Just yesterday SteemLeo announced their first LEO Burn Report. A total of 303,037 tokens were burned. That is almost 7% of the current supply. A 7% in one round! More to come.

The burning of tokens came from:

1. The sell wall 200,000 tokens,
2. The @noleo4you account 100,000,
3. Posting and curation reward of the main account steem.leo,
4. The rewards from the @leo.voter voting bot,
5. Fees for the Steemleo Weekly Writing Contest,
6. Buying LEO from the market with a share from the miners sales,
7. Posts promotion.

Yep a total of 7 ways to burn tokens. Talking about sinks. Probably at the moment this is a token with the most ways to be destroyed 😊. It is in great danger.

My personal favorite from all of the above is the buyback. Buying tokens from the market and burn them. It has a two sided effect. First, the buying creates pressure on the price to go up, and then all of those tokens get burned, reducing the supply.

As mentioned in the report burning tokens is on a lot of people mind, looking for ways to burn STEEM as well. It has been already used in the crypto space, with the most prominent example Binance. Just recently they have made another burning round. At some point the Binance token was around 30th on coinmarketcap and now it is in the top 10. They have been buying and burning tokens constantly for more then a year. Less tokens but larger marketcap.

Now SteemLeo is a totally new thing and it needs to prove itself. It has been around for just two weeks. We can say it is still in a testing period. Alpha stage 😊. For now, they are doing great steps. First the smart airdrop to PAL stake holders, that basically set the standard for tribes airdrops. A lot of new tribes followed their example. With this they have got them self a great starting user base. The next step creating sinks. A multiple of them. They have delivered on that as well.

The great challenge?

Going Beyond the Steem User base

I have mentioned this in the previous post on SteemLeo as well. The SteemLeo team has stated that there are plans to go after users outside of the Steem userbase and do marketing as well. This is an important and probably the most challenging task.

I’m doing my New Steemians report for a while now and one of the info in the report is who created the new steem accounts. If we take a look at the most successful Steem project for now, SteemMonsters, they have been creating around 400 to 500 new account on a monthly basis. This is not some huge number, but it has kept them successful in a very hard period. If we take this numbers as a standard for successful project, then SteemLeo will need to find a way to reach these numbers in the coming future. They can start slowly with dozens of new accounts per month and increase from there. This is probably something that all the new tribes should be doing reaching out of the Steem userbase and trying to get a couple of hundreds new accounts per month.

My Game with Leo

I have just staked all my LEO tokens around 1200 of them and will put them to work with curating content. I will trail the @steem.leo since they are doing manual curation and have a transparent daily report about the content curated. All quality stuffs. Also, I will do some manual curation myself. This will bring me a constant flow of new tokens on a daily basis, and will reward quality content on the platform.

All the best
@dalz