https://lifebe.com.au/wp-content/uploads/2021/02/Nomadtask-cover.png

Every time I look at my HUNT tokens I'm very pleasantly surprised.

Hi everyone!

One of the very first posts I wrote on my shiny new blog website was about HUNT tokens. The moral of the story was to collect all the tokens you can, because you never truly know where something will end up.

I had collected so many HUNT tokens because I had worked on the Steemhunt project for a year, and my efforts were rewarded in Steem upvotes and HUNT tokens. I really enjoyed that work and the team, but ironically it was the upvotes I was far more interested in.

Steemhunt

Since I wrote that last post, 100,000,000 HUNT tokens have been burnt...

Source

... and since my tokens are still intact that can only be good for me as these tokens become more scarce.

HUNT tokenomics

A token doesn't truly derive value because it's rare. It has to be useful and add value, and the more time that goes on, the more true this becomes of the HUNT token.

Since I wrote that last post, the HUNT team have launched a new app, making 4 they've created that all use this same token. When I spoke to Andrew about Tokenomics last week, this is an incredible example.

Source

With Nomadtask users have the ability to both earn and spend HUNT tokens (Or ETH or XRP) by doing or setting online tasks. I've made $2.30 USD for following a couple of accounts and writing a review... but I really was just testing the waters.

Source

It all worked really smoothly and I honestly should spend more time on this... but this isn't really what I wanted to talk about at all.

As I've mentioned in a few posts already, I kind of love Uniswap, and so because I have so many HUNT tokens I thought it might be smart to earn some of that 0.3% in fees:

Source

If I committed 1 ETH and 17,221 HUNT tokens to providing liquidity, I'd have about 2% of the total liquidity pool.... which means in the last 24 hours I would have made 0.3% of 2% of $2.02. I think that's an earning of $0.00012 in 24 hours. It's probably not a lot given the opportunity cost of trading away ETH if it goes on a tear.

Holding HUNT tokens

Luckily the HUNT team have provided not just a reason to buy HUNT (to set tasks in NomadTask) but also a reason to hold HUNT tokens with their new app NeverLose.Money:

Source

It's an interesting concept and I'm not sure how it'll go in practice... but essentially you lock up your crypto for an amount of time, say, 3 months... if you freak out and need to break that lockup period, you can withdraw at anytime, but you have to pay a fee to access your funds early.

The people who complete their lockup time get bonuses from the people that freaked early.

Source

I really like that you can look at each transaction on Etherscan... so for example it looks like the transaction in that first red box...

Source

So, if I'm reading this right it cost them about $30 worth of HUNT tokens to break their lockup...

...which I guess is the 10% penalty fee mentioned below.

I don't know how you can predict an ROI or APR if you're depending soley on human nature...

...as far as I can tell if no one breaks during your lockup period you don't get any bonuses...

.... except of course the appreciation of the asset you wanted to hold long term.

Will it work?

Rachel looks like she's up 14% on her lockup...

I think that's just the price rise of Etherum during her lockup period. I might be wrong, but I don't think she's gained 14% in bonuses from other people breaking their lockups.

https://twitter.com/CryptoFinally/status/1353771381427752961

Same with this tweet below... not that incentivised holding is bad at all.

https://twitter.com/steemhunt/status/1351794424892821505

I personally use the Crypto.com MCO crypto interest Earn functionality (although they've halted XRP which is a bummer) to help me from playing silly day trader games.

I've always seen crypto as a super, super, super long term thing... maybe I'll never convert any back to fiat, or maybe I'll do it when I'm retired.

Personally I'm hoping I'll just spend it on things I need as we travel the world and not worry about exchange fees, etc.

I'm guessing that if your Bitcoin, Ethereum or HUNT doesn't rise in price during your lockup period AND no one breaks their lockups then you could potentially be worse off because of the ETH fees... but I'm willing to chance it to see what it's like.

Trying NeverLose.Money

Neverlose.money was super easy to connect to...

...my HUNT tokens were already in my MetaMask wallet so that makes everything extremely painless.

The first thing you have to do is sign their contract, which of course, has a fee...

Hmm, I don't know if I had done something wrong...

After I signed the above contract and tried to link up my HUNT tokens to the platform, I had to sign a HUNT-specific contract. I have to wonder if maybe I didn't need that one above? I'm honestly not sure.

I've chosen 6 months to see how that goes..

Oh man... I might be filled with regret already. Dagnammit Ethereum, you're so annoying with your gas prices.

It took 5 minutes and 48 seconds to confirm and cost $55.70... arrrggghhhhhh:

I can't wait until either the Flare Network either builds smart contracts on the XRP ledger or Koinos.io get their fast and feeless smart contract blockchain up and running.

I've now spent $68.44 in fees on something that might not pan out at all. I've got to get better at navigating Ethereum's gas prices...

...either by choosing a slower transaction time or picking a different time of day.

Still, it's all done now.... I'll update this post in the next few months to see how it's going. I'll write a new post in 6 months once my lockup period finishes.

If you have any questions or comments, please feel free to comment down below or reply to this tweet:

https://twitter.com/CryptoAdam4/status/1356099300602732545

Thanks so much for reading!

Posted from my blog with Exxp : https://lifebe.com.au/technology/hunt-tokens-the-gift-that-keeps-on-giving/

Topics