Why am I holding SLP tokens?

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Avatar for nomadghada
2 years ago

Just recently I had took out some liquidity that I have been providing on MistSwap and from That I received some flexUSD tokens.

Since they were SEP20 tokens on SmartBCH I though I'll convert some of them into SLP tokens and transfer them to my wallet.

Why?

Well if you hold SLP flexUSD in your bitcoin.com wallet or exchange you get 10% - 20% interest.

While it isn't much, I still wanted do that for a small amount.

Therefore, using CoinFlex I transferred my flexUSD SEP20 tokens into my CoinFlex account and then from there transferred the equivalent SLP tokens into my wallet.

I did this for about $10 worth of flexUSD tokens.

Now it has been almost 1 month and I have been receiving these micro interest payments daily.

As of my I have received about $0.05 from holding flexUSD SLP tokens.

Which comes to about 0.5% in 1 month.

This is interesting, as SLP tokens are losing there relevance since the SmartBCH came out and now many people are not using SLP anymore.

1 year from now!

I am expecting $1 - $2 by the end of 1 year because of the 10% - 20% interest statement.

But it is still this is just to keep the Layer 1 Simple Ledger Protocol going.

The Risk

There is a risk that while I might keep getting the interest but these SLP tokens will become less and less accepted and I'll be left holding useless tokens.

Currently many of the Swap have discontinued support for SLP tokens and not sure if CoinFlex will continue to support it in the future.

That is why I am only holding $10 worth just for the sake of it, whereas most of my worth is still into mainnet BCH.

My personal experience has been that I found them hard to interact with and apart for some of the platform there wasn't much things to do with them.

That is why I didn't do much with the Simple Ledger Protocol in the past.

What is your take on SLP tokens?

Just a few days ago I was talking with guy on reddit who told me that he wanted to get rid of the HonestCoin (USDH) SLP tokens he had in his wallet but wouldn't find an exchange where he could swap them.

I informed him that I can do it with sideshift.ai however when we checked there we found that for SLP tokens like USDH and flexUSD the swap is temporarily disabled.

So he was stuck again.

Now after a few days I checked again and found out that the SLP tokens have been completely removed from sideshift.ai

What a bummer.

So... yeah things aren't looking good for SLP tokens.

What do you guys think?

Link to Bitcoin.com article on 10% - 20% interest on flexUSD - https://blog.bitcoin.com/get-10-20-apy-just-by-holding-flexusd-8ba4268e2d8

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2 years ago

Comments

Now my brain is panicking hahahahahaha.. Ok I gotta go get some of those flexUSD out .. but to which coin this time? not all i still love seeing the interest payout on my flexusd in bitoin .com

$ 0.01
2 years ago

Yup, me too

$ 0.00
2 years ago

I heard from a friend that TUSDT may also be facing the same fate.. my kucoin portfolio starts with tusdts.. hayy.. gotta move move

$ 0.00
2 years ago

Probably move to USDC, I mostly use Polygon USDC for whenever I need stablecoin

$ 0.00
2 years ago