Well yesterday Jan 14th 2022 we did our first GloveCoin Burn.
From the picture above you can see we pretty much took out of circulation the Dev wallet as well as most of my personal wallet. We did this to stabilize coinomics as this coin has been through the wringer.
For those of you who have been here from the beginning you know what I am talking about.
With a 4 million spread after the early 2019 swap from CFCC v1.5 and it's dev exit, we have been slowly rebuilding and working on use case for this coin. After many trials and errors I finally decided to implement it as a trade-up bartering coin for NFTs as I started to learn more about this space.
At the same time I was thinking of yet swapping again because of an outstanding amount of coin in the wild with little to no value, but learned we had a hodler who wanted to sell. I tried my best to trade and barter but he was a stickler to what he wanted for the coins. Thank fully our Dev FreakHouse was awesome to buy the coins off of him.
With this being the case we now can implement the NFT staking feature. See most NFT staking sites have you place the NFT in a vault and they create a token that somewhat grows. I say somewhat, because it's dependent on if the token already has liquidity and is set up to reward. Now don't get me wrong I really like this aspect, but I thought, another coin? Shoot, I already have 6, 4 coins and 2 tokens 🤦♀️. So how may I implement the principal these others have with already present tech?
Well, if CoinZone was still around we could do the pool thing, but nope they are unfortunately defunct now. So next best thing and I always advocate, "not your keys not your crypto" right, why not have the owner of the NFT stake the coin him/herself? Not really a bad option. The coin is already listed on an exchange, we reduced the numbers so difficulty should stabilize and best of all it's your wallet, you own the keys and you don't need to put the NFT in a vault, you can burn it if you want. I wouldn't though cause I just may buy those back. 😆
So here's the use case now and you can still trade up within the server for our other coins, myself or our devs may offer buying some back, you may buy NFTs with other goodies and of course trade via the exchange. Plans for onboarding another are in the works.
So this is how GloveCoin works now. It has it's own trading cycle and now coupled with Wrapped GloveCoin there are other doors opening. 😉