Elmo-Burns: A Transparent SPS Burn Mechanism for the Splinterlands Community

Welcome to the official post about Elmo-Burns, a project designed to support the Splinterlands ecosystem by reducing the total supply of SPS tokens through a transparent and automated burn mechanism. This initiative, developed by Schnuutz, aims to create a sustainable token economy while providing the community with real-time insights into the process.

In this post, we’ll explore the SPS Dashboard, which provides a detailed overview of the project's progress, and take a deeper dive into the burn cycle, explaining how it works and sharing the current statistics.

The SPS Dashboard
The SPS Dashboard is the central hub for tracking the progress of the Elmo-Burns project. It provides live data and visualizations to keep the community informed about the project's impact. Below are some of the key features of the dashboard:

Key Features
SPS Token Distribution
A live chart displays the distribution of SPS tokens, including reward pools and other allocations.

Burn and Purchase Statistics

Top Donors
A leaderboard highlights the top contributors to the project. Currently, the top donor is my private account, [Insert account name], showcasing my personal commitment to the initiative.

SPS Auto-Conversion System
A dedicated section explains the automated process of burning SPS, generating DEC, and reinvesting it back into SPS.

Part 2: The Burn Cycle
The burn cycle is the heart of the Elmo-Burns project. It is an automated process that ensures the continuous reduction of SPS tokens in circulation while maintaining transparency and efficiency. Here’s how it works:

Fetch SPS and DEC balances.
Burn SPS and generate DEC.
Transfer DEC to Hive-Engine and swap it for SPS.
Send the purchased SPS back to the sps-validator account.
The process is fully automated, with logs and JSON files tracking every transaction.

Maximum SPS Burn per Cycle: A limit of SPS per cycle ensures that the market is not overwhelmed with DEC, which could lead to a price collapse.
Minimum Balances: The system maintains a minimum balance of 10 SPS and 100 DEC in the validator account to avoid depleting resources entirely.
Rate Limiting: The script runs every 30 minutes, ensuring a steady and controlled flow of transactions.

Elmo-Burns is more than just a burn mechanism—it’s a community-driven initiative to strengthen the Splinterlands token economy. By reducing the SPS supply, we aim to create a healthier ecosystem and potentially increase the token's value over time.

I invite everyone in the community to explore the SPS Dashboard, track the project's progress, and contribute to the cause. Together, we can make a lasting impact on the Splinterlands economy.

All funds received through donations will be reinvested into the system. These funds will either be used to purchase more SPS for burning or to acquire additional Hive Power (HP) to support the transactions required for the burn cycle. This ensures the sustainability and efficiency of the project over the long term.

I’d love to hear your feedback, ideas, or reports about any bugs you might encounter while using the Elmo-Burns system. Your input is invaluable in improving the project and ensuring its success within the Splinterlands community.

Feel free to reach out with your thoughts or suggestions—together, we can make Elmo-Burns even better!

Links:
SPS Dashboard: https://elmo-burns.com/
Transaction History: https://hivehub.dev/@sps-validator

Thank you for your support,
Schnuutz