50 GLG packs and almost 40K GLX staked
For a project that I categorically stated I'd be sitting out, I find myself diving deeper into the GLX rabbit hole. My collection of assets in the game continues to increase and at this rate, I might as well just play the game.
After a series of purchases that have come through converting my farmed GLX into GLUSD, I have now been able to buy 50 GLG packs. I am not eagerly anticipating the launch of the game, as this will determine my next move.
The good thing is that I get to stake the packs and earn GLX tokens from them. Based on my preliminary observation, I can confirm that the APR from staking packs is higher than the APR of staking GLX tokens.
The main difference between staking GLX tokens and staking packs is that with GLX staking, you also earn GLGT tokens on the side. GLGT tokens are basically like vouchers and it'll have even more use further down the line.
At the time of writing, GLGT tokens can be used to buy GLG packs. Each pack requires $5 and GLGT tokens to process and be added to your collection.
Focus on packs
The APR for staking GLX tokens keeps reducing as the days go by and this is making me wonder if I shouldn't start considering moving my activities to packs. From all indications, there's relatively less interest in buying and staking packs, so this presents an opportunity.
I could create end up creating an elaborate operation that generates the right amount of GLX and GLGT tokens to buy packs more often.
At the time of writing, my GLX stake generates more GLGT tokens than I require but I don't earn enough GLX tokens to match them. If I balance it out by increasing my investment in packs, I'll be printing enough GLX tokens to buy packs every couple of hours.
Assuming I manage to stake two or three GLG packs every day, I'll also have some leftover GLX tokens that ill also stake to continue farming the constantly dwindling APR.
At this point, there's no reason to worry though. The APR from staking GLX tokens is still higher than 100% and so, that's fair value. It is now 170% but again, that's still quite a lot when you compare it to many projects around.
In any case, at some point, I'll have to look into how I can stake more packs and earn from that pool that is far less competitive. I reckon it is this way because the game hasn't launched and buying packs is a big risk but in this game we play, big risk comes with big reward and that's what I'm hunting.
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You are bullish on Genesis League Sports, and you're right. Picking the cherries of this investment would be great.
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I'm really just hoping for the best and while I'm bullish, I am also aware that it is quite the risk I'm taking in investing in a project that doesn't have a working product yet
I've been thinking something similar and have unstaked in preparation, as with each post like this promoting the token, the APR goes down further. It's as if our excitement and public support for the game is hurting us in the long run APR-wise.
However, I continue to believe this game will be huge and will reward those of us who invested early... Just like Splinterlands...
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Yeah I've thought about it too. The more I tell people about it, the faster the APR drops. I feel like it's my responsibility to share but at the same time, I'm hurting myself 🥲
Right, and the flip side being that your posts also increases the size of the market and the pool of potential buyers as well. So I can see both sides of the coin.
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True that, true that.