Now that LEO 2.0 is in full swing, we are seeing LEO get bought off the market every single day. There are two major forms of buybacks:
- LeoDex Volume for the next ~74 days (90 day buyback phase using 100% of LeoDex affiliate revneue
- System Income Rewards Pool buybacks (buybacks to fund the INLEO social media rewards pool on Hive)
There are only 30M LEO that exist. We have burned the rest of the max supply and turned off inflation. Now that the total supply is set, we can never reinstate inflation...never.
The supply of LEO ended at 30M tokens. Now you will see it reduce from there (currently 29,999,470.122 LEO and dropping every day). This is due to 3 forms of burning:
- 100% of bridging revenue from @b-leo, @p-leo and @arbi-leo now burns LEO
- Posts that set @null as beneficiary (for example, @buildawhale burn posts) burn LEO
- Posts from other UIs (not inleo.io) that earn LEO get their LEO burned. The only way to earn LEO is to post from INLEO.io
*you'll see #2 & #3 get burned from the @leo.tokens account every 24 hours. You'll see the other bridges burn by sending to @null directly.
In this post, we'll talk about the SIRP buyback pool, how much LEO is getting bought back and how it all works.
SIRP Buybacks
ignore the rep score. Seems hive police want to downvote an account that doesn't even earn anything and sets a 100% beneficiary to LeoPool 🤣 We plan to remove Hive Rep scores from INLEO now that they've made them irrelevant
@leo.alerts is an AI Agent that we've created and deployed to track the buybacks and post them on Threads. There are several commands and prompts that it follows. The TLDR; is that you can see these Threads get posted on INLEO in real-time (within seconds) of buybacks happening on the Hive-Engine market. These buybacks track the buying of LEO for the SIRP. It also tracks when LEO is deployed to the SIRP.
It's a fun way to track the action in real-time while you're busy threading.
Where Does Buyback Money Come From?
SIRP buybacks are funded from INLEO System Income:
- INLEO Premium ($10/mo, $100/yr)
- Creator Subscriptions (1% fee on all $5/mo creator subs)
- @leofinance Beneficiary Rewards (optional for users to support SIRP buybacks by donating a % of their HIVE/HBD/LEO rewards using the beneficiary setting on blog posts)
- @leo.voter curation rewards from delegations
In the future:
- LeoAds will make a return when the platform has reached sufficient growth to warrant it
- LeoAI will have various extra revenue-generating mechanics + subscriptions
- Anything else we decide to innovate that generates system income
The long-story short is that INLEO is a profitable app. It generates revenue in a few core ways. Premium being the #1 source of revenue. 100% of all this System Income is now used to buyback LEO on the open market and send it to @leo.tokens (the SIRP account). @leo.tokens then distributes LEO daily to users who post/curate on INLEO.io. s
@leo.tokens - What is the SIRP Exactly?
Some have started to see the SIRP and understand it. Others still ask us how it works and if you're still earning LEO.
It only takes a few seconds to go to the wallet of @leo.tokens and see that you're earning LEO every single day for using INLEO - the same way you did in LEO 1.0.
The key difference you'll see onchain is that users are being sent LEO tokens from @leo.tokens as opposed to being issued new LEOs (via inflation) from @leo.tokens.
Many of you have noticed this change already as you see tokens being sent to your wallet as opposed to the standard contract_issue for new inflationary rewards.
This model flips the entire matrix of social media onchain. We haven't seen any other platform do this - where 100% of the rewards pool is funded by buybacks from System Income vs. funded from Inflation.