Hello everyone. I’m an early investor in this project and I’m not happy with the current price action.
The devs are working to further develop the platform but we really need to take certain actions to prevent PNG price from going way below these levels. (PNG is being traded at 0.25 USD as I’m writing this, and 1 AVAX is worth 310 PNG).
When investors complain about the price action, the team usually say that they are thinking about the long term and they act accordingly. But if we just focus on development and making partnerships, whales will simply dump their PNGs that they get from daily emissions and make their AVAX bags bigger and bigger while the early loyal investors give up on this project. If we all give up, then unfortunately this token may turn into a pump and dump token. To prevent this, we must give the community good reasons to HODL their PNG!
Therefore, as mentioned in the voting titled “Distributed PNG Buybacks”, I suggest we divert a small portion of emissions into the PNG staking program. Here’s what it says in the voting:
“ Allow a small portion of emissions to be diverted into the PNG staking program should the community wish for this.”
I also suggest implementing a locked staking option with better APR and other rewards for longer staking periods that require the users to lock their PNG for a given period of time. (30 Days - 60 Days - 90 Days - 1 Year, etc.) This would incentivize holding PNG long term and decrease the selling pressure.
Here’s my 3rd suggestion: Arbitrage Bots. (Justin mentioned this when he first wrote about the Camelot subnet)
Almost half of the current circulating supply is being staked at the moment. Centralized exchanges hold around 10 Million PNG. If you also consider the amount in PNG-AVAX and PNG-USDC pools, there isn’t much PNG out there… This allows AVAX, ETH, or BTC maximalists to easily manipulate the price as they wish while continuously dumping PNG… So, I’m wondering, why don’t we, who believe in PNG, do something to change this?
Here’s what I say. Given the current critical point PNGUSDT and PNGAVAX pairings are, we must implement the Auto-arbitrage system that was planned for the Camelot Subnet ASAP.
If we allocate a small portion of the community treasure to a bot that will consistently trade for us every time an arbitrage opportunity arises and then buy PNG with the profits, this would make the treasure accumulate more and more of the circulating PNG.
The accumulated PNG then can be distributed to long term PNG stakers, validators, etc.
So, I request that we take a vote on this.
1 - Divert 30% of the emissions into the PNG staking program.
2 - Introduce locked-staking option (30 Days - 60 Days - 90 Days - 1 Year, etc.)
3- Allocate funds for an arbitrage bot that will scan for opportunities on dexes and cexes then buy PNG with the profit. (Check out what Justin wrote about it when he first mentioned Camelot Subnet)
4- HODL PNG