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r/xDAI Mod Report:
The crypto winter continues with major coins taking a tumble last week and really only in the last day or set regaining their collective footing.
Going below $30,000 represented a major media story and brought out perma-bulls like Schiff gleefully revel in the bear market.
While this is bad for bull trading, and quite good for bears, it marks the time when stablecoins are best being tested as a means of holding value on the sideline while still not keeping it in fiat or several days away via an ACH transfer. It's undoubtedly profitable for those that stake in stablecoin on Uniswap V2/V3 & Uniswap V2 forked 50-50 exchanges because after seeing ETH dropping 20% in a day some people can't stomach the volatility and want to get on the sidelines.
Traditionally Tether has occupied that role, and this often creates more of a demand than the supply can handle, leading to the push-up in tether's value.
This is good for HODLers of Tether, but really defeats the purpose of the stablecoin if you need to get in to a stablecoin at a 6% haircut except during periods of stability.
It's a well-worn yarn, but voices continue to trumpet how Tether started as a full-collaterization project, then On 30 April 2019 Tether Limited's lawyer claimed that each tether was backed by only $0.74 in cash and cash equivalents, and on 30 April 2019 Tether Limited's lawyer claimed that each tether was backed by only $0.74 in cash and cash equivalents. You can read their compelling wikipedia) page and make up your own mind in terms of its permissibility as a fiat-linked cryptocurrency project.
The real growth in the future will be DAOs, like ours, that don't hide behind clandestine, black box Bahamas-based Banks, but offering the public the type of transparency required to keep the public's trust. If a project violates a public's trust then it should have difficulty operating. The best predictor of future behavior is past behavior, and we should expect as much with the project with which we entrust our crypto.
Objective Succeses:
- ✅ Honeyswap submission for token list inclusion. This allows us to be featured by name, not only by inputting the xDAI DAO's token address.
- ✅ $2000 in RxDAI/xDAI staking with sustained earnings for liquidity providers.
- If you wish to add your airdrops to the Honeyswap LP then you just pair your airdropped RxDAI with xDAI and add it to the Honeyswap contract. I've seen many people sell 1/2 of their airdrop--converting it into xDAI--then adding it. That's perfectly acceptable and a great way to HODL your airdrops, allowing you to earn interest on that which you've already been awarded. Incremental savings, especially in crypto, is always the way to exit big.
- ✅ May Airdrops out
Working on:
- Strategic Partnerships to increase visibility and utility, especially among trading groups.
- Hackathon Scheduling Video Production on RxDAI utility on its own & in comparison to similar projects.
- Hourly Honeyswap Bot to keep RxDAI at parity with $0.01 or 0.01 of an xDAI/WxDAI fiat-linked USD stablecoin peg and keep-up with the increasingly frequent trading activity, yielding healthy liquidity rewards to LP liquidity providers
- 5-figure staked liquidity and partnerships with volume & active traders
- RxDAI Grants Round #1 for Innovative Utility, Content Creation, and Strategic Alliances
Sponsorships:
- ChangeNow Partnership: Profitable! Thanks for r/xDAI users that have using our partner link to swap in and out of various crypto pairs. We get wholesale spread rates so the profit being earned is nearly imperceptible when doing a crypto transaction in terms of its closeness to an CoinGecko exchange rate.
- All funds are "burned" by being used to buy RxDAI from the Pool from xDAI, keeping the stablecoin at $0.01 per RxDAI (or thereabouts).
- Larger sized staked allow modest-sized users (buying >$100 in RxDAI) to get into and out of RxDAI on Honeyswap without impacting the price. Users who want to go in larger I suggest you go to the DAO Finance page and make a deposit ($1 xDAI for 100 RxDAI) to avoid considerable slippage. Tokens are awarded in 12 hours or less and you can then stake the tokens on Honeyswap to began earning liquidity rewards.
Remember to keep the discussion going and posts flowing for June airdrops. The month will be over before you know it! Feel free to send ModMail with your xDAI airdrop address and any questions you have. Thanks HODLers!
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