$8000 Splinterfund: How far has it been doing??

in LeoFinance6 months ago

Background Info:

Been playing Splinterlands since 2021 Jul and after understanding the economic of Splinterlands, I highly believe that profit could be made from the ecosystem. As a result, I decided to raise money from a small group of people for a total $8000 USD, aiming to buy 2000 packs of Chao Legion Pack in Janurary 2022 during the start of the general sale.

Crypto Market Since the start of the Year

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Source
Since the start of the year, bitcoin and crypto overall market has been in a downward trend. Bitcoin has decreased from $46k to now less than $30k. Similarly for hive, it started at $1.60 but now it is only $0.50. Having said that, let's have a look at how is our fund doing.

SPS

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Overall, SPS is also not save by the onslaught of the crypto bear market. Its current price is trading at a low of $0.76. The fund has accumulated 8621 staked SPS to generate more passive SPS income while there is still less than 50 days of SPS airdrop left. Currently, the value of the SPS is worth $653.

Chao Legion Packs

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By buying 2000 chao legion packs, we are entited to 20% which is about 400 packs redeemable with vouchers. The fund had borrowed 400 vouchers and at this point of time had used the previous airdrop to pay back all the loaned vouchers. Therefore, the fund now held 2400 packs instead of the original 2000 packs. In addition, I had converted some of the vouchers gained from the staked SPS into Chao packs. As of now, the fund is holding onto 2408 chao packs.
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Based on hive engine, currently one chao pack is traded at $2.55.
That means 2408 chao pack is worth about $6140.

Vouchers

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At the same time, there are daily airdrop vouchers from the staked SPS. The account has once again gotten 9 additional vouchers in the inventory.

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With the voucher worth $1.15 each, the vouchers are worth about $10.35.

Splinterfund Networth

At this point of time, Splinterfund is worth about
$653 + $6140 + $10.35 = $6800.
So from the original $8000, the value has dropped to $6800. However, i would say that this fund has been doing pretty well in the overall crypto market. And what is the promising prospect of this fund is that it still can get more SPS for next 40+days of SPS remaining airdrop and vouchers will continue to grow in quantity. And let's not forget that the fund will also have 5 more waves of legendary summoners airdrop which can further boost its networth. I am very optimistic about this fund. I will provide more updates in the near future.

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I agree with @blanchy. Once Chaos packs sell out and the next expansion comes out, the price of those packs will take off. If it were me and I had the funds available and the time to wait, I would be buying more packs off the market at the reduced price to bring your dollar cost average down.

That is what I am hoping for too. In the long term, I believe the price of CL can worth more than $10.

i remember that time you bought the packs, it was worth it i suppose, if it was any coin you use that fund to buy, you will be at big loss due to the btc crash

Yup, so compare to the overall crypto market, I would say this fund is performing very well across the crypto market.

Thanks for the very informative article. That is a great return considering hive has halved since January. If you hodl a bit longer til the price recovers, that could be an even greater return. Keep us updated!! !CTP

I am aiming for the whole collection to be fully sold out. By then, the value should increase by a lot since it become depreciating assets.

You will see the real value in a couple of years and it will be massive

I believe so. And especially if the game continue to grow!

Oh, I am impressed with your financing ability! In my case, I only managed to raise $300.00 including my 100.00. I already returned the $100.00 I borrowed after 6 months with 12% interest. Imagine I saw that $300.00 increased up to $1,000 plus, only to see it later sunk down to just $100.00. Your 15% loss is actually insignificant for your tokens are increasing in number. Once the prices are back, Oh I think you will be smiling big. That $653.00 value of your SPS could easily jump to $4,300 plus once SPS bounced back to just $0.50.

Well, i am lucky to build some trust in my friends. I also put in my own cash into this fund so that further make my friends to believe in this fund too.

I did it once raising 2,000 USD for a traditional business. Though my friends may trust me, the "mysteriousness" of crypto in their eyes is more powerful making them afraid perhaps that their money will never be returned. 😆

I'm looking forward to a land update. They may affect the increase in the price of some assets, judging by the announcements.
Thanks for the review! Hive On!
!CTP

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I have to say that land has really been delayed for quite a while already.
I also would like to see more updates on this.

Yes, yes, yes, I'm looking forward to it too!

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I think as of today because of the market value of the whole crypto it is down, but if Market goes back to the original value you will be on profit I suppose.

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Once the airdrop ends SPS might get some pump, while for the chaos packs once they are sold out, you might get some additional benefits due to scarcity. Like happened in the past. But its a long way to go for chaos packs to get sold out. But it's worth the wait I suppose! Fyi I'm also holding packs as we speak!

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