For two weeks now, it started to dawn on me how the layer 2 dApps are expanding the idea of Hive as a “compounding machine.” I first heard this concept from no other than, but @taskmaster4450 himself. But it’s a different thing to read a concept and to see it as a concrete reality. Yes, I do have a vague idea what compounding is, but to see it applied in a blockchain like Hive is like a dream that turns into a reality.
In traditional finance, most people do not have access to such compounding mechanism, but the blockchain technology is opening such opportunity to anyone willing to unlearn the many things that he had been taught as the right thing to do, and at the same time, the courage to experiment and to take the risk.
Today is my first day to participate in Power Up Day (PUD). After powering up 50 Hive, I received a confirmation from HiveBuzz that I was able to follow the mechanics of the game. Gathering a total of 169 HIVE both from my Splinterlands’ rewards and personal savings, I divided them into three:
- 50 HIVE for Power Up Day
- 60 HIVE for Power Up Month, and
- 59 HIVE for layer 2 tokens
With the exception of both LEO and SPT, I added the three tokens below in my list by using the liquidity test as my criteria. I checked the volume of the token on both the buy and sell orders sides, as well as the discrepancy between the bid and the ask price. After doing this, I finally decided to buy ONEUP, SME, and CTP.
LEO
LEO is the first token I bought today. I spent around 23.29 HIVE to purchase 96.623 LEO and powered them up afterwards. As a result, I now have 270 LEO Power in my wallet. I haven’t tested yet what will be its outcome as to my voting value with 100% Voting Power. I guess around 0.018. Not bad, for the day I realized this Proof of Brain incentive mechanism, I started with just 0.003 LEO and then later changed to 0.014. I think I need to update again my crypto goals for 2022.
Twenty days ago, I made it as a goal to accumulate 1,000 LEO by the end of the year. What do you think? Does doubling this goal doable for a man who earns $300.00 a month and has to support a family of five? We will see by the end of the year. Who knows? I might even exceed that number.
SPT
SPT is the token that you will receive when you write content about Splinterlands on splintertalk.io platform. Since I have been introduced to Hive through Splinterlands, I think this token deserves an attention in my wallet. Again, for six months, I was not aware about the importance of this blogging token. I took it for granted for so long and as a result, after six months, my SPT is just less than 1,000 and my voting value is below 0.20. Few days ago, I added 1,500 SPT and today I bought another 4,000 SPT. It costs me 12.78 HIVE and power them all up. My total SPT Power now is 6,500 plus and is now worth close to $20.00. I haven’t tested yet the change in my voting value.
ONEUP
Like LEO, ONEUP has many future projects in its pipeline. It is not just simply a blogging token.
My ONEUP Power prior to today’s purchase was just 65 and with a voting value of 0.035. Without the awareness of the utility of this token, it will take eternity for me to reach even the first 1,000 points. And so today I just added 200 more. This costs me 6 HIVE.
SME
SME came to my attention due to the trending post of @mikedcrypto at LeoFinance two weeks ago. Since I am a newcomer to the platform, what I did first was to observe. I noticed the comment of a known whale on Hive asking SoMee to explain their business model. Somebody replied and somehow the response is satisfactory.
After few days, a video was shared on the platform implying that SoMee is a scam and is just using Hive. The following day, there was a response shared by @ferrisb. I also observe that few names I respect on Hive are following SoMee’s account on Twitter. This somehow reduces the uncertainty in my mind.
Nevertheless, my only reservation is the lack of engagement. Moreover, just a brief visit on the platform, you will observe that short posts received big quantity of tokens as incentive. One equates it to “farming’ saying that the Hive community doesn’t like such practice. Personally, I still need to do my due diligence. However, as I am doing my research, I cannot just simply dismiss something that I don’t know. I must have at least a basis for doing so. And besides, @mikedcrypto delegated 50,000 SME to my account for my commenting and voting activities to start receiving incentives.
SoMee to my eyes is like a combination of both Twitter and Facebook, a microblogging platform where your posts don’t require much hard thinking. I think we need a space like that on Hive where we can relax our brain a little bit.
Today, I added 10,000 SME worth 2.28 HIVE. In just two weeks, I was able to increase my holdings to $24.00 including the 50,000 delegated SME.
CTP
CTP is the last token I bought as the result of watching the CryptoManiacs Podcast hosted by @jongolson and @taskmaster4450. I actually didn’t know what CTP is. I just came to know that CTP means clicktrackprofit after watching the podcast. And then I made this comment:
Still listening until 25:30 and I am glad to hear something about CTP. I actually didn't know how that 3.567 CTP ended in my wallet. Good to know that @jongolson is the issuer of this token. Still exploring Hive tokens one by one. Perhaps, once I did the HIVE power up, I will just set aside some HIVE to purchase CTP. Thanks!
Again prior to my today’s purchase of CTP token, I only have 4 CTP Power with zero voting value. Today I bought 400 CTP. That is equivalent to 7.33 HIVE. As a result, my vote value emerged from zero to 0.049.
With the Power Up Day project initiated by HiveBuzz, I also got this idea of checking other dApps on Hive, and I am thrilled with my discovery. I have never seen a compounding machine like this. However, despite the fact that there are other many Hive projects out there waiting to be discovered, still the challenge is that someone’s attention is limited and so is your capital. You cannot have all of these amazing dApps. No matter how exciting these projects are, both your time and resources as a beginner are limited. You need focus. That’s a reminder to myself.
Grace and peace!