lowkey
@megaeth is kinda stuck between a rock and a hard place rn
was reading through the Terminal sunset announcement and did some quick napkin math to estimate what my points could potentially be worth
first of all, i actually think adding a $USDm component to the rewards was a smart move from the foundation
but it also creates a pretty awkward situation going forward
this week should mark the final points distribution before the mainnet campaign rewards are airdropped, currently worth roughly ~$17.5m in $MEGA (2.5% of supply) plus the additional $USDm cashdrop
sounds great on paper, but the tricky part is distribution sizing, let me explain:
if they go with a large airdrop, there’s a real chance it just creates additional sell pressure on an already fragile chart
that's because the entire point of the campaign was to bootstrap usage and liquidity, and since organic activity never really picked up the way many expected, a large portion of recipients will probably just sell immediately to recoup / cut losses
but if they go the conservative route and distribute less than expected, that probably just adds even more fuel to the ongoing drama since most users will end up dissatisfied with the allocation
the third option would be leaning more heavily into distributing $USDm instead, but that also seems difficult
it would be extremely expensive and, considering most of the stablecoin yield likely went toward the recent buyback, they’d probably have to tap into treasury / ICO funds while revenue is already down ~60% MoM
regardless, genuinely curious to see how they handle this because there isn’t really an easy solution here
what are your guesses?
gMega