First of all, we are glad to share that we have reached a total of 200k Hive power. Thanks to all the delegators. We have also been consistently doing manual curation and thanks to all the delegators who are supporting this manual curation effort. We have been trying hard to keep the momentum going and trying to introduce any new features in the community. The bear market has been a pain for everyone. This makes people lose interest in writing or engaging. But the long-term Hivers know that a bad Hive price is the right time to write more because the quantity of Hive we would be getting as post rewards will be more.
We recently introduced our community coin called IUC token on Hive Engine. We sold a few tokens on Hive Engine and also mentioned that we would be bringing some utility to the token. The token was initially created to solve our liquidity problem while distributing the curation rewards. Even now we have the same liquidity problem and somehow manage it with the sales of IUC tokens. This is why we thought of bringing the first utility for the IUC token.
Effective tomorrow, all the curation reward shares will be distributed in the form of IUC tokens. The APR people usually get from the curation rewards varies from 8 to 10 percent. We would like to fix it to a 10 percent constant. As the price of the IUC token is also going to be fixed and pegged to Hive, a 10 % fixed APR is a great deal and it will benefit if the price of Hive improves long term. We would also like to increase the APR in the future if we find more income streams for the community.
People who would like to hold the tokens can hold them and people who need liquidity can sell the token on Hive Engine in exchange for SWAP.HIVE. As mentioned in our token announcement post, we only have a limited supply of IUC tokens and the value of the token will be maintained with the price of Hive. With the power down we do from the main account, we would be buying IUC tokens back from the market at 0.98 Hive. The 0.02 Hive difference is to manage the swapping cost and other transactional challenges. The buy order will be placed once a week based on the power down. To start with a buy order for 50 Hive has been placed on Hive Engine at the time of writing this post.
We also have some plans to reward people holding IUC tokens. We will describe that in detail in a separate post. Manual voting is the key element of the community and we are planning to make some changes to the voting algorithm so that it is beneficial for people who write quality content and also for people who are holding IUC tokens. There will soon be perks for the community curators as well. A special thanks to all the current community curators who take the effort to curate good posts without expecting anything in return.
Finally, tagging all the current delegators in this post so that they are all aware about this change. It is important for all the delegators to know.
Note: This change is based on the current market condition and our liquidity status. We might switch back to Hive again in the future or maybe reward Hive to users holding IUC tokens.
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