This is why I staked 11K GLX tokens
Remember GLX tokens? yeah, its the governance token of an incoming sports gaming platform designed by the same team behind SPlinterlands.
Based on the track record of the team behind the game, it is safe to anticipate something with immense quality but that's all I'm going by. The market has generally responded favourably to the project and it shows in the way GLX token is currently being traded.
In recent times, the token has taken quite the beating but its not like we didn't see it coming. Despite the initial hype after creation, many of us knew that it was overpriced due to hype and it would most likely settle at a price range that's similar price range with SPS token.
Today, GLX token is trading at a measly 2 cents per token and a fraction lower than the current price of SPS token. It is at a range many people predicted and frankly speaking, I'm not mad at it.
Is this the bottom?
GLX is still a relatively new entry in the Hive ecosystem, so we don't have much historical data to back it up. However, I know that the token has had an all time of low around 1.8 cents and that was shortlived.
I don't think we'll be seeing lows beyond the current all time low but don't take it as gospel because I've been wrong before. It is very possible that the token drops further to 1 cents if the market takes a turn for the worse or investors lose patience.
Considering this is a token of a project that has technically not still kicked off, I feel like it is doing quite well, overall. The trading side of it on Hive-engine shows regular activity and a fairly active market that reaches $5000 24 hours trading volume.
Compared to assets in the general market, the aforementioned trading volume isn't spectacular but within Hive-engine, that's pretty incredible for a new token. A lot of the second layer assets on Hive don't ever reach this height so lets appreciate what we've got.
At the start of the project, I bought a small amount of GLX tokens that earned quite a lot of revenue when the token rapidly pumped to the 30 cents range. Every day, Things got so good that at one point, the APR was so high that I was taking profit that was more valuable than my initial investment.
Today, the price is far lower than what it used to be and while I don't like it, I figured I could take advantage of the opportunity. So, I took a gamble and invested a small fortune into GLX tokens.
Stake it till you make it
At the time of writing, I have just shy of 11K GLX tokens staked and right now, I'm feeling quite good about my decision. Yeah, we're in a bear market and the APR isn't quite as good as it used to be but I still think this was a good move.
The alternative, at the time was to either stake SPS tokens or Leo tokens. Staking more SPS tokens was completely off the books and Leo was a close second that I didn't invest in because it is slightly more expensive and I wanted to see big numbers.
At the time of writing, the APR for staking SPS is far lower than that of GLX tokens. I did a comparison over 24 hours of staking both GLX and SPS, what I found was rather incredible.
In the 12 hours that I staked both GLX and SPS tokens, I earned considerably more from staking less GLX tokens. For the experiment, I staked 11k GLX tokens and 17100 SPS tokens for 12 hours and what I earned at the end of the experiment was around 30GLX and 10SPS respectively.
This aforementioned difference in APR prompted me to move some of my SPS stake into GLX. So, I unstaked a small amount of SPS and I'll swap it for GLX tokens.
What I intend to do is reach an equilibrium, of sorts by ensuring that I always have equal amount of both GLX and SPS staked at the time. So this will require doing some swaps along the way. The most important thing is that it'll be fun and easy.
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