I've been sitting on this announcement for about 2 weeks now as we've been working out some of the finer details. This project is really exciting and reins in a new era of burning LEO tokens.
At the present moment, we've got about 8 sinks that are continually operating to burn LEO tokens from the circulating supply. As @aggroed famously said before the Tribal Rush of 2019, the sinks that you implement will drive 90% or more of the value of your token.
Naturally, we're always looking for ways to 🔥🔥🔥 as many LEO tokens as possible. We've even got a handy dandy counter on the toolbar of the https://steemleo.com homepage that shows how many tokens are circulating, staked and burned.
LABS: A Major Token Sink and Value-Add for Steemleo and Steem
LABS stands for Leo Accelerator for Businesses on Steem. At its core, LABS is an incubator for aspiring businesses, tokens and tribes on Steem.
Steem-Engine provides so many amazing tools for getting a business up and running on the Steem blockchain. Compared to building on other blockchains, Steem is now the easiest, cheapest and most robust solution to building a blockchain-based business.
So where does LABS come into play?
After the launch of Steemleo, so many token creators and tribe founders hit me up on Discord and were asking for advice about launching their tribe. There are a lot of nuances that go into successfully creating a tribe that most people never even think about.
On top of all that, you have marketing the launch, investing in ENG for all the various SE services, calculating inflation, settings etc.
After having so many people ask for advice/investments in their tribes & token launches, I figured that it would be a good idea to create a service through Steemleo which would allow aspiring founders to leverage our knowledge and experience.
Steem-Engine provides everyone with the tools and the ability to launch a business. With LABS, we're aiming to provide an advisory & potential investment role for new projects on Steem/SE.
To benefit the Steemleo community, LABS "customers" will be asked to acquire LEO off the market and burn it depending on which LABS services they use.
The best way to explain LABS is to show it in action, let's check in with #lifestyle to see how the first LABS launch went.
The #Lifestyle Community, The First Project to Launch With the Help of LABS
Highlights of What LABS Provided the #lifestyle Team:
- Inflation settings
- Token sale distributions
- ENG Investment
- Introduction post organization
- Token distribution systems (Proof of Delegation, Proof of Mining, Proof of Brain)
- Airdrops (initial and ongoing)
- General advice
Lifestyle (@one.life) had an extremely successful launch. I know the founders were extremely happy with the launch and the continued user base of their platform.
When they originally reached out to me on Discord, I was in the beginning stages of the idea for LABS by Steemleo. I had a rough idea of what we might do and then Lifestyle sealed the deal and brought all the pieces together.
Lifestyle isn't the only tribe I've helped and many token creators have slid in my DMs and asked for general advice. Many also have asked for an investment in their project in exchange for some sort of equity distribution.
@one.life Burned 10,000 LEO
In exchange for all the various services provided to #lifestyle from the LABS project, they agreed to buy 10,000 LEO tokens off the market at .10 STEEM/LEO (1,000 STEEM worth of LEO) and burn them. This is the first of several burns by @one.life as we'll continue to advise them, run PoD, run airdrops, etc.
Positioning Steemleo for the Long-Term
Clearly, there is a lot of opportunity on Steem-Engine and there are boundless ways that you can leverage Smart Contracts on SE now and in the future. NFTs are around the corner and so are a bunch of other Smart Contract systems that could radically change the way Steem & associated tokens operate.
I believe that we're just at the beginning of all these opportunities. Just look at what happened to Ethereum because of the ERC20 protocol. Similarly, SE can (and already is) bring in new users and new businesses to the Steem platform by creating the necessary tools which enable people to build a next-generation business.
With that said, positioning Steemleo to be as successful as possible means being at the bleeding edge of what's transpiring on Steem & Steem-Engine. The LABS project is one of the many ways we intend on doing that.
In closing, LABS is merely a way to accelerate projects & aspiring business owners by providing additional tools, help and resources to create tokens and launch them successfully. In exchange, LABS is asking these projects to acquire LEO off the SE exchange and burn them.
We don't have a set "cost sheet" in terms of how much LEO has to be burned to use LABS. It's highly subjective and we'll be talking with founders on a case-by-case basis to figure out exactly what they need.
If you've got a project idea but need a little acceleration, feel free to reach out to me on Discord.
#steemleo - A Next-Generation Community for Investors
Steemleo -- Blogging Platform
LeoTube -- Video Platform
LeoPeak -- All-In-One Interface
Join us On Discord --> Steemleo Discord