LENO Tokenomics
Last updated
Last updated
On August 11, 2022, Chefs implemented some configuration upgrades to take full advantage of MasterChef v2. It eliminates the 45,000 LENO daily burn for the legacy lottery injections. Those burns will now be handled by MasterChef v2 directly along with the usual weekly LENO burn. Therefore, the effective emissions are now even lower.
In addition to the above, a dynamic amount of LENO is also minted to the Dev address at a rate of 9.09%. This means that if 100 LENO are harvested, then 9.09 LENO is minted in addition and sent to the Dev Address.
All LENO minted to the Dev address is burned in the weekly burn and never enters circulation.
As such, we haven't included it in the above emission rate.
The burning process is currently manual. View burn transactions here.
As well as the above, LENO is also burned in the following ways:
0.0575% of every trade made on LenoSwap V2
100% of LENO sent to the Dev address
100% of LENO performance fees from IFOs
100% of LENO spent on Profile Creation and NFT minting
100% of LENO bid during Farm Auctions
20% of LENO spent on lottery tickets
20% of all profits from Perpetual Trading
45,000 LENO per day (historically assigned to the lottery)
3% of every BNB Prediction markets round is used to buy LENO for burning
3% of every LENO Prediction markets round
2% of every yield harvest from all the flexible staking positions in LENO pool
2% of every NFT sale on the NFT Market is used to buy LENO for burning
To hit the ground running, LenoSwap launched as an MVP (minimum viable product) with the MasterChef contract emitting 40 LENO per block. For that reason, the early team didn't add additional functions such as the ability to customize the LENO minting logic. The team has been controlling LENO emissions through a manual burn process by creating two pools in MasterChef v1:
Legacy Lottery Pool (PID - 137) - burned LENO from the lottery
Burn Pool (PID - 138) - burned LENO per block
These pools work similarly to the farms, where the Chefs can adjust the percentage of the 40 LENO per block allocated to it after each LENO emission reduction vote.
However, in April 2022, LenoSwap migrated to a new MasterChef v2 contract. The ratio of the LENO burn per block is finally controlled by a dedicated contract. This allows the burn to be much more accurate.
Due to MasterChef v2 occasionally harvesting the full 40 LENO per block. The supply shown on the homepage (or some 3rd party trackers) might suddenly jump by several million LENO.
Don't worry - EMISSION IS NOW CONTROLLED CAREFULLY BY MASTERCHEF V2. LENO TO BURN WILL NEVER ACTUALLY ENTERS CIRCULATION!
To confirm that the circulating LENO supply shown on the LenoSwap homepage is correct,
Head to the LENO token contract on BscScan and see how much LENO is held by the Burn Address. That's the total amount of LENO that's been burned (removed from circulation FOREVER, and impossible to ever retrieve).
Then, subtract this burned amount from the "Total Supply" that BscScan shows.
This gives you the actual LENO supply.
| Distributed to | Reward/block (% of emission) | Reward/block (total LENO) | Reward/day |
|---|---|---|---|
Metric
Emission/block (LENO)
Emission/day (LENO)
Emission
40
1,152,000
Burned Weekly
~28.84
~830,800
Effective Emission
~11.16*
~321,200*
Farms
~5.03%
~2.0138
58,000 (approx)
Lottery
~0.35%
~0.1389
4,000 (approx)
Sweet Pool
~22.5%
~9
259,200 (approx)
Total Daily LENO Emission
321,200 (approx)
