PAL token had a great period after its launch when it was really the king, hovering between 0.4 and 0.5 STEEMP and being used as a model, including for the same list of users to airdrop to. But since then, like many other tribe tokens, it's on a descending slope. Let's dive into the chart territory to make it visual:
(thanks to @gerber and his tool from SteemLeo discord)
Yes, there are a few tribe tokens which are doing great, like LEO, since I've mentioned SteemLeo above, but overall it seemed like the Steem-Engine tribes need a little help, something to make their tokens more attractive.
Well... @aggroed to the rescue! :)
Yesterday, he published a post going over the status of the various Steem-Engine related projects they are involved in.
If you haven't read the post. here it is:
There are important news there about the new dex, the p2p network, NFTs and opt-in KYC.
Besides the news, what caught my attention, and the reason for this post, was the ending of his post. And the way @aggroed plans to grow the Steem-Engine ecosystem. Let's quote him:
There's two options for how to grow this thing. The first option is we make ENG worth a ton of money and then centrally spend a shit ton of money trying to grow the ecosystem. The second is we help other coins rise and allow their communities to attract people here. I prefer the second approach. To this end we have a plan we think will help tribe tokens grow in value. Allow the tribe tokens to pay for NFT issuance.
There will be a set burn of 100 ENG per token, and then there's a cost per token issued. The costs are flexible but currently we're going to charge 0.001 ENG per max token, and we're also going to allow tribe tokens to be used for the cost. So, if you want to create 1M tokens on the platform it will cost you 1000 ENG (~$100).
The first tribe token we'll accept is PAL. The rate is still tbd but likely 0.01-0.001 PAL per max token supply. Here's hoping that if you can burn other tokens to generate NFTs that more people are likely to see value in the tokens and if the price of the tokens start rising I hope to see a lot of activity on chain.
I don't have a set cost for allowing tribe tokens to be used for payment yet. It'll be in the thousands of dollars range or something like 5% of token supply. I might be able to work out a monthly cost if that's something that you're looking for.
So, there you go! PAL is going to be used as an option to pay for NFT issuance for sure. If other tribe owners will want to pay the corresponding ENG fees, their tokens can be options as well.
If or when the rates of exchange are good I believe there will be more demand for these tribe tokens, creating a sort of buying wall. But of course, it depends how many tokens are needed for the issuance of the needed NFTs and how popular the NFTs will become on Steem-Engine (and I believe there are reasons to believe they will).