Hi all, @dec.burn is a new initiative to utilize the power of Hive to burn more DECs.
How it Works
All rewards (Hive, HBD, and other H-E tokens) earned by this account will be powered down and used to buy DECs on the open market, which will subsequently be sent to @null.
We encourage all Splinterlands players to set a small portion of their rewards to @dec.burn as the beneficiary.
How to Set @dec.burn as a Beneficiary
This can be done on PeakD by following the below instructions when posting:
Click "Advanced"
Click "Add Beneficiaries"
Fill in the username, reward and then click on the green "+"
It should look like this once complete
The same process may also be used for comments by clicking the button on the bottom left
You can also add a default beneficiary for all posts here, but it is only 5%
How this Helps Splinterlands
By reducing the supply of DECs, this will increase the price over time. With the help of this and many other sources of burning, DECs should eventually reach peg, thus enabling the SPS burning mechanism to take into effect, or as some call the "flywheel effect". Although this initiative alone will not magically bring us to peg, it will accelerate the process slightly.
How Helping Splinterlands Helps Hive
Without a doubt, Splinterlands is the largest project using the Hive blockchain. However, the Splinterlands economy is currently plagued by an oversupply of DECs and the faster this is resolved, the faster the economy can recover. Being a "play to earn" game, the economy is fundamental to the project's success, and thus Hive's success. By helping Splinterlands, you are helping Hive.
Lastly, Splinterlands has multiple liquidity pools on Tribal DEX using Hive as a base asset. By increasing the value of Splinterlands assets, you are contributing to improve the utility and yield of Hive in liquidity pools.
Logistics
This account will initially be manually operated by @cryptoeater, but if this initiative is successful we will look to create a bot to automatically claim, power down and buy DECs.
If this initiative is unsuccessful or for any reason needs to shut down, all remaining funds on this account will be transferred to @sps.dao.
Awareness
For this initiative to be successful, we need awareness. We highly suggest anyone who adds @dec.burn as a beneficiary to use the #decburn tag and add a small message in your post stating the burn percentage and a link to this article. Once this gains a bit more traction, we also encourage curators to curate the #decburn tag to reward those who are giving up a share of their post rewards.
Should set any posts made by this account to liquid to ensure that it gets rewards promptly, and as a result; can get more DEC burned more rapidly :)
Good idea, but maybe better to have it spread out as well, not sure. Does liquid still charge a fee? I think they used to charge like 2% or something
Can't remember, I like the 50/50 for now :D
if you talk about reward.app there is a 1% fee
Cool idea @dec.burn ... I will set all mine to 10% and I hope others decide to give some of their posts/comments too (especially SPL related ones)
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Good initiative !
That's the perfect passive tool to burn DEC regularly!
(I promoted the post with Ecency points, we never know, it might attract attention !)
everyone out here just trying to burn dec goes to show ya how over inflated everything still is in the game. HOpefully lessons learned on the next pack release as well.
Something to spice up the account:
Profile picture:
https://files.peakd.com/file/peakd-hive/flauwy/23yTUWw9CHT5LfKewJtZ1qSHsRNu6rDUo6SWTYs3W4qAm5x3gWTokDERtkGYTeiCqUsed.pngPost cover image:
https://files.peakd.com/file/peakd-hive/flauwy/23wfqy2Di6489DuCPTtZgfLXQMaySXUZrGAJiFPbV5DfZmkMzfLSt2F1wVvS1BXhR5iEE.jpg