
Your post was mentioned in the Steem Hit Parade in the following category:

  • Pending payout - Ranked 5 with $ 62,33

This is good news. With the ability to go to 6 or so decimal places, I don't understand why so many tribes have billions of tokens. I'd say give it a month and start burning which seems like what Steem.Leo is doing. Good initiative and hope others follow.

I like your reasoning for sticking with 100%.

Your doing s great job maintain LEO price and doing amazing things with the coin. I am very impressed with your planning, execution and willingness to adapt/change. I like your reasoning about the 100% rewards too. I think the percentage of stakers is impressive.

Posted using Partiko iOS

That's a great number!

Posted using Partiko Android