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Andre Cronje Calls It Quits: FTM, BOO, TOMB and more drastically lower
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I fell for 5000%APR for staking GEIST tokens on Fantom. I couldn't imagine it would lose value that fast 📉 you couldn't come out ahead. But it did 😂
GEIST Price Statistics: All-Time High $34.87 -100.00% Oct 06, 2021 (almost 2 years)
FTM pumping!!! What's up fellow DeFi! GEIST,BOO,SPIRIT!!! Just got some LQDR.
stablecoins deployed in DeFi, sSpell, xJOE, xBOO, BLZZ, GEIST. etc etc etc
Oh man, I wasn't even thinking about defi. There are insane farms out there that compound in less than a minute, and those tokens tend to devalue insanely even before the day is over. Also, there are protocols like Geist that vest your reward for three months unless you want to take a 50% cut for releasing it early. That also gives distributes rewards on a more-or-less minute by minute basis (though whether you 'receive' the token at the point it comes available, or the point you choose to start vesting, I don't know). The token stayed in the $5 to $10 range for a few days and then slowly diminished over the following weeks, as you'd expect for that kind of protocol. To consider those distributions of GEIST as income to be valued at point of receipt seems grossly unfair. Perversely, I wonder if I'm sort of lucky to have been out of job this year. I might have to stay unemployed for the rest of the tax year since the threshold is the only thing saving me from an absolute nightmare that I didn't even financially benefit from in a significant way.
I don't think you missed much on Geist unless you're really good at timing your entry and exit. The team actually cautioned people about investing early because it started with extremely low liquidity, and naturally as tokens have been distributed the initial price has sunk. The intention was for GEIST to be created by the protocol actually being used, but I didn't really read any of that and just jumped in. I haven't taken out my FTM-GEIST liquidity since the beginning and it's worth about 30% of what I invested (though that's not all due to GEIST - FTM is lower than it was back then too). Add that to all the platform fees earned and vesting GEIST, and I'm at about 70% of the value invested. If GEIST rebounds even a little then I'll rapidly start recovering that value, but I'm still not sure what the direction is going to be. I actually like the Geist idea, even despite the lockup. It's not a governance token as such, but an entitlement to your share in the platform fees. I don't know Ellipsis Finance but I hear it is somewhat based on how that works. My worry is that recent platform fees have really dropped over the past few days; I hope that this is because of the market dip rather than people pulling out and using defi elsewhere. Btw, I don't know if this applies to you, but if you staked veCRV or vlCVX and voted for Geist recently then you might be eligible for an airdrop. Check [https://geist.finance/airdrops](https://geist.finance/airdrops) if you're not sure - it literally expires today so don't dally if you think you might be eligible. It'll be interesting when xTAROT staking begins, assuming it eventually does. I still don't understand the protocol or whether it will become more mainstream but I did buy a little just to be in the game.
Noah Seidman https://youtu.be/-Ovgg8Q6cYw talks about this concept a lot. I personally believe you should have a nice chunk (15% give or take) into a HIGH-YIELD asset, I'm personally in TIME but any OHM fork is great. There's also stuff like GEIST and Ampleforth that will give you the same result. Yeah I think at least 5 out of the 15 coins I hold are giving me at least 100% return, along with a good chunk of my money being in TIME.
I love the deposit BTC/ETH on AAVE/GEIST, borrow stables and farm 20% APY.
GEIST is the native token within the Geist protocol. GEIST is a revenue sharing token, not a governance token. The protocol has no concept of governance or ownership, and also no treasury. Instead, 50% of all revenue generated through lending is distributed directly to users who stake GEIST.
I don't even dare look at UniSwap - I assume you need to pay ETH gas to use it? That's also why I've stayed away from using AAVE... it feels like a big player ecosystem. I said I wished that the FTM cost for harvesting on Spooky was a bit lower, but I'll happily take a 20 cent hit over a 20 dollar one! I avoided providing liquidity for a long time because impermanent loss scared me, but now that I hold and stake both BOO and FTM, I feel a bit safer risking a little more on an lp. Osmosis is a pretty nice experience too (on Cosmos/ATOM), and tends to cost nothing in fees to stake/harvest, but OSMO seems to be losing value while BOO is gaining, so FTM's definitely been performing better for me so far. I did also throw a bit of money at Geist too - I expected the token's value would fall through the floor because of the insane APY, but I was hoping it might stay somewhat afloat. I think I'm down about 50% on that one due to the GEIST value drop. I'm just gonna hold it and see what happens.