[LEO Mining Update] Burning the Remaining Supply of the LEOMM Mining Tokens

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(Edited)

LEOMM weekly burn rate.png

After talking to several community members, we've decided to burn the remaining LEO Mega Miner (LEOMM) supply.

Why Burn the LEOMM Supply?

You may wonder what the point of burning mining tokens could be. The point is to burn the remaining supply so that the open market can go to work. As of right now, there is a huge sell wall that caps the price.

Removing this sell wall over time will create two things:

  1. Scarcity of Mining Tokens on the Open Market
  2. More Mining Rewards for Current and Future LEOMM and LEOM token hodlers

By having less staked miners (and less potential staked miners, as the mining token supply will decrease significantly) it creates an "easier" flow of tokens based on mining power. You can learn more about these effects on our @learn.leo mining post which describes the calculation for mining power rewards.

How Exactly Will LEOMM Be Burned?

We will burn 25% of the LEOMM sell wall each week until there are no more LEOMM's in the sell wall.

It will look something like this chart below (also depicted in the above line chart):

Screen Shot 2019-08-02 at 11.54.34 AM.png

(note: we are currently on week 1 of the burn -- so if you go to the LEOMM trading page you'll see that the supply in the sell wall has already dropped to 44,421.38)

Next week on August 9th (exactly 7 days from today) the week 2 burn will take effect and the sell wall will sit at or below 33,316.04.

Another important thing to note is that sales of LEOMM from this sell wall will still continue. If, for example, 1000 LEOMM sell this week, then the sell wall will reduce by 25% of the remaining amount listed.

When LEOMM Are Sold Out, Will All Mining Tokens Be Sold?

While LEOMM are being burned from the sell wall, LEOM will still remain the same. For the forseeable future, we will leave LEOM be and won't be burning those tokens as they allow anyone to get into mining at any point in the future.

Track the Progress of the LEOMM Burn on https://SteemLeo.com

You can easily track the progress (and amount of LEOMM staked) on the https://SteemLeo.com sidebar:

Screen Shot 2019-08-02 at 8.15.57 PM.png

Overall, this is a positive change for anyone who is currently staking LEOMM (or who may stake it in the future). If you have any questions about this, drop a comment down below.

 

 

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22 comments
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Love it, send those miners of to the great token bonfire.

fire-171229_1280.jpg

Source: Pixabay

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haha let us all join hands and sing as our tokens burn 🔥

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I love how you guys are on it when it comes to maximizing the value of your token 👌

Posted using Partiko iOS

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Always and forever. it's important to build value and utility while also building community. Hopefully we can deliver on our mission to bring in more users which is where the vast majority of value will come from in the future :)

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Congratulations @steem.leo! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You received more than 7000 upvotes. Your next target is to reach 8000 upvotes.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Vote for @Steemitboard as a witness to get one more award and increased upvotes!
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It makes sense given the current resale market developing.

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Yep. It will likely have a more noticeable impact as the miners get closer and closer to being sold out (as of right now, the supply is still high even after 1 25% burn)

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The point is to burn the remaining supply so that the open market can go to work. As of right now, there is a huge sell wall that caps the price.

This applies to LEOM as well. Why burn only LEOMM!
Those who bought LEOMM will feel luckier than those who opted for LEOM.

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sooo In other words buy the heck out of LEOMM while you can ;)

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Well done. The burning of LEOMM is a great new.

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Is there any chance you could remove the sell wall and delegate it to leo.voter and sell the Steem from the Leo.voter account and use the leo.covet account as a paid upvote service?

I think this could be goof for the steemleo platform and provide an opportunity for investors like me to earn an ROI on their Leo investment.

It would also help me out. lol

https://steemit.com/leo/@ocdb/pyvtr9

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