The Cubfinance IDO was completed with a full sell out.
This was a great way to kick off the new feature. Now we await the next one to be announced.
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The Cubfinance IDO was completed with a full sell out.
This was a great way to kick off the new feature. Now we await the next one to be announced.
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Awesome. Everything went smoothly and that's a great thing. Lots of CUBs were burnt.
$10 CUB by 3rd IDO?? 😬
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The next two are a lot bigger than this one. I am wondering what the likelihood of those being sold completely. There has to be a large following of those projects to get it done.
It is unlikely that millions can come from the Cubfinance community. Possible but I am not sure it is likely.
We need a couple more years of asset growth before we are each to that point.
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What really needs to happen is that outside money needs to come in and buy the CUB that gets burned. My Cub/BUSD contribution to this first IDO came from not harvesting my dividends for a few days. So, the CUB I contributed was "dead" Cub anyway. It was never going to hit the market. I'm sure the majority of the 200k Cub contributed to this IDO was also diamond paw Cub tokens. So while it is awesome it all got burned, it actually hurt the price rather than helped it as I, and others like me, had to sell some of the CUB to raise the BUSD portion of the pool.
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Obviously taking large chunks out of circulation can only enhance buying pressure if the supply dries up, but at the same time, we certainly don't want to take 3M CUB out of circulation and get to a point where there's no liquidity to buy anything either. The idea is to increase distribution, not cut it down to where only a few hold most of the supply.
Still some logistics to be worked out on how this all works. I'm not sure if it's been talked about (or if it's even possible), but maybe a better way to do one of these IDOs would be to raise the money in strictly BUSD and then the CUB team can take their half and buy the CUB off the open market. That would at least enable the price to be stabilized at a certain level. The problem with that solution though is that there would have to be some trust involved in handling all that money. It would probably be pretty tempting to use some of that cash in other places.
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So, who knows? All of this is very theoretical right now and I'm sure the team is learning a lot as we go. Hopefully they can find the right way to go about this where we are burning lots of Cub but also helping support higher prices. Like I said, if the majority of the CUB coming into these IDOs is coming from HODLers accounts, then the burn isn't really accomplishing anything other than probably moving the APY's back up in the Kingdom Den and the other CUB pools. As it is, the only CUB really being burned this time around is CUB that was never going to hit the market at these low prices anyway....
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That makes sense. It will require outside monies coming in, we agree on that.
It is good that we were able to offset a few weeks of Cub production with this one IDO.
If we can get one done a month, for the next year, that will help to counter the inflation on Cub.
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Yea, Khal said that it was real smooth on CubFinance's end so that's really good news.
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Excellent way to kick things off. I still didnt catch up on the aftermath of the events but I think it's a good thing anyway
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I didnt follow what the project team that raised the funds is doing. What I do know is that CUB was burned today.
That is of benefit to every single CUB holder.
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Yea it does. Did you see edicted's post about the aftermath? It looks like there were a few things hitting the prices that people did not consider.
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I'll be honest I had some doubts but happy the first IDO was filled.
I was a bit confused on how it all worked but seeing the first one in action made a lot more clear.
For example I thought the CUB was bought and burned not that people injected the CUB into it. This didn't end up making the price jump because the value was already locked in during those 24 hours. Note to self next time. Announcement of IDO is most likely where we will see price action and not shortly after it's complete.
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True, I agree with you on that
And if I'm not mistaken, this was just one of the IDO models that are planned. I don't think they're all going to work exactly the same. I remember Khal saying that on some AMA.
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Now that I've said it, I think it makes sense to ask him about it on the next AMA now that I know a bit better how this model works
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Yea I wasn't thinking of that either but it does make sense that the CUB was already bought beforehand.
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