Hello. It was mentioned in last week's weekly report; About a week ago, the cryptocurrency market experienced a major shock. The Hive price was also significantly affected by this situation. Due to insufficient trading volume and liquidity, tokens held in the Hive-Engine were not significantly affected by the shock. However, not all tokens ultimately retained their value in USD terms, with the Cent also being significantly affected.
Image source: Gemini AI
The price of Cent has risen from 0.0026 Hive to 0.003 Hive since last week. It hasn't closed the gap compared to before the shock. Due to recent events, we've decided to prioritize stablecoins and cryptocurrencies outside of the Hive-Engine. Currently, Cent has HBD and BEED liquidity pools. There are also BTC and ETH liquidity pools outside the blockchain. However, the liquidity in these pools is below our expectations. In this post, I will briefly discuss our ongoing and planned work.
- The reward distribution period for the HBD/Cent liquidity pool concluded two days ago. We have restarted the reward distribution period for the pool for 365 days. We have added approximately $1,100 worth of rewards (HBD, BEED, and Cent) to the liquidity pool. We will gradually add more HBD rewards in the coming period.
- The BEE/BEED Token Work continues where it left off. The Cent/Bee liquidity pool has reached $1,500 in liquidity. However, we still haven't reached the expected liquidity in the BEED pool.
- The Cent/BTC and Cent/ETH liquidity pools have approximately $2,200 in liquidity. We will increase the APR offered in these liquidity pools as much as possible. We will also emphasize portfolio diversification in our ongoing work. Our BTC and ETH pools are unrivaled in terms of LP reward distribution and liquidity. We will discuss this topic further in future posts.
- In the coming period, we primarily plan to create a USDT/Cent liquidity pool. In addition to the liquidity pools created through the ATX and LBI collaboration, we will continue to connect Cent to cryptocurrencies outside the blockchain.
Ultimately, we can assume that events like the ones I mentioned above will not occur again. However, this does not eliminate the need for taking precautions. Therefore, we want to achieve greater liquidity in the HBD, BEED, BTC, and ETH liquidity pools. Our main goal is to make Cent as liquid as possible by creating new liquidity pools. Ensuring that the price movement of the token we manage is driven by its own internal factors will be one of our most significant achievements. See you again. Stay tuned.