I've been buying and staking GLG packs

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glg packs.png

In the past couple of days, I've been taking steps to improve my GLX position. I took a calculated risk by converting most non APR generating assets into GLX token.

At the time of writing, I'm already up to 36,687 GLX staked and potentially more to come. The average price of the GLX I purchased is around 2.5 cents but here we are today with the price heading to 4 cents.

In the past, I talked about how I was going to sitout this game and I still might do that but for now, I'm doubling down on my position in the game. I'm taking advantage of the unusually high APR for staking and trying to make the most out of it.

At the time of writing, the APR for staking GLX is still quite high at 181%. It has dropped from 189% since I published about the APR being too good to resist.

Just as I predicted, the APR has been dropping quite rapidly because the APR is just too high to resist. At the same time, GLX token has been doing quite well in the market at 4 cents and I reckon this is just the start.

I believe that for as long as the APR is higher than 100%, the price of GLX will continue to rise. If you factor in the potential of a bull market, we could actually see GLX pump above 10 cents in the coming days.

GLG packs

One part of the game that I was certain I would completely avoid was GLG packs. In my opinion, they were a tad bit too expensive and I just didn't like the fact that there's nothing to do with them right now.

Pack staking was introduced and that allowed holders to at least earn some value from their packs. This staking feature also made me reconsider my stance about the asset and so I bought just two packs to stake.

Fast forward to today and I'm up to 32 GLG packs staked and I've been earning GLX tokens for staking them. If I were to speculate, I'd say that the APR for staking packs should be higher than the APR for staking GLX tokens right now.

The system doesn't display the pack staking APR and I reckon it is because it is ridiculously high and it would lead to a stampede. In any case, I'm staking GLG packs while we wait for the game to be released.

The best part about it is how I've been buying the packs without exactly spending too much of my own personal funds. This is all thanks to the introduction of GLUSD and credits in the game.

At the time of writing, you can buy packs with either GLUSD or Credits. Both of them are pegged to a $1 but GLUSD is a bit like DEC in that its price somewhat dependent on the external market.

Buying a GLG pack costs $5 worth of Credit or GLUSD and 1 GLGT token that is currently valued at around $0.19. So, each pack costs $5.19 approximately and you can simply stake it after buying.

To buy packs, I've been converting my earning from staking GLX token to GLUSD to buy packs. I also convert a little bit of Hive sometimes to augment my pack budget.

I don't have any target right now but 100 packs by the end of the month is not too ambitious. The more packs I stake, the more GLX I earn to buy more packs and if the crypto market favours me, it will get even easier.

Posted Using LeoFinance Beta



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I would expect the game to be rather decent and fun to play once it's released within the next 5 months. Great time to stock up what you can while prices are feeling good.

Posted Using LeoFinance Beta

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(Edited)

Hi,

Just checking around the more or less new blockchain games, staking, any passive income opportunity. Just found GL, as you are the only one I found (after an hour) who already purchased GLG packs, may I ask: Do you really have to go through the KYC and they even charge you for it for 10 bucks??? If so, it is unfreaking believable. (It's a dead project if it is really like that, most crypto guys i know, don't even use exchanges like that.)

Can you stake/unstake GLX without that??? Why does the GL site shows 177% APR and the Splintercards 209% APR??? Which one is near to reality? Just chasing that fix, steady 30% APR rate... for them it doesnt even count... :) :) :)

Thank you for the answer!

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You don't have to go through any KYC, I buy GLG packs with Hive. You can simply just get Hive on Hive-engine or any other Dex and then swap it for Credits that can then be used to buy GLG packs.

I work with the 177% APR on the main site but that APR is for staking GLX and not GLG packs.

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Thanks, then probably something I don't do correctly, when I signed up with Keychain, I had to provide email, later on when I wanted to purchase that 10$ membership thing, that I could buy packs, it take me to the KYC page, how their FAQ shows. (Similar like in Splinterlads, if you wanna purchase some expensive items for FIAT.) Maybe, it is a new update, I'll check it today, again.
Genesis League FAQ - KYC

It was updated 9 days ago, and not easy to find, as their main Support, FAQ button doesnt take you here, but I faced with this, when I tried to purchase packs, pay the 10$ for verification - both FIAT, crypto case.

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Thanks for sharing! - @rehan12

I have been stacking GLX for the time being. Looking forward to the updates of the game in the coming days.

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