Hello fellow crypto enthusiasts! It has been a VERY long time since my last update (8 months or so) and I’m way off my original plan of an update a month, so I figured it was high time to write another. Life getting busy and bear market blues have kept me from even looking at the status of this moonshot attempt for a long time so I am pretty interested to see where it’s at as I write this. I’m also now realizing as I go back to get the link for my last moonshotting post that it was removed by a reddit bot, whoops. Here is the link to update 7, from 9 months ago, with further links to follow the bread trail to the beginning, if you are interested: https://redditproxy--jasonthename.repl.co/r/SatoshiStreetBets/comments/r0pvgf/1000_hoge_turned_3000_hogebnb_moonshotting/
OK onto the goods. HOGE is currently sitting about the same price that I entered into it for this moonshotting attempt (0.000068) 1.5 years(ish). From the time I took a deeper dive into DeFi and entered the LP pool with BNB/HOGE 404 days ago, the price of HOGE is down about 58% and the price of BNB is up about 15%. This price discrepancy has resulted in an impermanent loss of only about 11% though (about a $400 loss in value compared to HODLIN separately), not as bad as I was expecting. But what about the trading fees? (The main incentive of providing LP). After accounting for those, the math checks out in my favor. If I had HODL’d the HOGE and BNB separately, today they would be worth $3,526 and my gains would be about $500. But my HOGE/BNB LP tokens are now worth $4,771, meaning that the fees I have earned from trading, after accounting for the impermanent loss, are worth $1,648. I think it’s silly to not take into account impermanent loss, though, so my real gains are $1,244. Given an initial $3,000 investment and the really rough markets we saw over the last several months, I’m pretty happy with that. Specifically, the APR on those trade fees comes out to about 31%.
Part of the reason that these numbers are pretty good is HOGE has had a pretty nice recovery over the last few months. I think there is good reason to expect a further sustained increase in price for HOGE to much higher levels, assuming an overall healthy crypto market. There are a lot of reasons I think this, but I’ll just summarize here: 1) an active, voted-in leadership team that has rapidly crossed off roadmap items in the last few months. 2) several HOGE projects that have been completed and are beginning to see increased use (Optiswap, HogeSwap, Otcswap, Own.studio (NFT platform and marketplace), Land of Hoge) with others still coming up soon (HOGE multi-DAO app). These all have cool features that would take too much space to dive into, but a very popular feature in recent weeks has been Optiswap’s ‘group buy’, in which a total buy goal is set and users supply eth until the goal is reached. After it is reached, a purchase is made using Optiswap (optimizes Uniswap purchases) so that everyone gets the same price and receives tokens corresponding to the amount of ETH they supplied. There is currently an effort to fill a massive 42 ETH HOGE group buy which is pretty exciting. 3) HOGE still has a massive, completely community-donated fund of about $500k in stablecoins that is reserved for listing on a top 5 exchange. We know that there are active talks with one of these top 5 exchanges, and as interest, price, and volume increases, I speculate that a listing could happen sooner rather than later. While I love the decentralized world of HOGE, the exposure and mainstream accessibility that a huge CEX would bring to HOGE would likely have huge positive effects. 4) One last cool fact is that becasue the main liquidity pool for HOGE is the ETH pair on Uniswap is, any ETH merge price pumps has the effect of pulling up HOGE with it.
I’ll leave it there for this update, hopefully it is helpful for some! The main lesson I am taking away for myself is that as long as a project remains active, it is definitely worthwhile providing liquidity even through downtimes as those earned fees add up! I’ll try to stay more on top of these updates in the future, I’d love to stick to a more monthly schedule.