Introducing PolyCub Burner

polycubburner in #hive-167922 • 2 years ago

Cover - Polycub Burning.png

The Polycub project is one of the most interesting DeFi projects I have ever come across. The monthly halvings in inflation will result in an extremely small total supply that will never reach 7 200 000 tokens.

Instead of using inflation to pay for farms, kingdoms and vaults forever the protocol will use the revenue generated from multiple sources to buy back and distribute additional Polycub on top of the dwindling inflation.
We're getting close to the point where inflation alone is not enough to sustain appealing yields so the protocol buyback and distribution mechanism will kick in to help boost the yield soon.

Why Create PolyCub Burner?

I want to make the total supply of Polycub even smaller than it already is. Burning tokens is the best way to bring value to every token holder proportionally to their holdings. Buying Polycub from the market and burning it will lower the supply and increase the price.

90% of all post rewards generated by this account will be used to buy Polycub the remaining 10% will go to @myfreebtc for managing fees this might be lowered depending on how successful this venture becomes.
I will also convert 100% of all second-layer tipping tokens received into Hive to buy more Polycub. The LEO earned in this account will be sent to the @null address. There will be a section at the end of each post detailing how much LEO is burned over the duration of this project.

Posts

The idea came from the buildawhale burn posts but there will be a twist to the posts. Instead of just posting an image and a little bit of text I will also try to add a little bit of value to the posts by sharing daily stats about PolyCub. Also instead of burning all the rewards I will convert the Hive and HBD to VexPolycub and burn it.

Current circulating supply
Changes and growth of XPolycub, XPoly/Polycub ratio and VexPolycub
Hive, Hive Power, Liquid HBD, and HBD in savings on the @p-hive and @p-hbd accounts.
Revenue generated by the Multi token bridge on the previous day.

I have no coding skills so I will have to grab all the data manually and add some commentary to the posts. My goal is to collect the data every day at around 11 AM UTC and Publish it around 3 PM UTC.

It will be complicated not to skip a day every now and then, especially on the weekends. I promise to do my best to be as consistent as I can.

Burning Post Rewards

All of the Polycub bought will be turned into XPolycub and then turned into VeXPolyCub. VexPolycub is a transferable token so once I have the VexPolycub I will send it to the burn address on Polygon. The Vexpolycub will keep farming more and more Polycub over time so it will keep burning more Polycub even after I send it to the burn address.

Every first Monday of each month I will buy all the Polycub I can with the author rewards from this account and make a post with all the links and information about how much VexPolycub I was able to burn.

It would be very helpful to grab khaleelkazi attention, potentially a shoutout, and some upvotes from the Leofinance accounts to bring more awareness to this initiative.

All feedback is welcome, make sure to drop a comment down below with your thoughts about this venture.

Posted Using LeoFinance ^Beta

#introduceyourself #polycub #cub #defi #leo #hive #pob #vyb #leofinance

2 years ago in #hive-167922 by polycubburner

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trumpman2 2 years ago

Why not burn the Leo too?

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polycubburner 2 years ago

I can do that. If I turn the post rewards to burn it will deploy it on both Hive and Leo. So maybe I could receive the rewards, and send it to null afterward. I will add a section at the end of the daily reports 7 days from now (when the first payout occurs) with the amount of LEO I burn over time. While still keeping my main account has a 10% post beneficiary for future daily posts.
Thanks for the feedback, let me know what you think about this solution.

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freshminnow 2 years ago

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roleerob 2 years ago

Going beyond any comment I might be inclined to make about the specifics of your proposal here, I will just say I think you should leave this challenge to the core LeoFinance team.

That is, if this idea of burning PolyCub has any merit, let them propose the means and method of doing so and rally the whole community behind it.

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ecency 2 years ago

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manniman 2 years ago

I hate the idea of burning rewards, it's wasted potential. Additionally, if you make a burner account - you need to sell just everything or you break the idea and it's no longer a burner account.

Sorry to say, this is bs.

Posted Using LeoFinance ^Beta

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cervantes420 2 years ago

He's earning hive rewards from the upvotes and using them to increase the value of polycub...I don't see how this is a bad thing

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manniman 2 years ago

The second word of your answer is already wrong "He's earning", burner post don't earn nothing. You put "null" to 100% and you get a little flame icon down right in the UI and that makes it a burner post. That's it, end of the story - none is earning anything.

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1 vote

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polycubburner 2 years ago

Burning Polycub has a positive price impact which would increase the Market cap hence:

Attracting more attention to the token.
Making investors happy and more likely to talk, post, and share the project.
Motivates the team to keep working on it.

The burner account will give me a ton of work to manage, I have post daily updates and comments on the performance of Polycub which I believe will bring some value to the people who are interested in the project. I wouldn't do this for free and I see it as a win-win situation, I get a small fee and some LEO for my effort and polycub investors get organized daily updates while also contributing to the polycub growth by turning their upvotes into burned POLYCUB.

I don't know if these arguments make sense to you but if they don't let's just agree to disagree.

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manniman 2 years ago

This is not a disagreement, you try to spin up a fake burner post model.

What you do is a converter post. Upvotes this to turn your voting power into Polycub price movement. It's not burning anything until the Coins/Tokens have already left the HIVE Blockchain ecosystem.

AND ON TOP OF YOUR burner called Converter post you added that:

I don't want to dump the Leo on the market so I will be keeping it and turning it into Leo Power on my main account.
That passage needs to die, you are absolutely nuts to put that in.

Look I'm showing the flaw, if this will ever get momentum this account and your main account might get flagged heavily, and not only the rewards get nulled but your reputation might get destroyed. Just rethink your model and try again if you really want to create a burner post.

I just want to repeat the most important point. POLYCUB and XPolycub are not on the HIVE Blockchain. All you do here is ask for upvotes to sell all rewards and take them to the polygon network. From the perspective of an Hiver, let me CAPSLOCK THAT, FROM THE PERSPECTIVE OF THE HIVE BLOCKCHAIN AND ITS USER, YOU'RE NOT BURNING ANYTHING.

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polycubburner 2 years ago

I see what you mean, and you're right I have to make some changes to how I'm going to go about this. My objective is not to milk the Hive ecosystem for the benefit of Polycub I intend to bring some value to the people on Hive who also use Polycub with the daily updates and comments I will be posting.

I don't want to dump the Leo on the market so I will be keeping it and turning it into Leo Power on my main account.
That passage needs to die, you are absolutely nuts to put that in.

Another thing that I will change. I will send it to the null account and add a paragraph at the end of each post with the amount of LEO I burn over time. You weren't the only one alerting me to this. That's why having feedback from the community can be very helpful, to change and improve over time.

I will tweak things around and edit this post to better convey the message that this is just an account that will post daily content about polycub and convert the rewards into burning Polycub. Whoever finds the content helpful can upvote it.

Thank you for the feedback.

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poshtoken 2 years ago

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2 votes

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hivebuzz 2 years ago

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