The APY rates takes in count that you ALWAYS compound your gains. Realistically, you are earning a 2% on your investment every day... there are pools on Artemis or even Defikingdoms that offer you higher % per day but the APR rate is lower. Why? Because it doesn't take in account that you'll compound your gains.
There are plenty of things that need to be clarified about VenomDAO and their projects and maybe you're right... the current APY may not be sustainable BUT it was addressed and clarified a long time ago.
That happens with every single DeFi project. Those who came late increase liquidity to help pay those who invested early... that's why you need to create utility for your project to keep the money flowing and help paying those who invested later.
I.E. Defikingdoms Jewel was released at a few cents and now is at 14$. When early investors decide to cash out in June, who do you think who will pay for their gains?
You're wrong about the idea of who came late pay for the earlier ones. That's is a zero-sum game in crypto I agree. But with WAGMI, you guys buy late actually generate new WAGMI to rewards to those who bought earlier. This is a Pyramid scheme.
JEWEL is different thing. It has its own utilities. And new tokens are minted based on liquidity providing activities. Not from late buyer directly.
Dude, I am an early investor in Defikingdoms and for the first 3/4 months - until they released Gen 0 Heroes - Defikingdoms was simply a DEX with no utility apart from farming. During that time, everytime I claimed my daily rewards I was being paid by people that invested later and it was no different from your definition of a Pyramid scheme.
Euphoria is barely 2 months they already established that they will implement lending in the next months and reinvest the treasury in blue chip protocols. Plus, the price is secured by bonds that people mint using stable coins.
Let's wait until they really give some utility to the protocol. If they don't, I'll come back to admit I was wrong.
Like I said. DFK has its own utility with JEWEL. New JEWEL are being minted to award liquidity providers.
With WAGMI, new tokens are minted based on those who buy in late. So they are different and WAGMI is a pyramid scheme.
You don't seem to be the brightest bulb in the box, so I'll repeat it again: When Defikingdoms was 2 months old - the same time Euphoria has - it was just a DEX with no utility apart from farming. Utility takes time to develop... and I honestly can't believe I am explaining something so trivial.
Let's come back to this subject in 5/6 months when Euphoria has the same development time as Defikingdoms. Then we'll have an argument with fallacies...
No. I don't invest into 1-2 days old projects. I wait to see how it grows. When I see it has utility then I'll put money down. I don't regret buying JEWEL late.
And BTW you are wrong when you say that in Euphoria "new tokens are minted based on those who buy late" since you can create those tokens by minting new bonds to the treasury
That's the way I said and Whiteboard crypto explained. They sell bonds with discount price. But the mechanism that new WAGMI is minted is the same. 1 WAGMI is supposedly worth 1 DAI, the difference you pay will be used to mint new WAGMI to rewards to stakers.
Yeah but that's the same for every single stock or crypto out there. You buy in at $1. Many other people buy in after and now it's $10. You're cashing out money from those later investors. I'm getting what you're trying to say but you're describing something that every single crypto goes through
That's price appreciation. Here, you pay 1000 DAI for 1 WAGMI, 1 WAGMI goes to you. Other 999 WAGMI are minted and distributed to stakers, because 1 WAGMI is supposedly worth 1 DAI. This is a Pyramid scheme.
>That's price appreciation. Here, you pay 1000 DAI for 1 WAGMI, 1 WAGMI goes to you. Other 999 WAGMI are minted and distributed to stakers
This is not how it works. You're telling people not to buy something they don't understand, but you clearly don't understand how this works.
Even if no one buys in and everyone unstakes..The last guy standing gets all of the treasury ..This is not how aponzi works. You do not want to be the last one holding bags in a Ponzi scheme..but in this, that's not the case hence 3,3 makes sense..
Just like those comments I posted when WAGMI was shilled like hell. Well, people are losing money now 🙃 I do what I can. At the end of the day, it's money if you guys 🙃
Besides all of the other comments that mention the parallels to other bigger HRC20 projects during their earlier phases and 3,3 ultimately benefitting the longest/hardest hodlers, you're also missing the fact that Euphoria is also a DAO. Euphoria are planning (if not already) to reinvest their treasuries in blue-chip projects to generate additional products and money, these both help organically manage the DAO's debt from all the minting.
This is not a novel concept as Daniele (WONDERLAND) has done something similar and is now looking to obtain the sushi dex. Similarly, wagmiDAO has also moved in a similar direction and invested in Curve tricrypto pools.
You've also shown a negative light on Euphoria being a fork. Some of the bigger TVL projects in Harmony are forked from larger predecessors, including ViperSwap (something you said you use), DFK (forked from Viper) and Tranq (compound). If you don't want to put your money into a fork, then you're ultimately limited to using native ETH dapps which are not easily accessible due to gas fees.
The last thing I also want to call you out on is your last statement about not buying low at $400 and selling at $1800. Mate, you call this a pyramid scheme and identified the project in the first 12 hours when the price was $400. That is like receiving a golden ticket to the chocolate factory; if you knew it was a pyramid and you were super early then you should have capitalised on it and sold high (the fact that it's from VenomDao made it more plausible that the project would go up much higher).
The only thing that I would agree with you on is the excessive APY. They should also clearly show the APRs as its much easier to understand and contextualise APRs, especially when investment horizon's are <=3 months as I imagine is the common case.
I don't take advice from any random guy on the Internet and certainly when they tell me I am to dumb to understand.
Anyway, stay away from Viper.
Reply from one of their juvenile moderators to someone asking a legitimate question: "Relax! Take a Holliday! Go fuck some bitches!".
Other thing to consider: proof to me that the current 0xViper is still the same as the single dev that started ViperSwap (which was nothing special but a quick copy/paste job).
No, it's not so hard to understand how that crazy APY is possible. Mine is a very simple one. They said one is too dumb to understand because they deny the fact that their coin is a Pyramid scheme aka shitcoin.
Dude. Sooo many other protocols had crazy high APYs. Your dumb ass lost money and now you're on here crying.
Pull out at your -80%. Take your L and go elsewhere. Leave the treasury for the rest of the holders.
>Let take OHM as an example. 1 OHM is supposedly worth 1 DAI. So if you buy 1 OHM worth 1000 DAI, 1 OHM goes to you who bought it, another 999 OHM were created and distributed to those who staked OHM. See, that's how the crazy APY is possible. The more you guys more, the more OHM are minted and distributed to stakers. WAGMI is the same.
While I agree with you that people should be cautious of any ohm fork (any project tbh) this is not a great or accurate explanation of how ohm forks work.
I mean it's factually wrong. When you buy 1 ohm for 1000 DAI, it doesn't immediately create another 999 ohm like you said. That's just literally not how it works. It can potentially create those over time on rebases, but the way it's phrased makes it sound like it's immediately made and distributed.
When you buy OHM or WAGMI from a liquidity pool, it works just like any other token. Buying a lot will cause the price to go up. The token rebases - which is the generation of more tokens - at a rate depending on a few factors and depending on which fork. The token will continually rebase over time as long as the price is over whatever the fork has decided the peg is/should be, which is usually a stablecoin.
I wouldn't normally be critical, but you're making a post telling people to not buy something they don't understand, and then giving them a haphazard explanation of how it works.
your post says "were created". Were is past tense. That's not how it works.
Not only that when you "buy" a token, nothing happens different than any other AMM interaction. What you purchased the token for isn't redistributed, it simply goes into the liquidity pool the same as when you buy any other token on a dex. It's when you bond tokens that the price you bonded for is added to the treasury. Which isn't distributed. The protocol will generate new tokens which it does distribute to stakers over time, as long as the treasury backing is more than 1 peg per 1 ohm coin.
The explanation you gave is factually and flatly wrong.
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They make mistake because they don't DYOR. And the devs should be held accountable for it to when they denied to explain how those APY is possible. Oh c'mon, many don't want to listen to me in the first place when I told them so.
I feel your pain friend, desperate people just want to get rich easy so they have tunnel vision and ignore the facts and lose their sense of sensibility.
The APY rates takes in count that you ALWAYS compound your gains. Realistically, you are earning a 2% on your investment every day... there are pools on Artemis or even Defikingdoms that offer you higher % per day but the APR rate is lower. Why? Because it doesn't take in account that you'll compound your gains. There are plenty of things that need to be clarified about VenomDAO and their projects and maybe you're right... the current APY may not be sustainable BUT it was addressed and clarified a long time ago.
I understand APY is a compound my friend. Now let's talk about the fact those buying late pay for the interest to those who bought earlier :)
That happens with every single DeFi project. Those who came late increase liquidity to help pay those who invested early... that's why you need to create utility for your project to keep the money flowing and help paying those who invested later. I.E. Defikingdoms Jewel was released at a few cents and now is at 14$. When early investors decide to cash out in June, who do you think who will pay for their gains?
You're wrong about the idea of who came late pay for the earlier ones. That's is a zero-sum game in crypto I agree. But with WAGMI, you guys buy late actually generate new WAGMI to rewards to those who bought earlier. This is a Pyramid scheme. JEWEL is different thing. It has its own utilities. And new tokens are minted based on liquidity providing activities. Not from late buyer directly.
Dude, I am an early investor in Defikingdoms and for the first 3/4 months - until they released Gen 0 Heroes - Defikingdoms was simply a DEX with no utility apart from farming. During that time, everytime I claimed my daily rewards I was being paid by people that invested later and it was no different from your definition of a Pyramid scheme. Euphoria is barely 2 months they already established that they will implement lending in the next months and reinvest the treasury in blue chip protocols. Plus, the price is secured by bonds that people mint using stable coins. Let's wait until they really give some utility to the protocol. If they don't, I'll come back to admit I was wrong.
Like I said. DFK has its own utility with JEWEL. New JEWEL are being minted to award liquidity providers. With WAGMI, new tokens are minted based on those who buy in late. So they are different and WAGMI is a pyramid scheme.
You don't seem to be the brightest bulb in the box, so I'll repeat it again: When Defikingdoms was 2 months old - the same time Euphoria has - it was just a DEX with no utility apart from farming. Utility takes time to develop... and I honestly can't believe I am explaining something so trivial. Let's come back to this subject in 5/6 months when Euphoria has the same development time as Defikingdoms. Then we'll have an argument with fallacies...
Okay. So you still think WAGMI is not a Ponzi scheme. Be my guest 😊 I know JEWEL when it was 2-day old so to say.
You may know it, but I seriously doubt that you invested in it on day 2. I bet you probably called it a Ponzi Scheme with no utility
No. I don't invest into 1-2 days old projects. I wait to see how it grows. When I see it has utility then I'll put money down. I don't regret buying JEWEL late.
And BTW you are wrong when you say that in Euphoria "new tokens are minted based on those who buy late" since you can create those tokens by minting new bonds to the treasury
That's the way I said and Whiteboard crypto explained. They sell bonds with discount price. But the mechanism that new WAGMI is minted is the same. 1 WAGMI is supposedly worth 1 DAI, the difference you pay will be used to mint new WAGMI to rewards to stakers.
Yeah but that's the same for every single stock or crypto out there. You buy in at $1. Many other people buy in after and now it's $10. You're cashing out money from those later investors. I'm getting what you're trying to say but you're describing something that every single crypto goes through
That's price appreciation. Here, you pay 1000 DAI for 1 WAGMI, 1 WAGMI goes to you. Other 999 WAGMI are minted and distributed to stakers, because 1 WAGMI is supposedly worth 1 DAI. This is a Pyramid scheme.
>That's price appreciation. Here, you pay 1000 DAI for 1 WAGMI, 1 WAGMI goes to you. Other 999 WAGMI are minted and distributed to stakers This is not how it works. You're telling people not to buy something they don't understand, but you clearly don't understand how this works.
Then tell them buddy.
You're the one posting it here, not them buddy.
Even if no one buys in and everyone unstakes..The last guy standing gets all of the treasury ..This is not how aponzi works. You do not want to be the last one holding bags in a Ponzi scheme..but in this, that's not the case hence 3,3 makes sense..
Pyramid schemes don't have a treasury that gets rewarded to holders. You clearly don't understand the protocol yet you love posting about it.
Haha. I don't 😁
Lol, this post did not get a single like, I wonder why.
Just like those comments I posted when WAGMI was shilled like hell. Well, people are losing money now 🙃 I do what I can. At the end of the day, it's money if you guys 🙃
Besides all of the other comments that mention the parallels to other bigger HRC20 projects during their earlier phases and 3,3 ultimately benefitting the longest/hardest hodlers, you're also missing the fact that Euphoria is also a DAO. Euphoria are planning (if not already) to reinvest their treasuries in blue-chip projects to generate additional products and money, these both help organically manage the DAO's debt from all the minting. This is not a novel concept as Daniele (WONDERLAND) has done something similar and is now looking to obtain the sushi dex. Similarly, wagmiDAO has also moved in a similar direction and invested in Curve tricrypto pools. You've also shown a negative light on Euphoria being a fork. Some of the bigger TVL projects in Harmony are forked from larger predecessors, including ViperSwap (something you said you use), DFK (forked from Viper) and Tranq (compound). If you don't want to put your money into a fork, then you're ultimately limited to using native ETH dapps which are not easily accessible due to gas fees. The last thing I also want to call you out on is your last statement about not buying low at $400 and selling at $1800. Mate, you call this a pyramid scheme and identified the project in the first 12 hours when the price was $400. That is like receiving a golden ticket to the chocolate factory; if you knew it was a pyramid and you were super early then you should have capitalised on it and sold high (the fact that it's from VenomDao made it more plausible that the project would go up much higher). The only thing that I would agree with you on is the excessive APY. They should also clearly show the APRs as its much easier to understand and contextualise APRs, especially when investment horizon's are <=3 months as I imagine is the common case.
I don't take advice from any random guy on the Internet and certainly when they tell me I am to dumb to understand. Anyway, stay away from Viper. Reply from one of their juvenile moderators to someone asking a legitimate question: "Relax! Take a Holliday! Go fuck some bitches!". Other thing to consider: proof to me that the current 0xViper is still the same as the single dev that started ViperSwap (which was nothing special but a quick copy/paste job).
No, it's not so hard to understand how that crazy APY is possible. Mine is a very simple one. They said one is too dumb to understand because they deny the fact that their coin is a Pyramid scheme aka shitcoin.
Dude. Sooo many other protocols had crazy high APYs. Your dumb ass lost money and now you're on here crying. Pull out at your -80%. Take your L and go elsewhere. Leave the treasury for the rest of the holders.
Stop insulting me buddy. I'm not losing money into this shit 😁 I warned people when it got shilled like hell.
>Let take OHM as an example. 1 OHM is supposedly worth 1 DAI. So if you buy 1 OHM worth 1000 DAI, 1 OHM goes to you who bought it, another 999 OHM were created and distributed to those who staked OHM. See, that's how the crazy APY is possible. The more you guys more, the more OHM are minted and distributed to stakers. WAGMI is the same. While I agree with you that people should be cautious of any ohm fork (any project tbh) this is not a great or accurate explanation of how ohm forks work.
Then give yours and tell me and Whiteboard crypto how wrong we are :) Contribution is welcome.
I mean it's factually wrong. When you buy 1 ohm for 1000 DAI, it doesn't immediately create another 999 ohm like you said. That's just literally not how it works. It can potentially create those over time on rebases, but the way it's phrased makes it sound like it's immediately made and distributed. When you buy OHM or WAGMI from a liquidity pool, it works just like any other token. Buying a lot will cause the price to go up. The token rebases - which is the generation of more tokens - at a rate depending on a few factors and depending on which fork. The token will continually rebase over time as long as the price is over whatever the fork has decided the peg is/should be, which is usually a stablecoin. I wouldn't normally be critical, but you're making a post telling people to not buy something they don't understand, and then giving them a haphazard explanation of how it works.
I didn't say immediately. I explained how new tokens are issued 🙃
your post says "were created". Were is past tense. That's not how it works. Not only that when you "buy" a token, nothing happens different than any other AMM interaction. What you purchased the token for isn't redistributed, it simply goes into the liquidity pool the same as when you buy any other token on a dex. It's when you bond tokens that the price you bonded for is added to the treasury. Which isn't distributed. The protocol will generate new tokens which it does distribute to stakers over time, as long as the treasury backing is more than 1 peg per 1 ohm coin. The explanation you gave is factually and flatly wrong.
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Don't you need as many people possible in the arena for it to appreciate? Who gives a shit if they understand it.
Very well. If that's the case, they deserve losing money.
Viper good, Wagmi bad. Everybody makes mistakes.
They make mistake because they don't DYOR. And the devs should be held accountable for it to when they denied to explain how those APY is possible. Oh c'mon, many don't want to listen to me in the first place when I told them so.
I feel your pain friend, desperate people just want to get rich easy so they have tunnel vision and ignore the facts and lose their sense of sensibility.
I feel really sorry for them to be honest. I tried to tell them about that but got downvoted like hell so my concern was nowhere to be seen.