The WOO Staking Experiment

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WOO is intended to be a wrestling business management game built on the Hive blockchain with the WOO token being the key token for this. According to the whitepaper, it will be the main payment and utility token.

One thing for sure is that the token will have a large enough supply as it will have over 3 billion supply according to this tokenomics post. 70% of this is reserved for player rewards and reserves.

According to the Woo website, there are over 211 million tokens already in circulation and the game is not released yet. Of these, over 111 million are currently staked and earning over 54% which seems to be steadily dropping each day.

So with my experiment, I purchased 54K WOO tokens for 100 Hive and have staked them, and started receiving the staking rewards each day. I then unstake this same amount and sell them to recoup my initial investment.

As you can see from my table, in just over 2 weeks, the token value has dropped already 36,4%, so the time required to recoup my investment will take longer and longer because of this.

During this time, I have unstaked and sold 416 WOO tokens for 0,60 Hive which is 0,6% of my initial investment.


source

I also currently have 1k WOO tokens in the unstaking process which at current prices would mean I have recovered 1,87% of my original investment.

Today you can also see that I can claim another 100 WOO staking rewards and then I would unstake the same amount.


source

You can see there was a huge drop in the WOO token price at the beginning of November which was not long before I bought some WOO tokens.

Since then it has continued its downward trend but more steadily. I understand with these farming-type tokens with a high APR, that they can lose value, but I was not expecting such a high drop so quickly.

Based on my current results, as I just started, it took longer to start unstaking and paying, but as time goes by, it will take longer and longer for each % point of my investment to repay. Also, I would not gain the benefits of compounding because I am not reinvesting my stake.

Another strategy that I did consider was to unstake just 50% and reinvest the other 50% to continue growing my WOO stack. Perhaps I will switch to this strategy at some point in the future.

Are you staking the WOO token? What is your experience so far? What strategy do you follow?

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25 comments
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Funnily enough, I was just on the WOO site before I opened this post from you.
So you bought your stake after the big price drop? Yes I think you did, that was a painful drop, and you are right it is now on a steady decline, be interesting to see how long it takes you now to recoup your investment.
I have just a few tokens which are staked.

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(Edited)

Thats a co-incidence! Yes I bought after the big drop then doubled up to an even 100 Hive to do this experiment.

So far approaching just 1% of recouped (withdrawn) investment 😅 !CTP

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So are you trying to say the aim was to remove 50% of the initial investment and keep the remaining 50% and continue farming?. I think maybe you could have waited, for the price drop before your 100 hive investment. But I understand you wanted to take advantage of the high APR in the beginning.

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I bought it after the big drop shown on my arrow at around 0,002, but even since then we have seen a big decline in the token value. My aim is to withdraw all staking rewards to make my initial investment whole and then retain my staked WOO tokens ~54k WOO as an ongoing investment.

Then I can use my 100 Hive again to start a new investment.

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Oh wow, I guess the big decline was inevitable though, but that a good strategy you've got there at least to shuffle up your losess.

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Yes, I think with these farming tokens it is a race against time unless you are happy anyway to stack as many as you can for use in the game. I thought I would try this to see how it would work out.

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That's a tough call. With the price dropping so fast, it is just going to take longer and longer to recoup your losses. It is one of those things where you either needed to get an airdrop or get in and out as quickly as possible to actually see some returns. The same things is happening with GLX right now, but at least that was an airdrop (for me). If the game takes off, it could go back up in price, so it might be smart just to hold at this point.

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Yes, I was considering to buy GLX and do the same, but at the moment I just let the airdrop compound for me. I am interested to see how it develops with WOO though as I had to invest some Hive into it. !CTP

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I stake WOO. I think the guys behind the project are doing a great job, and once it all gets fully up and running then maybe there will be a price recovery. I only withdraw my staking income for selling once per week, so that on the other 6 days my stack is increasing. If the price continues to fall, I'll stop selling, and just stack on the hopes of a longer term price recovery. Also, I do like the APR which is pretty nice indeed ! Good luck with your experiment !!!
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!CTP

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Thansk, that seems like you have a good approach there. I may adjust my strategy depending how it goes. !ALIVE !CTP

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