Morning boys and girls in this edition of stupid people say stupid things, the place where we’re too tired to care what we say because we’ve cared enough about what we’ve said all day.
“If you missed ren and aave your last chance at making it is ampleforth.
It is synthetic commodity with elastic supply. The price is stable and the market cap fluctuates based on demand. People always complain that too much of ethereum projects are trying to imitate real world finance, and not creating new innovations that eth allows. This is in that category.
They are about to get a lot of buzz because they are catching on to the liquidity mining fad [emphasis ours for once]. You can earn ampl by depositing ampl/eth uniswap tokens in the ampleforth geyser [???]. Marketcap is 8.5 mil so still early days.
What’s funny is this coin is built for /biz/. Since it’s elastic supply is based off demand, shilling translates to a price increase more than any other coin.”
So says 4channy. Except for a few words, we don’t think much of what anon says is in english, so bear in mind this is the bit where we don’t verify anything as otherwise it would have been its own article.
And bear in mind 4chan is shill central so we pasted the above more as an indication of the current sentiment in some corners of ethereum.
Ampleforth though is a somewhat familiar name, but this is its own blockchain or thing, it’s not defi. Don’t even run on eth. Or does it? Now the rens and the aaves are something else.
Ren has ‘only’ doubled. Also Aave. But new boy Balancer has… we don’t even know because it don’t even have a circulating supply yet.
So we gone stop here because we want to know, and thus:
“The total supply of BAL tokens will be 100M. 25M BAL tokens are initially allocated to founders, core devs, advisors and investors, all subject to vesting periods.
The remaining 75M tokens are intended to be mostly distributed to liquidity providers in the coming years. In the future, and with governance approval, tokens may also be distributed to strategic partners in order to foster the development of the protocol and its ecosystem.
The proposed amount of distributed BALs to liquidity providers is 145,000 per week, or approximately 7.5M per year. This means in the first year of BAL’s existence there would be 30% supply inflation off the initially allocated supply of 25M tokens. This high rate of supply inflation is meant to kickstart the distribution of governance rights of the protocol out to those who earn it…
For full transparency’s sake, the seed series price of one BAL token was $0.60.”
Uuu, nice guys. They given seed. Now what’s seed?
“5M for the Fundraising Fund. Balancer Labs raised a pre-seed and seed round. This fund will be used for future fundraising rounds to support Balancer Labs’ operations and growth. BAL tokens will never be sold to retail investors.”
What you mean BAL tokens will never be sold???? Ohhh, interesting. Those 5 millions are kind of security tokens and those have libraries of regulations with one sentence in those libraries saying they can be sold only to rish people (billionaire not millionaire) unless IPO in grandpa’s market.
25 million is being kept by the team, 25%. 5 Million for ecosystem fund. The rish guys only got 5% here. Hmm. The rest for… the rest is free muneh.
Incredible. If you don’t know Balancer by the way, we covered them ages ago (Feb 2020). For the busy, lazy, or nocoders, they’re a place where you deposit your eth and then the flash boys code play with it to your benefit and theirs.
So this edition turned into something quite different from what we thought with the rest a bit too boring after all that sugar but IBM want to tell you how to develop a Blockchain application from scratch in Python, while Binance is stuck in the last century trying to ‘tokenize’ property, with tax lawyers as impatient as we all for eth 2.0 so they’ve began dreaming about how granny IRS may want to take some of your staking rewards, and Bithumb is in the century before that trying to navigate the generally corrupt IPO system.
Oh and on that front, fresh news from the brewing noobie trade war between America and Europe [vat?]. Our lovely SEC says:
“The Securities and Exchange Commission today announced that Novartis AG, a global pharmaceutical and healthcare company headquartered in Basel, Switzerland, has agreed to pay over $112 million to settle charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).”
Of course, only the Swiss [!] engage in corruption, and of course it is for America’s sclerotic bureaucracy to tell Swiss companies what to do.
It’s fine, their days are number in their current institutional form because in the war between energy and entropy, only energy can win, hopefully.
So keep your head down and keep on building because we have Nakamoto’s checkmate, and with the heaven’s blessing we hopefully will eventually reach the age when we are the ones in charge of these institutions and so paint them for this modern age.