The last two and a half weeks I have been sick and extremely tired.
The B flu has hit me hard and after resisting the daily routine with it, it has derived in bronchitis and conjunctivitis. I went to the emergency room on Monday and after a week with antibiotics I am almost at 100%.
I was missing feeling good (for God's sake).
In the meantime, and after a month of little activity on the social side. It is time for another report.
So grab a cup of coffee, relax with me and let's get down to business. This month is packed with a couple of interesting news to share.
HIVE Staking on Binance
Since the release of HIVE perpetuals on exchanges, volatility increased dramatically with our 'dry pumps'. They're hard and unexpected, usually contrarian to the rest of the market. And our korean friends used to have a say.
This combined with the fact that the relative liquidity of HIVE on exchanges is very limited makes the hunger for liquid HIVE atrocious there.
I've decided to try to arbitrage this opportunity for PWR. Since the end of November I have been making a series of powerdowns that are almost complete.
- I've deposited 50K HIVE from Hive Power Ventures into my personal Binance account. This liquid HIVE is into the EARN Program getting a flexible APR with a guarantee on deposits. This APR is not fixed but at the time of writing is very high (+38%!).
Hive is up today so the APR for today is pretty high, but it's been ranging steadily between the 10-30% range for quite some time.
So yes, I'm taking this while it lasts.
50K HIVE at 20% it's 10K/y -> 833 HIVE/month.
For more perspective on our current inflation:
PWR Staking Rewards -> 540 PWR/month
empo.voter delegation rewards -> PWR/month
And I'm not even taking into account curation, witness and posting rewards. This APR alone makes PWR deflationary NOW.
The truth is that it comes at a very appropriate time. Delegations to empo.voter are somewhat low and I don't want to make any more drastic changes to PWR tokenomics at the moment. I want to stay liquid to capitalize on HBD when the time comes and I already resignated to stay liquid for 3-6 months just for the chance.
I'll be sending the accrued rewards from my own account periodically. I'll keep sending liquid HIVE from @vventures to Binance.
All Hive Engine tokens converted to HIVE
Hand in hand with the previous move, I have transformed all the Hive Engine assets into HIVE. So all the PWR, ZING and SWAP.GIFU held by vventures has been OTC bought by me at market values.
In exchange, (of course) vventures received more liquid HIVE.
Current Status of the Holdings of the Project:
@empo.voter (the delegation & curation account) keeps providing @vventures (the holding account) with a weekly flow of curation rewards.
@empo.voter currently holds ~8,9K HP which is in a permanent power-down (~1250 HIVE/week). This account is slowly draining since the current powerdown is much higher compared with the current curation rewards it gets. Still 6 weeks left.
@vventures currently holds ~17K HIVE (15K staked and 1,7K liquid). This account is under a 100% powerdown in order to have liquid funds in order to capitalize on the bull market. I'm currently sending the liquid funds to binance in order to farm the 'earn flexible apr'.
Currently the project holds ~50K HIVE in binance. Those are farming a ~10-30% APR.
If we account for all the HIVE the project holds in multiple wallets + binance -> 77,6K HIVE
The graph is not accounting for the HIVE held by empo.voter, but the bump is impressive after converting all the Hive-Engine assets
into HIVE. I like to think that we 'tethered', but in Hive terms, so we 'hivered' then?
The charts is also accounting for all the PWR issued through staking rewards until date, and all the liquidity rewards until September, so we have quite a few months of very small PWR inflation ahead. Let's see how much we catch up in terms of HIVE :) .
Conclusion
I can only say I'm very happy to see the project growing at this pace. With over 50K HIVE liquid we are more than ready to capitalize on HIVE pumps in the short to medium term.
If we start selling at 1$ and potentially at 2-3$ at the top of the hipothetical bull market (which still has to prove itself), HIVE Power Ventures is on track on overpegging PWR with HIVE.
Enjoy the remaining of your Sunday!
You're not voting for my witness yet and love what I do? Don't ask me more:
(100% of witness rewards are reinvested weekly into PWR).