Currently there is some real hubbub over the LEO/wLEO token price. After some cracker not hacker appears to have taken advantage of an exploit in the smart contract code, leading to the ability to print A LOT of wLEO and swap that into infinity for ETH, which is then run away with.
We are waiting for an official announcement but some things are clear:
1. LEO is not affected, wLEO is.
While many millions more wLEO have been printed, the total supply of LEO is unchanged, and continues to be earned on posts, etc.
Nonetheless, the hive-engine market has responded, and LEO price has fallen.
2. DO NOT buy wLEO.
Stop buying wLEO for ETH. Some people 'bought the dip', this appears to have been giving funds to whichever cracker was involved.
So what could be the right price for LEO?
This of course is based on many variables!
One thing we noticed, is the @leo.voter that likes to visit our posts. It has over 600k HP.
This is mostly delegation, and so based mostly on the goodwill within the community. A good indication of value.
We also note that the team has over 20k hive and swap.hive for their wonderfully fast @leodex operation. There are structures and assets, a roadmap and a real community of content producing and consuming individuals.
After a review of the surprising situation, we have determined that LEO still has legs, and we can begin to formulate a strategy to 'buy the dip' on hive-engine.
Freedom and Friendship!
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