GLG pack staking is live but at what cost?
The moment all the GLS enthusiasts are here and now, we can all stake our GLG packs. I don't know about the rest of you but I'm too poor to buy packs right now, so I'm mostly watching from the sidelines. Actually, I'm staking 2 packs but that's hardly an "investment" at this stage.
I assume that the introduction of pack staking will lead to a notable increase in the pace of pack sales in the shop. Investors will naturally be looking to take advantage of the incoming GLX tokens from staking these packs.
I'd like to increase my participation in pack staking but I'm unfortunately too poor for that. The bear market has been draining and brought me down to bare bones.
The past couple of weeks have mainly involved scraping for survival through publications and staking rewards from whatever little I own on chain. I honestly don't see how I'll be able to participate in the GL pack staking with funds so low.
GLX dump
The past couple of hours have been quite brutal for GLX token and it has coincided with the launch of GLG pack staking. Perhaps it is just a coincidence since this dump in value has been expected for weeks now but I don't think that's the case.
The way I see it, the dump in the value of GLX token is definitely connected to the launch of GLG pack staking.
Yesterday, I talked about how GLX maintained 9 cents despite the state of the crypto market. However, all of that changed when GLG pack staking entered the mix.
In fact, it is safe to say that GLG pack staking was probably in the minds of GLX investors for a long time and what we're seeing now with the price of GLX token is an instantaneous response to the introduction of staking.
GLX investors know how important it is to get in while it's hot and early, particularly as GLX token blazed the trail during the early stages of its creation. This is possibly why investors are so eager to move on to the new thing.
I believe that GLX investors are selling chunks of their held assets for Hive and trading it in for GLG packs. The way I see it, staking those packs will lead to another source of revenue and that staking pool will be more exclusive than the GLX staking pool, making it even more lucrative.
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You’re probably right about that. The apr on Glx staking has been going down. If you want to maximize your Glx holdings, then you sell now for packs and stake those. You probably get more Glx rewards right now that way.
...and what will be the APR on pack staking? If my calculations are right, it will be around 15-20%... I don't see how that could be more profitable than GLX staking... even with the APR drop and the price drop... Also, don't forget that GLX tokens are rewarded for pack staking too, which means that APR will also go down because of the same variable... ;)
Oh apr will go doen indeed, but like al defi applications. Stake early and compound often at the start.
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