HIVE walking on a different path || GLX token...
Crypto bear market was supposed to be rough, hazardous and loss of wealth as time kicks by! With BTC not only moving the entire crypto market but also stabbing at its investors. Altcoins following the path and leaving the mark, which will be remembered presumably for a very long period of time. Amidst this fiasco, launching a crypto project does sounds very traumatic. Let alone the survival of crypto seems unlikely to many. But guess what! Crypto users of HIVE blockchain seems to be walking down a different lane. Not only different projects are being launched but there are investors who are happily investing, trading even in this present bear market. Go figure!
HIVE has been walking down a different path! Not that the bears have not effected the price of its coin but the eco system of HIVE has been thriving every single day. Making it one of the most enticing crypto project available in crypto industry.
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With the recent launch of GENESIS LEAGUE SPORTS on Hive blockchain, it was proven once again, a legit crypto project will always find its investors! No matter bears or bulls. Since its launch, it was able to create a buzz among the users of HIVE. Leaving a strong remark in users portfolio. Even though the project is in development stage the attributes of this game are visible. Packs were launched, tokens are released. As of now GLX (governance token for Genesis League Sports) is being traded upon the layer 2 exchange of HIVE blockchain.
GENESIS LEAGUE SPORTS
Genesis League Goals is your pass to collect, compete and earn with officially licensed digital trading cards of players of The Major League Soccer Players Association.
Built by the company that brought you Splinterlands.
Why am I excited?
Since Splinterlands has been a huge success, this game might be another major hit made by the team of Splinterlands. Apart from that, the early investors are going to get the most benefits. Since the launch of its governance token GLX, users of Splinterlands are getting the benefits of it. If you have staked SPS in your HIVE account, you are supposedly getting GLX token airdropped into your account everyday. It is going to last one year from October 25, 2022.
For more queries about GLX airdrop, read the FAQ, HERE
What is my strategy?
Since I do not have enough SPS staked in my account, my airdropped amounts are considerably low. Which is why I got into FOMO and I purchased GLX token from the market and staked the GLX token. As of this moment, all the early stakers are getting some insane APR's. Which is close to 4000%. As crazy as it sounds it will not last forever. Since the stakes amount is growing fast, the APR is likely to drop significantly in the coming days. As of now my prime goal is to get the initial investment which I made. So I am currently selling the token (which I am getting as return from my stakes GLX) in the market and recouping the investments that I made.
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It is going smoothly as far as I can say! Once I am done with my investment I will have this GLX token as a reward for my investments. So it more or like will be a free investment made out of no where. Since my prime concern is to recoup my investment first and once I have done that I will consider two options.
- Increase my GLX stake
- Sell it for SPS and stake those SPS to get more GLX as returns
I will probably follow both the paths. Since it will take few days for me to break even, I will see what I can do. Well, I am still optimistic about this project and I am now very keen to see the outcome of this project in the coming days.
Current market price of GLX token is around 0.7 HIVE per token. Which is approximately $0.248. It is pretty insane to see such value of a new token which is still in development stage. Earlier I was talking about how significant a project can be when it has a dedicated community and a very good team behind it. The result can be seen in the market. There are both buyers and sellers of this token. Which makes it a very interesting market to go through. I have been doing some this and that in this market and will share my experience in my next blog.
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So fingers crossed and lets see how it actually goes in the coming days. What have you been doing with your GLX tokens? Any future plans?
Want to play Splinterlands!
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Best regards
Rehan
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wow thank you so much mr Rehan, for the great and informative post I have no idea about these things. Thank you so much. I don't have that much SPS only 1.5k staked . one question I have to ask is , what is the time period of this drop?
Glad that the post helped buddy! While I suupose most of your question's answers you will find here
https://support-goals.genesisleaguesports.com/hc/en-us/articles/10267384045204-FAQ-GLX-airdrop-for-staked-SPS-
I wouldn't hear about GLX unless the discussion wasn't in the lounge, thanks to the folks I got my share, although tiny, but getting something free in this bear market is always worth it. Right now it's doing good, like SPS was at its earlier stage. We all had many plans with SPS but the way the price is now, which many of us predicted will be way above at this time of the year, it once again reminds us of the typical nature of crypto; you may predict but can't guarantee the result :p
Although SPS price is low, having an alternative that feeds on staked SPS somehow gives me a reason not to be angry with SPS. At least getting return in three ways- SPS, Voucher, and now GLX from the staked part.
One thing I am concerned about Hive, although you stated having many projects keeps the users engaged, which is true, but a lot of projects with none in the front line isn't scary? I mean Splinterlands already branched out quite in a number of tokens, all did good in the past and now we have another game in development, is there any chance we are overlooking the old projects and focusing only the newest ones without planning to improve the older ones?
I don't know if there is something like that happening but I am worried as I have significant (from my perspective) investment in SPS and right now, seeing no viable utility that might pull the price in the closest time. Probably I will have to wait till bull returns, still, I am confused.
Diversifying assets is a must for users like us. For those whales this money is probably nothing. Which is why betting everything in one project is indeed scary. I have done that mistake a lot in the past and I am pretty damn scared about repeating that mistake again. But coming to the fact about Splinterlands I am stating it is going to do this and that in the future. But compared to the other crypto NFT projects it has survived bears and bulls. Which many crypto NFT projects did not. One of the reason to at least ensure SL has something. I am betting onto that. But yet, I am not putting everything in one basket.
We got too excited about SPS, I believe. But taking profits and DCA is also a much needed strategy for us. These situations do not effect whales. Which is why we need to do our research and do what we can.
Lets see where it takes us in the coming days!
thats crazy amount of APR
It will not sustain! As more people stake the APR is bound to decrease.
It is super exciting having these opportunities with Splinterlands. Nice strategy you have implemented, I intend to keep increasing my SPS stake to get more GLX and just stake GLX for GLGT.
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Noice strateg! Keep it going buddy ;)
Great work. GLS is a solid project!
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