Honestly, this seems very unfair for the people that PAID 4% to stake their coins in dens that offered exposure to quality projects. Personally, most of my stake (outside of cub) is in BNB and DOT. So basically, I sacrifice 4% of my crypto for only a couple weeks of yield, and now I'm forced to abandon those positions, which I paid to enter????
I totally understand this frustration and I immediately thought that people in those positions will probably feel left out, when I read the announcement. But you if think about it, you have easily made back these 4% plus some gains. Even now the DOT-BNB farm gives over 4% per week and from your comment I assume you have been farming early on and hence have seen much higher APR at the start.
DOT trades now lower than at the start of CubFinance and BNB only slightly higher. You could sell your CUB now and buy back DOT and BNB and stand at a better position than before. Or you keep hodling your earned CUBS and throw them in the Den, which will get a 50% higher APR with these updates compared to right now. With that extra APR you could buy new DOT and BNB over time and not even loose your CUB position. All in all not the worst outcome, but yes, it could have been handled better.
Obviously, none of the above relates to any direct investments you might have made into the CUB token itself, but that is unrelated to the farm and den changes anyway.
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Despite being in fairly early (day 3ish), I am in fact not in profit. Anyone holding any position in the farms is likely not in profit due to impermanent loss with the price action of CUB. Leo is now forcing farmers to sell off and realize that impermanent loss without the opportunity for the CUB price to rebound. I understand that we were in a hyper-inflationary period and this would likely happen to the price of cub before the block reductions and I was fine with that. I assumed that I would be allowed to hodl through the chop and leave the farms, if I chose to, when the CUB price rebounds. I was betting on the price rebounding from a successful rollout of the bridge and audits posting. What they are doing now is virtually a rug-pull for farmers, because they are forcing them to realize a loss that is supposed to be impermanent. No yield farmer ever expects the farm to be dissolved in 2 weeks.
Posted Using LeoFinance Beta