Hello Spongers, this article will be short and without gifs (Whaaat nooo !). The goal here is to explain you why we will close the Steamer (the contract that burn your $SOAK for $STEAM).
Basically since Steamer is open, we identified lot of transactions of people just taking advantage of Steamer for taking profits, creating a huge sell pressure on both $STEAM and $SOAK.
The heavy link done by the Steamer between $SOAK and $STEAM has basically dragged price down for both assets. In an other hand this could have been dragging the price up if one of the assets was mooning for example. So in theory the concept works but in practice this is not what happened…
As mentionned, we are trying to be ‘agile’ … If something is not working or not as good as expected, we prefer to step back, and build with a fresh start.
Furthermore I don’t think Steamer was a bad thing, as it burnt half of the $SOAK supply so team has no regret !
Concerning $STEAM, another issue is that team is loosing money every new $STEAM pool… Basically untill now $STEAM taxes generated only about 1/4 to 1/3 of what we invested in the pool for you guyz. Hopefully great teams like HYPERJUMP (truely best partner ever) or APECoin helped us with extra tokens, but we also bought some tokens from our personnal funds… We hoped that the high APR% Steam pool would have get more people joining, but let’s face it… it wasn’t as sucessful as expected.
Anyway we won’t stop building, but we have to change strategy !
This is what will change from now :
- We will close Steamer in a few hours for undefined period (if you ask me it will be forever… but who knows we might open it for special events in the future)
- By closing Steamer, $STEAM will become a low limited supply (139,253 units), and very deflationary coin… So if you are a $STEAM holder, lucky you, keep it safely because there will be no other way to get $STEAM than buying it !
- Partnership pools will be $SOAK pools from now, at least untill Layer farming is up ! We expect that $SOAK will rise again when Layer farming is released (and we also think that in a few days we will see it rise a bit due to the lower emission btw), if it is the case then we will probably split partnership pools between $SOAK and $STEAM.
- $STEAM new utility will now be to farm $SPG. The pools will be lower APR%, but will last longer so you don’t have burn tax every week like now.
- Speaking of Steam tax, we might adjust it in the coming days. And for now generated taxes, will buy back $SPG with it.
For now that’s it, we hope we are taking the right choices, we truely think we do.
Concerning next small update, know that we will open farms with HYPERSWAP LPs for all our farming pair next week, but I’ll make a specific announcement for this… To quote CZ : ‘This is the announcement of an announcement’.
See you later Spongers, I wish you a great week-end !