Hello everyone. We announced the CentG token in September 2022. "We intended to use the token as the governance token of the Cent Project. By using the token, we would both reduce cent inflation. We would also distribute rewards to liquidity providers in Cent's liquidity pools at project-related events." We used it as the main token for a while in our "Hive-Engine investments" study. However, nearly a year and a half has passed since the Token introduction. The token did not see the expected demand.
Among the main reasons for this, we can list the following: Demand for Hive-Engine has decreased due to extremely high HBD Savings interest. The vast majority of Hive-Engine tokens lost up to 90% of their value during the bear season. We are in bull season; CentG pools have greater liquidity than other Cent pools. Liquidity providers are constantly selling CentG, the LP reward they receive. These sales also negatively affect the Cent price. CentG token saw a price trend in the 9-12 Hive range. However, it was not possible for him to endure this for a long time. If you have taken a look at the Hive/CentG market, you may have noticed; Recipient accounts were mostly admin accounts of the Cent project. And as a result, we have decided to liquidate the CentG token. I am sorry! This is not a charity 😀 Those who are familiar with the stock market know; Companies that constantly buy back stock are not viewed favorably.
The liquidation will take place as follows;
- The liquidation process will continue for a month. For those who own 1 or more CentG, send CentG tokens to @centtoken. You will receive 1 CentG = 3,000 Cent tokens staked. If you do not have 1 or more CentG tokens, you can buy them from liquidity pools or the market.
- If you wish, you can exchange CentG tokens for Cent Tokens from the Cent/CentG liquidity pool. But wait if the price drops below 2750 Cent = 1 CentG. Liquidity will be added to the pool regularly by the @centtoken account. And the price will be increased again above 2750 Cents. Please do not sell your tokens at a loss.
- Liquidity provider rewards in Hive/CentG and Cent/CentG liquidity pools will continue to be distributed for another month. There are approximately 75 CentG tokens in liquidity pools waiting to be distributed. At the end of the liquidation process, a calculation will be made based on the current value of the token. LP rewards will be gradually added to the Hive/Cent and HBD/Cent liquidity pools in the amount of the value of the remaining tokens.
- We bought some Cents from the Hive/Cent market to create sufficient liquidity. We initiated an unstake of 500,000 Cents on the @centtoken account. At the end of the liquidation process, 500,000 Cents borrowed from @balina account will be repaid. Cent will be printed only in cases where sufficient liquidity cannot be provided. New inflation formation is not expected. At the end of the liquidation period, all remaining liquid Cent and CentG tokens in the @centtoken account will be burned.
Our "Hive-Engine Investments" work continues. We will now use Cent Token in this study. Therefore, the content here will be updated. As I mentioned above; Don't act hastily. And don't sell your tokens at a loss. We started Cent burning events. Grand prizes will be given away for promotional purposes in the first few events. Don't forget to attend the event. We will be sharing the "Cent Power UP Day" announcement in a few days. Follow @centtoken for new news and event announcements. See you later.
Note 1:
Thank you @forykw for the question.
Hi mate, some questions/answers validations:
Liquidity provider rewards in Hive/CentG and Cent/CentG liquidity pools will continue to be distributed for another month.
1- I am assuming here you mean "another month" on top of the current month waiting for people to decide if they want to swap CENTG tokens for 3000 CENT or instead play with the remaining rewards of the pools... which is in 63 days for SWAP.HIVE:CENTG and 70 days for CENT:CENTG respectively. Correct me if I am wrong, and if so, what would the project do with the remaining token rewards still inside the two pools?
1.1- Or are you deactivating the pools in 30 days and flushing all the balance?
Liquidity will be added to the pool regularly by the @centtoken account. And the price will be increased again above 2750 Cents. Please do not sell your tokens at a loss.
2- Are you doing this by printing more or buying from the project liquid?
3- When are the tokens being sent to balance as staked (timewise)? Printed or from a liquid balance? And which account if so...
Note to myself... I am glad I didn't use CENTG tokens inside my pool, but this made me think... how one would do this if people would have added CENTG into other pools? There would be lost stuff... a reality, but something to think about.
Hello. Thanks for asking. This will also be useful for other users. Reward distribution in Hive/CentG and Cent/CentG liquidity pools will be stopped on May 8, 2024. We chose this method to protect liquidity providers who will be informed of the announcement late and to maintain the price balance in the tokens.
500,000 Cent unstake process has been started on the @centtoken account. 500,000 liquid Cents were debited from @balina account. New Cent minting is not being considered. We also buy from the Hive/Cent market whenever possible. However, in cases where the liquid Cent amount is met with the above-mentioned conditions (CentG sent to the account is met or the price in the pool falls below the mentioned level), printing Cents was considered as a last resort. In other words, we considered inflation as a last resort.
Token submissions are not automatic. However, within a few hours, staked Cent tokens will reach the sender.
