LEO Burn Post #570

in LeoFinance3 months ago

Last 24 hours statistics

In the last 24 hours, Burn Bot 9000 has burned 4.33 LEO, delegated 1.028 LEO to @meowcurator and sent 0.054 LEO to @mrtats for management fees.

All time statistics

Burn Bot 9000 has burned 7347 LEO, delegated 1556.981 LEO to @meowcurator and sent 89.62 LEO to @mrtats for management fees since its inception.

What is Burn Bot 9000?

Burn Bot 9000 is an automated bot that burns LEO. Every LEO it receives whether from a burnpost or self-sustaining burn mechanism, will automatically be burned.

Self-sustaining Burn Bot?

Yes, same with all other burn posts, Burn Bot 9000 will automatically burn LEO, however, it will follow a different structure to at one point, require no input from community users and be 100% self-sufficient in burning LEO. To explain on how it works, I need to explain how the "economics" work.

Burn Bot 9000 will check for any incoming LEO to the account every so often, completely automated. From the incoming LEO, 80% will be immediately burned. 19% will be powered up and delegated to @meowcurator, which in result, will yield daily LEO funding for Burn Bot 9000 -- which will be burned automatically. 1% will be taken by me (@mrtats) as management fee. HBD rewards earned from posts will be used to buy and burn LEO.

If Burn Bot 9000 receives 100 LEO, 80 LEO will be immediately sent to @null and burned, 19 LEO will be powered up and delegated to @meowcurator for daily LEO rewards, 1 LEO will be sent to @mrtats for management fees.

It is the same case whether or not if someone sends any amount to Burn Bot for burning or from rewards Burn Bot receives from author rewards and potentially comments. Burn Bot will not curate posts.

Why should we burn LEO?

To decrease the circulating supply and therefore balancing the supply/demand.

If you would like to support this endeavour, please feel free to upvote this post.