CentG Token Liquidation Report
https://peakd.com/hive-173575/@centtoken/centg-token-liquidation-report
Hello everyone. We announced the CentG token in September 2022. "We intended to use the token as the governance token of the Cent Project. By using the token, we would both reduce cent inflation. We would also distribute rewards to liquidity providers in Cent's liquidity pools at project-related events." We used it as the main token for a while in our "Hive-Engine investments" study. However, nearly a year and a half has passed since the Token introduction. The token did not see the expected demand.
Among the main reasons for this, we can list the following: Demand for Hive-Engine has decreased due to extremely high HBD Savings interest. The vast majority of Hive-Engine tokens lost up to 90% of their value during the bear season. We are in bull season; CentG pools have greater liquidity than other Cent pools. Liquidity providers are constantly selling CentG, the LP reward they receive. These sales also negatively affect the Cent price. CentG token saw a price trend in the 9-12 Hive range. However, it was not possible for him to endure this for a long time. If you have taken a look at the Hive/CentG market, you may have noticed; Recipient accounts were mostly admin accounts of the Cent project. And as a result, we have decided to liquidate the CentG token. I am sorry! This is not a charity 😀 Those who are familiar with the stock market know; Companies that constantly buy back stock are not viewed favorably.
The liquidation will take place as follows;
- The liquidation process will continue for a month. For those who own 1 or more CentG, send CentG tokens to @centtoken. You will receive 1 CentG = 3,000 Cent tokens staked. If you do not have 1 or more CentG tokens, you can buy them from liquidity pools or the market.
- If you wish, you can exchange CentG tokens for Cent Tokens from the Cent/CentG liquidity pool. But wait if the price drops below 2750 Cent = 1 CentG. Liquidity will be added to the pool regularly by the @centtoken account. And the price will be increased again above 2750 Cents. Please do not sell your tokens at a loss.
- Liquidity provider rewards in Hive/CentG and Cent/CentG liquidity pools will continue to be distributed for another month. There are approximately 75 CentG tokens in liquidity pools waiting to be distributed. At the end of the liquidation process, a calculation will be made based on the current value of the token. LP rewards will be gradually added to the Hive/Cent and HBD/Cent liquidity pools in the amount of the value of the remaining tokens.
- We bought some Cents from the Hive/Cent market to create sufficient liquidity. We initiated an unstake of 500,000 Cents on the @centtoken account. At the end of the liquidation process, 500,000 Cents borrowed from @balina account will be repaid. Cent will be printed only in cases where sufficient liquidity cannot be provided. New inflation formation is not expected. At the end of the liquidation period, all remaining liquid Cent and CentG tokens in the @centtoken account will be burned.
Our "Hive-Engine Investments" work continues. We will now use Cent Token in this study. Therefore, the content here will be updated. As I mentioned above; Don't act hastily. And don't sell your tokens at a loss. We started Cent burning events. Grand prizes will be given away for promotional purposes in the first few events. Don't forget to attend the event. We will be sharing the "Cent Power UP Day" announcement in a few days. Follow @centtoken for new news and event announcements. See you later.
Note 1:
Thank you @forykw for the question.
Hi mate, some questions/answers validations:
Liquidity provider rewards in Hive/CentG and Cent/CentG liquidity pools will continue to be distributed for another month.
1- I am assuming here you mean "another month" on top of the current month waiting for people to decide if they want to swap CENTG tokens for 3000 CENT or instead play with the remaining rewards of the pools... which is in 63 days for SWAP.HIVE:CENTG and 70 days for CENT:CENTG respectively. Correct me if I am wrong, and if so, what would the project do with the remaining token rewards still inside the two pools?
1.1- Or are you deactivating the pools in 30 days and flushing all the balance?
Liquidity will be added to the pool regularly by the @centtoken account. And the price will be increased again above 2750 Cents. Please do not sell your tokens at a loss.
2- Are you doing this by printing more or buying from the project liquid?
3- When are the tokens being sent to balance as staked (timewise)? Printed or from a liquid balance? And which account if so...
Note to myself... I am glad I didn't use CENTG tokens inside my pool, but this made me think... how one would do this if people would have added CENTG into other pools? There would be lost stuff... a reality, but something to think about.
Hello. Thanks for asking. This will also be useful for other users. Reward distribution in Hive/CentG and Cent/CentG liquidity pools will be stopped on May 8, 2024. We chose this method to protect liquidity providers who will be informed of the announcement late and to maintain the price balance in the tokens.
500,000 Cent unstake process has been started on the @centtoken account. 500,000 liquid Cents were debited from @balina account. New Cent minting is not being considered. We also buy from the Hive/Cent market whenever possible. However, in cases where the liquid Cent amount is met with the above-mentioned conditions (CentG sent to the account is met or the price in the pool falls below the mentioned level), printing Cents was considered as a last resort. In other words, we considered inflation as a last resort.
Token submissions are not automatic. However, within a few hours, staked Cent tokens will reach the sender.
Hi mate, some questions/answers validations:
1- I am assuming here you mean "another month" on top of the current month waiting for people to decide if they want to swap CENTG tokens for 3000 CENT or instead play with the remaining rewards of the pools... which is in 63 days for SWAP.HIVE:CENTG and 70 days for CENT:CENTG respectively. Correct me if I am wrong, and if so, what would the project do with the remaining token rewards still inside the two pools?
1.1- Or are you deactivating the pools in 30 days and flushing all the balance?
2- Are you doing this by printing more or buying from the project liquid?
3- When are the tokens being sent to balance as staked (timewise)? Printed or from a liquid balance? And which account if so...
Note to myself... I am glad I didn't use CENTG tokens inside my pool, but this made me think... how one would do this if people would have added CENTG into other pools? There would be lost stuff... a reality, but something to think about.
Hello. Thanks for asking. This will also be useful for other users. Reward distribution in Hive/CentG and Cent/CentG liquidity pools will be stopped on May 8, 2024. We chose this method to protect liquidity providers who will be informed of the announcement late and to maintain the price balance in the tokens.
500,000 Cent unstake process has been started on the @centtoken account. 500,000 liquid Cents were debited from @balina account. New Cent minting is not being considered. We also buy from the Hive/Cent market whenever possible. However, in cases where the liquid Cent amount is met with the above-mentioned conditions (CentG sent to the account is met or the price in the pool falls below the mentioned level), printing Cents was considered as a last resort. In other words, we considered inflation as a last resort.
Token submissions are not automatic. However, within a few hours, staked Cent tokens will reach the sender.
Appreciated.
Very good. Creating and maintaining the value of one token is hard enough without creating more inflation to fight against yourself. It's great to finally see a project say they made a mistake and trim the fat (most would just make yet another token).
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Hello. Thank you for sharing your thoughts. As I mentioned in the above post and comments, the CentG token started to financially harm the project. This will be a kind of "stop loss" transaction :) However, we will be saved from further damage to the investors and the project in the future.
Thanks for this update! I'm happy to hear about the refocus towards CENT. I sent 10 CENTG tokens.
Thank you. Sent.
https://hivehub.dev/tx/a6c62a54ebe376bce40e79af33fb89c49216fe54
Thank you for the update, and I am sorry to hear it is liquidated. I hope the other token holders will understand the decision.
all the best
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Thank you for sharing your thoughts. I think we will get through this process with very little damage. What would really anger token holders would be this; Like many other projects, waiting for the value of the token to become trash and then buying it back.
I sent
Thanks. Sent.
https://hivehub.dev/tx/2637ae2dc1119a4ee149b286255bf541c813bae0
So sell all the centg? What are you trying to say?
Or are you buying it all back?
Maybe you should be more clear about what's going down.
Hello. This is not a token sale. Please read the above post carefully. There are 1000 CentG tokens in circulation. It will all be buy back and burned. The project will continue where it left off without the CentG token.
That is exactly why I'm asking the question because you are not very clear in your post.
Yeah I'm just going to dump my holdings. Since obviously you guys are ditching it as well
It's been nearly a year since the "Hive-Engine Investments" announcement. We've also added a few availability areas for CentG. A high percentage of rewards are also distributed in CENTG pools. However, it did not see the expected demand from users. The amount of CentG I purchased from my personal account for Hive exceeded 170 CentG. The @centtoken account had started to use a large portion of the income it earned from "Hive-Engine investments" transactions to keep the CentG price at a certain level. Therefore, the CentG token started to become a hindrance for the project.
Liquidity providers sell the CentG token, which is the LP reward they receive, using liquidity pools. Arbitrage bots balance the price in the pools by selling Cent from the Hive/Cent market. However, this constantly suppresses the Cent price. Please take a look at the Hive/Cent market. The majority of heavy sales are made by arbitrage bots.
Additionally, shifting the "Hive-Engine Investments" work to Cent will make Cent Token more attractive.
Listed my cent and centg from all my pools.
Cool. The project is getting trashed. Ok I list it all.
I only have 23.04 USD worth of SWAP.HIVE:CENTG. That's 3.252 CENTG and 29.38 SWAP.HIVE. What should I do now?
The most profitable situation is to send it to @centtoken. You will receive 3000 staked Cent tokens. If you wish, you can start the unstake process. You can continue curating if you want. On average, CentG price moves in the 2700-2850 price range. Or you can convert it to Cent from the Cent/CentG liquidity pool and add it to other Cent's liquidity pools.
Thanks for the advice.
I just swapped it for $CENT, staked it, and delegated it to @arlenec2021.
Thank you for the post. Which is the best option to do then?
The most profitable situation, if you have 1 or more CentG tokens, is to increase it above one. And send it to @centtoken. You will receive 3000 staked Cent tokens. If you wish, you can start the unstake process. You can continue curating if you wish. On average, CentG price moves in the 2700-2850 price range.
I will do that then
Thanks. Sent.
https://hivehub.dev/tx/86a447de91c5311b9e70e1340f9056ddf1eb4498
thanks for the info and update
Sent CENTG Done!
Thank you. Sent.
https://hivehub.dev/tx/f8d422568555c93c33e92b84306fb696091c8f79
Thanks for tagging me… it is a pitty though !
Hello. On the contrary, this is good news. Recently liquidity providers have been completely selling the CentG reward they received. The sale takes place especially in the Cent/CentG pool. Arbitrage bots balance the price in the pools by selling Cents in the Hive/Cent market. However, these transactions constantly suppress the Cent price. With the deactivation of CentG pools, a healthy Cent price will occur. Additionally, "Hive-Engine operations" will be moved to Cent.
Thanks for the answer! just one question that it wasn't clear...we have 1 month to send the tokens to cent, but the rewards of the pools also continue for one more month. Can we wait the rewards to end so we can send everything at once?
It is up to your choice to wait until the end of the period. The reasons why we continued the reward distribution until the end of the period were as follows: There will be liquidity providers who will be late to know about the liquidation announcement of the token. At the same time, we aimed to keep Cent and CentG tokens as stable as possible during this process. Stopping the rewards suddenly would make the liquidity in the pools suddenly inconsistent.
It makes sense! And you plan to keep the hive:cent pool?
Only Centg pools will be liquidated. There are no changes in Hive, HBD, Pob and Leo pools.
I agree, this decision makes perfect sense to me going forward 👌
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sad for the end of centg, happy for the continuation of cent
Thank you for sharing your thoughts. This will lead to more positive results for the project and the Cent token. I hope we can get through this process without any problems.
Post voted 100% for the hiro.guita project. Keep up the good work.
New manual curation account for BEE and Cent
Thanks for the update.
Thank you for your comment.
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ETA: Just saw the other post and it looks I was too late