Introducing Burning for ALL Tokens Listed on LeoDex | Fee Redistribution

in #steemleo10 months ago

It's been just 18 days since LeoDex v2 was released. In that update, we added the Deposit & Withdraw buttons to the top of the wallet page:


https://dex.steemleo.com

These buttons are connected to the @leodex Steem ==> STEEMP gateway. This allows anyone to send STEEM to the @leodex account and receive STEEMP or vice versa to receive STEEM.

  • Deposits (converting STEEM to STEEMP) have a 0.25% fee.
  • Withdraws (converting STEEMP to STEEM) have a 0.35% fee.

The original plan was to have the leodex account use the fees collected to burn LEO every month. Instead, we've decided to have the account distribute the fees evenly to each token that has been listed on the SteemLeo DEX by buying their respective token at market price and burning it to @null.

The fees collected in the past two weeks weren't anything outrageous -- 32.739 STEEM collected -- but this is just the start of @leodex. The majority of these fees have been collected in the past few days as users are just realizing that @leodex even exists and offers such low fees for exchanging STEEM and STEEMP.

We expect a sharp increase in the fees collected in the near future and we believe that this is a great way to get other tribes/tokens who have listed on LeoDex to work as a collective to bring more users to the interface and provide a better experience to their userbase/tokenholders.

LeoDex Burn Reports will be published on the 16th of every month (exactly 1 day before the official LEO Burn Report).


Total LeoDex Fees Collected = 32.739 STEEM

Listed TokensFee Distribution (STEEM)PriceTokens BurnedTXID
LEO4.0920.21164919.336 LEOed7fb7d45a4b85cdd8916212fc7c62dbeaf74e78
LIFESTYLE4.0920.018862216.962 LIFESTYLE77052f48dc444114e0cf136263e01e6594aa035e
CTP4.0920.022640180.759 CTP5db63f72b3a5e77f031207910111b3aeeec35b96
LOTUS4.0920.0851.780 LOTUS0a82c3d73130458bd5081aae6f49eb49a1d900b1
SAND4.0920.140.924 SAND207dc084faf815f9a0fd2cd3872f2f035d55461b
NEOXAG4.0920.02228999183.597 NEOXAG254b8a532f3643a11b45088c63d96c05fa02010e
SPI4.0921.223.36 SPIbd1d6f32cb7582a9fbc3681e19bda5b74b107956
BUILD4.0920.03776108.379 BUILD9f2bac916be56d2d543f261e70c2c56b8525b344

How to Use The @leodex Gateway:

Using @leodex to exchange STEEM for STEEMP or vice versa is super simple. Either use the Deposit or Withdraw buttons within your Wallet page on https://dex.steemleo.com or simply send a STEEM (or STEEMP) transfer to @leodex (no memo required).

The current limits are displayed on the site. If your deposit/withdraw is over a few hundred STEEM(P) then someone from the SteemLeo team has to hit a button to confirm the transfer (we usually confirm these manual transfers within 5-10 minutes).

How to List Your Token on LeoDex:

This burn perk applies to all tokens listed on LeoDex both now and in the future. If you'd like to list your token on https://dex.steemleo.com, then just send 2,000 LEO to @null and then contact us on Discord.

Future Perks?

;)

 
steemleo black token divider.png
 

all of our LEO author/curation rewards on this post are permanently burned from the token supply


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Any plans of using steemconnect too?

We considered adding Steemconnect. The issue (as far as I know) is that Steemconnect doesn't support Steem-Engine token activities very well (namely because of the custom json transactions). I'll speak with the dev and see if we can do something in the future with Steemconnect.

Steemwallet is an app on android and IOS. I use it to use the DEX on my iPhone when I'm on the go. I think keychain is pretty much essential on desktop and hard to use (currently) on mobile. I'm hopeful that the tech will improve so that Steemconnect isn't really necessary any more.

Otherwise, if you guys are already doing tests with the SMT code on the testnet, I would say to focus instead on that arena. SteemConnect will be preparing themselves for that probably... not sure if everyone is aligned though.

Would be nice to have several (more) partners/businesses competing on "clients" (mobile and PC) that specialize the wallet/UI features... such as esteem surfer or similar to what Vessel is. Tokenizing those apps (like anyone does right now), basically creating a self sustainable market of development.

The hole problem in my view is that these ventures don't attract enough good developers fighting the same cause under the same roof... and because everyone needs to get their ways of living... there's a lot of bursts everywhere. Combined, all the dev power of STEEM users (the ones that know what to do), STEEM could become something even more powerfull than Facebook. The challenge is to get that dream TEAM, and have a LEGENDARY leader able to sustain such agenda, focus and virtual organization.

Dreams... maybe one day, as true as STEEM was a couple years ago.

Could you do some sort of old school log in like when you log into steemit.com or steemleo.com. If I'm logged into steemleo.com it seems like I should be automatically logged into the exchange.

Nice!

Actually just visited the leodex for the first time and I have to say that this screen is a godsend!

https://dex.steemleo.com/open-orders

haha glad you like that one. It's a huge time saver

@steem.tools did it first:

Hah, awesome idea :) Great incentivize to have the token listed on LeoDex. Now, what sm card to sell to get 2000 LEOs...

Thanks! It should be a great way to bring long-term value to tokens that are listed with LeoDex and also work hard to promote the collective ecosystem.

😂lol I do hear that now is a decent time to sell cards because of the increased STEEM value

I love it. This is an incredible idea. I wish I thought of it myself.

Just another example of Steemleo stepping to the head of the class. Providing incentive for other tokens to list on the LEO DEX plus adding value to them via the burns.

This is the collaborative efforts we need. It would be great if many projects tried to benefit everyone on the ecosystem.

Steemleo is showing how it is done.

haha it definitely should serve as a great long-term value prop for tokens that list on the DEX and continually promote the collective use of the interface. This coupled with a variety of other ideas (some that tie into LABS) could be a great way to raise the tide for everyones' ships.

🦁

I wish I could log in with Steemconnect. I've never used Steem keychain.

Great idea!

IMHO, instead of distributing fee evenly across tokens, it would be better if that can be done proportionately to their respective market cap at the time of burning.

Amazing!

🚀

This is brilliant. Thank you so much for showing support and offering out your income to your listed token holders. I can't wait to watch the exchange grow and i think SPinvest got in cheap :)

Is there a way to view my wallet without logging in or to view someone else's wallet? Can't figure out here.

Also, a search feature for coins in the wallet / market would be more convenient.

Good move. I like what i see here

Posted using Partiko Android

Very very nice!

SteemLeo the gold standard for tribes ;-)
Keep up the great work and thanks for listing PORN so quickly!

I'd love to see steempeak have some sort of DeX integrated ... I do worry about dealing with exchanges do you guys ever worry about that from a legal standpoint? I'm guessing we will likely just have to integrate something else out there or give our users a couple options

P.s. it was fun to see your post via the burn promotion on steempeak

Not a big trader type, myself -- and I'm not certain on the efficacy/usefulness of burning tokens.

BUT, I just took a look at the DEX, I wanted to say that the UI of the DEX looks great. Keep up the good work. Will likely be using it in the future.

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This really is an awesome idea. I hope you'll come talk about all of these crazy burn cases you've been coming up with at our Insights Summit sponsored by FinNexus and WANchain! Sent you a DM...

 10 months ago Reveal Comment