#sILV2 Fix Fuel Exchange

1 messages · Page 1 of 1 (latest)

low pivot
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Hello,
There were a good old promises that sILV2 will have the ILV Buying power in game.
Not applying the fuel bonuses to sILV2 make it totally worthless as you loose 6x the amount of fuel not buying with eth.
Maybe it's the strategy from the studio to bring more money and surprised that we still don't have any answer/ plan about it.
It's the best moment for the sILV2 to get burned, you don't want it to stay until the next ATH of ILV. for revdis.

2 Solutions :

  • Remove entirely the sILV2 from the market as the SLP rewards is now done. buy it back with treasury 1 sILV2 --> 1 ILV. (More long term solution)
  • Put the bonus to the fuel exchange while buying in sILV2

We are here since years now. and i'm really annoyed to see that even this "fact" that silv2 should work as intented. is not respected.

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(Same story about the fuel crates "$ worth" Lie

pliant marsh
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Its obviously another gimmick cause the revenue is lower than expected, but if we don't solve it now it will just drag the problem later on like you said.

Either fix it's purchasing power to be equal to ilv and then to eth fully, or rebrand it for other uses like tournament entry vouchers or smth else, many options.

wet badger
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I asked and kieran said in an ama that they are working to fix it but its more complicated than simply changing the numbers

Like you say same thing for fuel crate but i havent heard anything on it. I would love to know if the team is also looking to fix

jagged bronze
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It's insane to me that this isn't fixed yet. Instant upvote

restive star
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Hey
I agree it needs to be burnt, yet 1 to 1 seems a little excessive.
I have a few questions:

What revenue does Silv bring into the ecosystem?

What would be the economic effect of it being used fast?

graceful sierra
# restive star Hey I agree it needs to be burnt, yet 1 to 1 seems a little excessive. I have ...

I agree it needs to be burnt, yet 1 to 1 seems a little excessive.
sILV2 was always a 1:1 tradeoff between claiming ILV OR sILV2 from staking rewards. So any other rate other than 1:1 is going against year long promises.

For the record: I don't mean to say that we should trade sILV2 for ILV 1:1 now. I'm just providing context.

What revenue does Silv bring into the ecosystem?
What would be the economic effect of it being used fast?

sILV2 does not bring revenue to the ecosystem. Instead, it detracts revenue altogether.
sILV2 is used in-game with the same value as ILV. so it's like a giftcard.
The price of ILV is actually low now though, so the total value of the giftcards is pretty low
(100K sILV2 -> 38 dollars per ILV -> 3.8M in buying power right now.)

But if the price of ILV rises, you may see 200$ ILV -> 20M in buying power.

All of that is just burning sILV2 instead of gaining Ethereum in revenue, so it would detract from the revenue of the project. Burning it fast now would inflate Fuel values that are held now, so it would dump the need for fuel and thus reduce travel costs and also all in-game asset costs for now.

In the future however you save the DAO from 20M in buying power if ILV becomes more valuable.

restive star
low pivot
# graceful sierra > I agree it needs to be burnt, yet 1 to 1 seems a little excessive. sILV2 was ...

I agree with all you said.
We need an "hot"fix to allow buying fuel in a way silv2 to burn it. The risk is to inflate the fuel market as we would need to mint the bonus fuel amount and it would be a death drop loop. Or without inpacting the free market is to use ilv from treasury to pay the bonus.
Or more direct solution is to get out from this silv2 and replace it by ILV. The entire silv2 ecosystem where to promote stacker to claim silv2 to spend in game. But we had nothing worth to spend it in (except first Land sale) since and now the reward system is only revdis.
Thats the Best moment in the bear to remove that silv2. Dunno whats the team plans about it. But i see nothing moving...

low pivot
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@keen trout couldnt link your giftcard, crates feedback here. But i would recommend people upvoting your thread too.
The team must fix it asap. People feel ruged or milked again not having the real market price value for crates/silv2 or any marketing tool.

keen trout