Pun intended at the end of that title! We are about to conduct the first-ever stake-weighted LEO POWER Poll on INLEO and Hive.
In fact, this is the Hive Blockchain's first-ever stake-weighted poll. INLEO has built a really amazing polling protocol and many of you are already using it.
The protocol that is live on the UI for all of you to use is using our 1 account = 1 vote protocol. The next iteration of polls allows for stake-weighted voting.
At first, it uses LEO POWER. We're going to test this and improve the model, then we're going to allow HIVE POWER stake-weighted polls. After all of that goes smoothly, we'll allow other tokens on Hive to be used for stake-weighted polling. This is a truly amazing feature set and I'm excited to see it rolled out.
As mentioned in last week's AMA: the first usage of stake-weighted polls on LEO will be to determine the future of CUB & POLYCUB (and really, the entire LeoVerse).
This post is one of the most important posts I've ever written. Please take your time and read the post to completion. There's a lot of information here.
That being said, I'm going to keep it as concise as possible. A lot of info may not be in this post, but all of the most important info that you need should be in the words that follow.
Note: the UI for stake-weighted polls is not yet ready but we are time-constrained to launch this Poll today. The backend will account for stake-weighted results based on LEO POWER but the frontend will look like any other Poll. Thanks for understanding why we decided to release this poll now as opposed to waiting for the frontend to be ready for stake-weighted polls.
At the end of this post, you'll find a link to the Poll to vote. Keep in mind that the results you see on the frontend are NOT stake-weighted... however when the vote is complete, the stake-weighted results will be shown.
The Last and Final CUB / POLYCUB Proposal
It is my hope that this is the last and final CUB/POLYCUB proposal. If LEO POWER holders vote in favor of what is being proposed here, the CUB/POLYCUB platforms will have their token supply reduced close to 0 (depending on participation in the execution phase).
Let me first describe the goal of the INLEO Ecosystem: our mission is to create a thriving creator economy that is centered around digital identities, tokenization and communities.
As part of this mission, we launched DeFi platforms way back in 2020. This was during the incredible DeFi summer that we all experienced. Money was flowing from the heavens. New blockchains were sprouting and creating billions of dollars in value. It was a magical time. But eventually, we all woke up from the dream.
99.99% of all DeFi platforms that launched when CUB was launched are no longer around. After DeFi summer, they all faded into oblivion. The founders rugged whatever $$ they could get and then disappeared.
CUB did not. We added constant updates to CUB. What started with just some basic farms and dens turned into Kingdoms, compounding contracts, cross-chain autocompounders, collaborations with other projects and ecosystems. New assets... Countless updates. Countless manhours. Countless hours scratching our heads trying to figure out how to build a successful DeFi platform by picking up the pieces after DeFi summer.
PolyCUB came along as an idea to expand the offerings of CUB and ultimately create an even better platform that solved a lot of the issues of CUB while airdropping the supply to CUB holders. I personally spent or invested in the 7 figure dollar range on seeding liquidity pools, marketing on platforms like Coindesk and Cointelegraph. Influencer interviews, etc. We put 6+ months of tireless effort into making it successful.
But, inevitably, it wasn't. We launched right at the end of the bull market and the beginning of the bear market. It didn't take long after for the explosion of FTX and the peak lows that we all experienced. Crypto seemed to be fading into nothing and DeFi was one of the first places people withdrew all of their capital.. All the trust in the ecosystem imploded.
I'm not trying to blame the macro evironment for what happened. I do believe that we had flawed platforms. That being said, the new MTB model worked for a short period of time. The implosion of crypto and sudden running for the exits on every crypto stage is what hit the platforms with a killing blow. That being said, the platforms are still alive. They're still operational. They may not have lived up to what we wanted them to be, but 99.99% of other platforms don't even exist anymore. We are in rare company to even be breathing as an ecosystem.
We've had multiple runs at trying to make DeFi work but it's time to push forward. Onto bigger and better things.
Assimilation
We spent a lot of time formulating a plan forward for CUB/POLYCUB. As we always said: we'd never just leave them behind to die off for nothing. We always worked behind the scenes to add new features and formulate new ideas that could build the platforms up while others constantly tried to tear them down (a topic for another post).
Over the years, we've been coming back to an idea and with the launch of INLEO's new application and frontend: https://inleo.io under the "Everything App" vision, we saw a path forward.
Assimilation is the key word.
Our goal has been and is to bring everything under one banner. With DeFI in the past, we spread things out. We made ourselves thin. We focused on getting other chains integrated.
I think the idea behind that was right but the execution was wrong. Rather than expanding tokens and economics, we should have just expanded technologies within the same banner.
That means offering the same things but doing it all underneath the existing LEO platform.
Our team has been expanding and if you've seen the evolution of inleo.io, then you'll know how amazing this journey has been. The UI is reaching a critical point. It's becoming as easy to use as Web2 with the core ideals of Web3 running the backend.
Inleo.io is continually improving. Our MAUs are up 5x. The LEO token is up 3x from the bottom of the bear market. We've built revenue models with Premium and LeoAds that actually work and are buying thousands of dollars in LEO off the market each month.
Recently, our Team started building a DeFi swapping platform within inleo.io. This is something we are incredibly excited about. It doesn't have yield farming or anything along those lines.
Instead, it's an affiliate UI of Thorchain and Maya Protocol. It allows users to swap on those rails and each swap they do earns INLEO a swapping reward from the protocol (called an affiliate fee).
Some UIs on Thorchain are earning millions of dollars per month with their swapping UIs. INLEO is building something unique compared to those other UIs and we hope that our userbase will utilize the swapping UI frequently. We also hope to capture some users from the outside ecosystem who are looking for an intuitive, low-fee alternative to the existing UIs out there for swapping on Maya and Thorchain.
Additionally, we just announced our partnership with Maya Protocol to list LEO on their DEX. This will open up the ability to instantly swap native BTC, ETH, KUJI, DASH and RUNE for LEO.
Maya is also building an aggregator that will connect any Maya Protocol asset to any Thorchain asset. This means that LEO will be tradable on any assets supported by Maya and Thorchain.
We believe this combined ecosystem will become the #1 DEX in the world. In 5 days, LEO will be listed in this ecosystem and tradable with all of these assets.
Additionally, we're launching our swap UI (hopefully in time for the launch of LEO on Maya Protocol) which will allow any user of INLEO to instantly swap assets on these rails for low fees.
We're also adding the ability (down the road) for LEO POWER holders to pay lower fees for swaps. Creating an entirely new use case for holding LEO POWER (this is very similar to what Thorswap does with their THOR token. If you stake it, you pay lower fees on swaps).
Swaps don't just mean swapping LEO. It means swapping any asset supported by these DEXes.
So for example, if you want to swap your USDT on Ethereum for Native BTC, we hope to provide a better UI/UX and lowest fees to facilitate your swap on inleo.io.
This is an entirely new use case for our platform. On top of all the other use cases already built and the many more to come. The Everything App is coming together.
And what happens to all of these Affiliate Fees, you may ask? 100% of the fees INLEO earns will buy LEO and CACAO and permanently add them as liquidity to the WLEO-CACAO Liquidity Pool.
- Organic Buy Pressure
- Permanently Increasing Liquidity
Organic buy pressure is self-explanatory. Potentially tens of thousands of dollars per month buying LEO off the market.
The 2nd piece will increase the depth of the WLEO-CACAO pool. This means that trading through the LEO token will incur less and less slippage. Potential trading volume will increase.
We are also building a HIVE/HBD supported rail in our swap UI. This one could take a bit longer to explain but the long and short of it is that you'll be able to trade native HIVE or HBD through our new swap UI.
Want to buy HIVE with L1 BTC or L1 ETH? You'll be able to go to INLEO's new swap page:
- Connect your Bitcoin wallet
- Choose HIVE as the receiving asset
- Choose how much to buy
- Click swap
- Within minutes, receive HIVE for your native BTC
The backend of this all uses LEO as the middle-rail. It allows LEO to aggregate the trading volume and push it through to the Hive blockchain.
The technology we're building here is incredible. Maya Protocol's mission (one of them) is to be an aggregator for Thorchain.
You could say that in this scenario, a part of LEO's mission is to become an aggregator for Hive. Allowing HIVE swaps to happen through LEO's connection to these other blockchains.
All of the affiliate fees generated from making this possible? They buy LEO and pool it in the LP permanently. Creating more pool depth that facilitates even more trading volume.
In the long-run, we hope that the majority of HIVE and HBD trading volume begins to flow through these rails.
Imagine that Binance's trading volume is dwarfed by native HIVE trading volume happening 100% on-chain using these Maya and Thorchain rails.
It's an incredible future. One that we're excited to push forward.
Bringing This Back to CUB
So let's bring this back to CUB/POLYCUB.
The keyword is assimilation. As you can see, we still believe DeFi has an incredibly bright future. What doesn't have a bright future is LP Farming. It's time to leave that behind and usher in the new era of DeFi by being an affiliate to Maya and Thorchain, then connecting them to both LEO and HIVE/HBD.
The Proposal
Our proposal is now live and anyone with LEO POWER can vote on the poll (inked below) to pass the proposal or deny the proposal.
The vote will be open until Sunday at Midnight EST.
So you have the rest of the week to consider this proposal and vote Yes or No for it.
Our proposal is to airdrop LEO tokens to anyone holding CUB or POLYCUB on a $1 for $1 basis.
To receive the airdrop, a CUB or POLYCUB holder must burn their CUB or POLYCUB holdings by sending it to the 0xDead address on-chain.
We will verify the burns and then the airdrops will follow that verification process.
The current market cap of CUB is $95,477 and there are 30,980,263 CUB tokens in existence.
The current market cap of POLYCUB is $78,853 and there are 7,274,323 POLYCUB tokens in existence.
The current market cap of LEO is $2,033,287 and there are 17,680,764.5 LEO in tokens existence.
What we are proposing is to assimilate CUB and POLYCUB into the LEO token. To bring everyone back into the LEO token ecosystem and with all of the exciting new inleo.io features, Premium & LeoAds revenue, Affiliate revenue from the new DeFi platform being built into INLEO, etc. etc. etc. absorb all of the value back into the LEO Token.
We believe that this gives CUB/POLYCUB holders the best chance to succeed in the long-run. Instead of a split focus across these tokens, we continue with the dev team to focus on building incredible new features on inleo.io that ultimately build a thriving economy around the LEO Token itself.
Airdropping LEO to the CUB/POLYCUB holders will give them the opportunity to participate in the platform and grow with the ecosystem.
As said in the AMAs and Threads and various other places, we believe this is a no-brainer. No CUB/POLYCUB left behind. Let's bring all those holders back into the fold with LEO before we go on the run of a lifetime as we integrate with Maya Protocol just 5 days from today and launch a new aspect of INLEO that generates even more organic buying and permanent liquidity in the LEO token economy.
The Math
So there is a combined market cap of CUB/POLYCUB of $174,330.
In order to get the airdrop, CUB/POLYCUB holders will have to "turn in" their tokens by burning them.
The airdrop is $1 for $1. So this means the 100% max potential airdrop is $174,330 worth of LEO.
At current prices, this is 1,515,913 MAX LEO that could be minted and airdropped to CUB/POLYCUB holders. Less than 8.5% of the circulating supply/MCAP of LEO.
Effectively, this is using 8.5% of the market cap of LEO to "bail out" CUB and POLYCUB holders. Assimilate the ecosystem back into the LEO token and push forward on a grander vision of building a thriving creator economy using ONLY the LEO token and not having these sister tokens as a part of our ecosystem anymore.
KEEP IN MIND. This is also a MAX potential. I think it's safe to assume we won't see 100% of CUB/POLYCUB turned in. There are plenty of inactive CUB/POLYCUB holders, people who are uninterested and also people who just aren't even a part of the INLEO/HIVE ecosystems anymore.
I would expect somewhere in the range of 50-70% to actually claim this airdrop by burning their tokens. That puts our figure in the 757,956 LEO to 1,061,139 LEO range.
We're talking about less than 1M LEO (less than 5.6% of the supply) to help the CUB/POLYCUB holders join the fold and for all of us to move forward once again. Unified on our mission statement and without these sister projects dragging us down.
I believe firmly that CUB/POLYCUB dragged our ecosystem down. Hindsight is obviously 20/20. For the first year of CUB's launch, LEO Hit All-Time Highs and things were going incredibly well. We had new users and new capital flooding the LEO ecosystem. But like I said, we all woke up from DeFi summer and now it's time to return to the core mission with 1 token, 1 vision, 1 community.
I feel that there is so much more to be said, but this post is already super long.
There are going to be a lot of nuances and countless questions about both the macro view and micro executables that need to fall in place to make this all work.
The TLDR; is that we are proposing to airdrop around 5.6% of the LEO Supply to CUB/POLYCUB holders who burn their CUB/POLYCUB tokens.
You'll notice that we are doing this at a pivotal moment for LEO as we're about to get listed on Maya Protocol in 5 days and a few other major exchanges in the coming months/years while launching a new DEX inside of the inleo.io UI that earns Affiliate Fees from swapping on these other platforms. Using 100% of those affiliate fees to buy LEO and permanently pool it, increasing depth and potential trading volume.
This is an exciting path forward but we need to bring CUB/POLYCUB around full circle and close the chapter on those books while allowing their holders to onboard back into the LEO Token Ecosystem.
We hope to see the LEO POWER holders agree with this vision and see that this is an abundant path forward for all of us.
Click Here to Vote on the Poll Using Your Hive Account with LEO POWER Stake
Note if you can't see the poll at first load, then click the "LeoFinance" profile page and then look for the Thread containing the poll and vote on it from there (should be 1-3 threads at the top of the profile page)