SEED Holdings Report #48 - Orion 'hack', DAO making moves & more

Hello everyone,

These couple of weeks have been full of news and movement, let's recap and address everything separately.

Orion Protocol 'Hack' - yesterday report of a 'hack' appeared related to Orion Protocol, one of our main projects on portfolio. NO LOSS of funds on our side. More on this later.
Dao Maker is performing updates and deploying features like real bosses. Their marketing campaigns are always well constructed and they have a track record of delivering. As I said in the last report they were a laggard in our portfolio, today, 2 weeks later, this position alone increased by +18K$. Good times. Feels nice to see some relief in our positions.
After months of monitoring I decided to liquidate our Splinterlands deck, causing us to have 0 exposure to Splinterlands again. So far my adventures with this side-project of HIVE haven't been that profitable. Bear market things (or lack of patience from my side) though.
Not gonna regret it, I believe funds are better deployed in other places as returns from the deck have been almost inexistent (even playing with splex bots and requiring a pseudo-maintenance which requires a far understanding of the game mechanics which I simply don't ). My rule for now regarding SL: stick to SPS or nothing, and forget derivatives.
I've started an alt account for SEED ( @seed-cold) where I'll be accumulating HIVE and HBD from now on. reason for this is 1) gradual preparation for the upcoming dividends feature 2) segregation of HIVE assets from the main account (which is usually a mess with much more movement) and 3) Accumulate in a full cold wallet with increased security (all keys derived from ledger).
We might have news on the NFT front lane soon. @acidyo published this searching for collaboration with their upcoming NFT project for POSH. Spoiler: I'm Interested and I would like to see our SEED logo in some of these NFTs. But it's still early and I'm waiting for more details about the whole collection and all that kind of stuff. No promises here, nothing has been talked about yet so take my words with a grain of salt, I'm only thinking out loud.

And as usual, the family photo:

Regarding the Orion 'Hack'

Yesterday afternoon a few sources started claiming that Orion protocol had been 'hacked' for 3M$. It started as a rumor until the team addressed the matter. They didn't did deny it outright and commented that they were looking into it. it was strange since the liquidity was intact and the token was trading normally (even pumping a +10% lel).

I preferred to play safe than sorry and decided to pull out all the liquidity we had there (+25K$) while I waited for more details on what happened and did it without problems.

They finally addressed everything in this thread. Some people may not be happy with it, but personally, I am. Several conclusions can be drawn:

Orion has been always built with security in mind. Even they can't claim anymore that they're 'unhackable' which is bullsh!t anyway (although it's a 3rd party who had the problem according to them), 3M$ is a relatively small amount compared with some hacks of the past year (Lots of them ranging between 100-200M$, even more).
The team has plenty of cash in the treasury and keeps building without unnecessary dramas involving users, and more information unveiled in the tweet thread shows that they're not rushing his product on purpose. This is amazing given the 'shady standards' of a lot of projects which would rush. launch in order to 'launch something' half cooked with the sole intention of raising funds from token holders.
Although the $ORN token has been dumped into oblivion during this bear market the hack didn't effected the ORN token itself. Some people dumped but most held. 'Bad news' seems to don't bother that much to remaining ~~holders~~, sorry, survivors.
IMHO what they're building is that unique that they don't have relevant competitors. Most 'aggregators' just are a UI where you can trade several dexes, but never CEX liquidity sources or rarely more than a dex at a time. Orion development might seem slow, but every little addition improves the product tremendously.

I've researched Orion deeply since 2020 and I have somewhat a decent understanding of the project, I believe it will be a major DEFI player in the future and once more functionalities are deployed and the ORN token receives a few more incentives, it will explode.

This, again, it's only my opinion.

DAO Updates

DAO is celebrating its second-year anniversary and they're starting an aggressive marketing campaign in the next 2 months in order to unleash the developments which he worked on in the previous months. We already know a couple of things:

Presales will be raised now in DAO instead of stablecoins, which will increase enormously the liquidity and volume of the DAO token.
They just announced that they're launching an NFT collection (100% refundable in case you're not happy with it). Raise is done with DAO and they pretend to raise 5M DAO tokens (which is according to them a big % of the DAO circulating in centralized exchanges. NFT's will give some perks being the access to SHO's one of the most interesting. Whatever the case, more sinks for the DAO token.

Splinterlands

As I said in the recap at the beginning of the post, I decided to sell our Splinterlands deck. It's illiquid, far from optimized (since I don't want to allocate that much money on a deck) and the rewards were anyway low.

I'm realizing a loss on this one (maybe -50% approx) but lesson learned for the next time. I'll be extremely selective before allocating $$ into illiquid NFTs in the future. Sorry for that.

Think this is it for this report. Let's go with the bar chart/s:

We keep jumping from the lows, which is nice. let's see how this trend evolve.
And now the new one, the HIVE/HBD acc. chart.

Added +500 HIVE and +31,6 HBD which feels like a massive jump (well, basically doubled the account). Let's keep accumulating and let's see how far we go before slowing down.

The values in the chart are displayed in dollars [(HIVE *marketprice)+(HBD *1)] but I guess it's easier to just check @seed-cold.

Isn't it great to show things on-chain? That's what I was thinking :)

Current SEED Stats

Circulating supply: 100K (full released)
Total value of AUM: 124000$
Backed value of each SEED: 1,24$
Redeemable value of each SEED: 0,92$

50% of blogging rewards paid to @seed-treasury.

Remember you can follow the portfolio in real-time here:

https://cointracking.info/portfolio/seedtreasury

You can join us on Telegram and discord. You can follow me on Twitter.

Vote for My Witness!

If you like what I do consider voting for my witness:

Witness account: @empo.witness

https://vote.hive.uno/@empo.witness

Off-Topic:

This Saturday afternoon I'll be in Barcelona attending this Dalí Exposition, since a few Hivians have been tempting me with a Hive Meetup (and I'm also interested!). I'll enter the expo at 18:00, so would be nice to have a beer before (or maybe after, but this is a bit trickier since I don't know yet at what time will I have to leave by train).

Tagging some people which I know are near (or not that near!):
@growandbow @queengaga @llunasoul @toofasteddie @resiliencia

Drop around or let me know through discord If you're interested! See ya

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toofasteddie (76) 2 years ago

Family matters these weekend 😥

$0.02

2 votes

empoderat (72) 2 years ago

No probs, another time :)

$0.00

1 vote

resiliencia (74) 2 years ago

I was with family matters too!

erikah (81) 2 years ago

I'm glad to see you dropped Splinterland. Good decision.
I'm also glad nothing catastrophic happened to ORN. They can work on improving now.
Thanks for the report, things are looking good.

bozz (80) 2 years ago

Thanks for the update! Sounds like our funds continue to be in good hands!

cmmemes (69) 2 years ago

you shouldn't have wasted your seed on splinterlands :P
and speaking of NFTs, wen trumpman NFTs ? I'm sure they would sell like crazy :)

cryptoandcoffee (82) 2 years ago

Safety first is always a good thing lol. Hoping over the next 4 years we can add another 0 onto this total.

jfang003 (75) 2 years ago

I think your decisions are fine. Splinterlands is a long game and I don't know if it fits well with the SEED project as it is right now. I am also glad that the hack didn't really hurt the holdings much at all.