As some of you know who've been involved in @holozing (which are close to 200 in the Discord server right now), we were going to start our 4th distribution of Zing which are focused towards Liquidity providers on hive-engine.com (one of Hive's layer 2 services).
This is meant to be the 4th out of the current active Zing distributions and ways for users to earn Zing. The reason this one is a lot higher than Staking and on par with POSH is because there's quite some risk to providing liquidity, so please be careful there and do your research and due diligence. I've talked a little in a post recently how Liquidity pools work which you can read here.
After our initial distribution launch a week ago which went really well thanks to our team getting together despite there being a 14h timezone difference between all 3 members involved. We planned on starting the LP distribution a week after which would have been in tune with a day after liquid zing were available to those who unstaked.
Our Discord Announcement of the pool and reward distribution launch.
We thought that many would've started unstaking their earned Zing, maybe not the first hour but at least during the first day, but as it turns out, we were very wrong about that. 😅
A screenshot of liquid Zing holders yesterday
Since it was mainly members of the @holozing team who had liquid Zing available at this time which would have meant that the daily 40k Zing going to liquidity providers would've been very skewed in favor of very few accounts, we decided to halt and postpone the distribution of Zing to LP's for another week. This should give everyone time to unstake more zing, for the price on the markets to settle down a bit to more realistic numbers with the help of liquid Zing sell pressure which at the same time would make entering the pool less risky for your Hive balance.
We apologize for the inconvenience of some of the few accounts that may have been ready and providing liquidity at this time but we hope you understand where we're coming from with this adjustment. Having had a fair distribution launch that anyone and everyone could participate in, we wanted to make sure that this part of it would stay as fair as possible to everyone as well.
I also want to thank the team for staying neutral during this time and not participating in the market, even though it's not something we've discussed prior or asked anyone not to, cause similar to everyone else they've all earned their Zing fairly by providing delegations, they've refrained from doing so on their own accord but I wouldn't hold it against them if they did and I hope no one else will either.
Like always, don't make any drastic decisions to FOMO in or do something you may regret, this project has just started and is expected to have over 100M tokens after a year in circulation. Right now there's very little liquidity which may have kept the price up for this many days. I'm not giving you any advice on what to do next, just asking you to be careful as the markets are unpredictable and we're not responsible for what occurs there.
Banner created with Midjourney solely for this post and doesn't reflect on Holozing
The early rewards would have been insane for those few of us that had a little in the pool, so I totally understand delaying a week. I was looking at nearly 1000 ZING reward on day 1 with just 20ish ZING provided. My body was ready for that, but the delay is in the best interests of stability and a more orderly launch.
Credit to yourself and the team for not taking advantage of the situation and profiteering from it.
JK.
Sounds like you are doing your due diligence, so I don't think you have anything to be sorry about. Looking out for the best interests of the community and the project should always be paramount. Even if it doesn't give people and instant payoff.
Kudos to the team for acting this way. I have no doubts about the team in any way but I think that not selling anything that early on is definitely a good sign. Good move to postpone the liquidity provider rewards as well for the reasons you mentioned.
Congratulations on the smooth kick-off!
Why do I find this generous?
Free choice wins.
Thanks for this reminder.
I also got it wrong at first. I just checked and compared the maximum supply and the current circulating supply.
!BBH
!PIZZA
I was kind of curious how many unstaked to get into the liquidity pools. The price per token right now on the open market is about 32x too high lol but that's just my opinion. For now I think I'm in the boat with others collect the high APR on staked Zing with little to no risk compared to exiting it taking some profits on the open market and pushing it into a liquidity pool which is most likely going to have a pretty deep impermanent loss on the hive end.
Yeah I'm personally fine with the impermanent loss as it most likely just means I'm getting more Zing out of it but I guess not everyone's going to understand how LP works thus I wanted to give fair warnings in this and previous post. Either way after another week I think we've given interested parties enough time to unstake and adjust the market price to start the LP zing distribution rewards fairly.
Often in developing projects and especially in Defi projects, project creators leverage the FOMO effect and fuel it.
I am a simple player and I don't know how much my consideration can be worth for you but the more I read your posts about this project and read your advice, the more my esteem and respect for you and the holozing project increases
I will definitely add liquidity to the pool because in my own small way I want to support this project even though the value of the token will weigh on the amount I add to the pool.
I have a question:
Do ZING tokens in pending unstaking status continue to be considered for airdrop until unstaking actually occurs or not?
!discovery 20
@tipu curate
I think 1/4th of it does not account for the staking rewards, cause total amount staked is lowered when you start an unstake, but the other 3/4th should still give you staking rewards until after a week when the first 25% is liquidated and it starts the next cooldown.
Appreciate the kind words!
Upvoted 👌 (Mana: 38/48) Liquid rewards.
Happy to be on board, delegated and with liquid hive to help the liquidity pool when it gets a little more reasonable.
It has been a piece of cake to get involved and I am looking forward to sinking tokens into some fun gameplay.
great advice.. 😉
I gotta get on the discord and look into it more.. lookin AWESOME tho!
For the moment I will just stick to delegations, just delegated 1K and now the wait for my ZING.
To be brutally honest...
This is the first I'm hearing of this token, alas I haven't been seeing your posts on my feed for some time...
Imma check it out now..
i'm a go and buy a 2 hive worth of zing not a lot but a good start ig
update i made some delegations too
So I delegate to @holozing?
It's @zingtoken and you need to login with keychain to the website once to register for rewards: holozing.com
Okay great stuff I'll check it out... I remember you made a post about you going to start something and laughs I missed all of this entirely.. But okay I'm on the wagon now 😂😂
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This is beautiful, I love how committed you are looking out for others and what's best for the community.
Keep the good work up.
It is interesting to see that not a lot of people are unstaking. With the way things stand, it looks like the team is the one who will be providing most of the liquidity. I guess once the price stabilizes and stakers realize that liquidity rewards are so much better than staking, then they will start providing liquidity.
Yes, this gives me more time to collect tokens for the LP. I look forward to this game, sounds super fun and has lot of potential. Thanks for letting your community know of the risks involved in investing early and into LPs. It sounds like you and the team truly care about your community.
I might also consider this one once I have enough amount of $ZING.
$PIZZA slices delivered:
@rzc24-nftbbg(2/5) tipped @acidyo
Curious about the token supply as I didn't seen anything in the whitepaper. Do these distributions go on indefinitely or is there a max supply?
No max supply but there'll be adjustments to them over time. For instance the POSH claimdrops will halt at some point and we'll try to give notice in advance of an approximate date. The LP rewards may get diluted over other chains. HP delegations may stop if the team/project doesn't need any further funding, etc.
Similarly we've also reserved the right to add more in the future for playing, pvp rewards, collection-based rewards, and more.
Thx for the thorough reply!