A Bit on Burning LEN Tokens

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Published on Apr 21, 2021

About :

Yes, we said that we will not go deep into the mechanics of Liotes, but there is always some question about how certain things work... So this video is more for those of you who want to know how it looks in the background, what is currently happening, and how we think in a short term, and especially in the long term...

Building something to be sustainable in the long-term isn't that easy job, but when we have started the project we were thinking MOSTLY in the long-term and how our supporters can profit altogether... It is easy to create a program where those who come first, cash out and earn, and all the rest are paying for that... The point of Liotes is that we together create a system where the value of the base token is going up through time... To make that happen, it is important to add value to it through quality content, sell/rent products that are profitable for the customers, and invest time in developing additional income sources...

From the first day, we have been on a mission to do all that... From the start of the LENM token sales, we have created an online shop where you can buy/rent products that can help you in building your passive income, we have created a @liotes.voter account that is rewarding people from the community, added more curation trails for different tribes, etc.

One of the important things is the "burning program" that exists on Liotes... We are slowly building up our buy wall which will burn all LEN tokens that come to it... But, until that happens, we have added some additional burning methods that are already working every day... Some of you probably know about them, but for the rest they are:

10% on shop purchases is burnt almost instantly after the processing of the order
10% of liotes.voter LEN purchases - this isn't a fixed percentage and it will be modified depending on different aspects
All dividend gains from @liotes delegations to @liotes.voter (always forget this one to mention)

I didn't mention the last method in the video, but it is also an important one... As you know, when we get author rewards for our posts, that HivePower stays on the @liotes account... To avoid additional hustle with powering down, we delegate all that HP to the @liotes.voter account... Like that, it receives LEN dividends, which are burnt...

As I said in the video, Liotes is a kind of community project, as all of you guys participating in some of these aspects even without knowing it... You are using the shop, selling LEN tokens, etc, and by doing that you are BURNING LEN tokens and raising the value of the project as a whole... Thanks for all your support!

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Today's challenge

We talked about the long term plan of Liotes in this post and we would like to know where you see yourself in 3 years from now. What will you have reached thanks to crypto, what are the goals that you want to achieve?

Just write down your answer in a comment below this post.

You will get 2 credits for taking this challenge and 3 additional credits if your answer is more than just the bare minimum. We are very grateful if you enter the challenge within 24 hours after the post is published. We will try to count entries up to 36 hours after publication.