SPEW is in the pool. Spinvest pool report, plus @spinvest-leo weekly update.

in LeoFinance5 months ago (edited)

Sorry about the headline, I still wish I had come up with a less-gross name for our pre-pool, but SPEW has stuck. In-case you don't know, SPEW is:

  • Spinvest
  • Pooled
  • Eth
  • Wleo.

Final tally of round 1 contributions:

final pool numbers.png

You might notice some Eth contributions from a couple accounts - these helped to ensure that we had more than enough Eth to cover all the WLEO to maximize our Liquidity Provision. I (@jk6276) added 0.5 ETH of personal funds in at the last minute, which turned out to be unnecessary - but was a buffer to make sure all gas fees had adequate coverage. The surplus ETH will stay there to be used in future as required.

We are in:

A few hours ago, I took the necessary steps to add these funds to the pool.

  • First step - wrap the LEO: (I forgot to take a screenshot, but transactions can be verified)

    wrapping leo transactions.png

  • I then added WLEO to Metamask for visibility.

  • Next, I navigated to the "add liquidity" section, double checking that I was logged in to The Spinvest-eth address, not my personal one. (that is one mistake I was very careful to avoid)

    adding liquidity.png

  • Next I had to approve WLEO (this is required for allowing any new token to be transacted through Metamask and Uniswap)

    approve wleo.png

  • Next I confirmed the Liquidity Add:

    confirm adding liquidity.png

  • Finally, it is done:

    its done.png


So, what happens next?

Now, it's all set and we move to passive mode. The LEO bounty rewards will be payed to us fortnightly on Hive. When they are received, the following process will apply:

  • 20% of the bounty received will be transferred to @spinvest-leo. This is the service fee specified in the launch posts. Initial posts quoted a 25% fee, but as the pool grew in popularity, the fee was decreased to 20%.

  • The remaining bounty will be split and payed proportionally to the pool contribution as outlined in the first screenshot above.

  • These payments are going to be manually processed by myself, within 24 hours of the receipt of the bounty payments.


I still want to add funds!!

If you want to increase your contribution, I will process any new funds sent each fortnight, just after the bounties have been processed. This will make tracking easier, and reduce overall transaction fees (GAS).

  • Existing participants can add any amount no minimum (but please don't send multiple or tiny transfers, I'm processing all this manually). OK, maybe 100 LEO minimum for existing participants. This will be processed and added to the tally (after the bonus run).

  • New participants can add a minimum of 500 LEO, and likewise will be added to the pool after the next bounty payout - each fortnight.

  • If you would like to add ETH to this pool, please contact me prior to sending so I can match the ETH transaction to you.


I want my money back!!

The following two options will apply to withdrawals.

  • Non-urgent: I will process the withdrawal and send it to you as LEO on HIVE. Non urgent will be processed once a fortnight, just after the bounty payout. This will mean Gas can be reduced/shared between people withdrawing, or maybe even eliminated all together if I can use deposited funds (no promises - expect to incur some GAS fees)

  • Urgent: Will be processed within 24 hours of a request. Will have full gas costs of the withdrawal deducted from the funds. Please, for your own benefit, only request this in an emergency - it will be an expensive process.


Useful links:


Any questions, hit me up in the comments



I'll keep this weeks regular @spinvest-leo update brief:

spinleo 24sep.png

Another record week - don't really need to say much more than that.

Cheers,

JK.

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Do not miss the last post from @hivebuzz:

Update for regular authors

This is epic!
So glad to be part of it.
Hopefully more will join and
turn this downside up for #leo.

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Fun to be a part of, isn't it?

!BEER


Hey @spinvest-leo, here is a little bit of BEER from @pouchon for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Love it.

Thanks mate. 😁

Wonderful post, great transparency, exciting undertaking! I'm all psyched about it. Just to clarify: is a fortnight 10 days or 14?

14

Yup, 14. Not sure on exact timing when @leofinance are paying bonuses, so can't narrow it down but I'll process it within 24 hours.

I thought you were getting the 20% fee for yourself as payment for your time?

No, it's going to spinvest. I benefit as a SPI token holder, and pool participant with some of my funds in there. Also putting my time into this helps boost my profile which is a benefit down the track.

Not a direct payment for my time, but there are plenty of indirect benefits that make it worthwhile.

ok, gotcha, going for the long term investment and view. Which is very SPINVEST of you.
Getting rich slowly is the game and raising your credibility does that as well in a sense with more upvotes and such

Can I still participate by sending 500 LEO to @spinvest-eth?

Just to be sure to get it right...

@jk6276 Thanks a lot for organizing this! Also really appreciate the transparency in the reports. If the pool is in need of more eth let me know so I can chip in.

Have you thought about the hypothetical situation that the provided liquidity will gain unexpected returns (such as airdrop)? If so, what will you do with it?

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