So Leofinance set out a day for staking Leo, the second-layer token of the project and even before this became a thing, I was already excited about staking the second-layer tokens. One of the reasons is, I was one of those people who was expecting the SMT on steem, it was touted to be revolutionary, of was one of those smart technical thingy that I couldn't really explain but it was a step forward, and because it's going to be, I was so positive about it.
However, we never saw the SMT because the chain forked and the core community members who could have pushed for the SMT left steemit. However, hive brought the aspect of true communities and tokenization and this is why I probably took the aspect of tokenizing the communities very seriously.
Now, this decision isn't backed by diversification of opportunities it's merely backed by being aptly involved in anything that can provisionally create a different innovation on the hive blockchain. The reality is, we haven't quite hit it when it comes to tokenizing the second layer and this is because many people are pitching their priorities and trying to squeeze out more value for themselves.
However one might say since people would prefer to squeeze the second-layer in preference for the main layer, what then is the essence of the second-layer? To me, one of the essences of the second-layer is diversification, growth, and development, it means that people can be able to build monetizable communities which might determine the degree of the value.
Now, one of the biggest aspect of Hive is that it's not built on the "highs* or lows of the native token. Its value is embedded in the usability of the projects that are built on it and since most crypto projects depend on Bitcoin for the price movement, in-chain projects can experience a bloom as a result of the growth that's being experienced on that particular project.
While splinterlands is more of a dapp on hive, we can account for the massive boom in price in early 2021 that wasn't controlled or determined by bitcoin. This is the same too for the Leo token hitting 1$, flipping hive and hitting a dollar was no mean feat for a second-layer token, but this wasn't accidental.
That feat proved that hive is capable of building second-layer tokens that can flip the price of the hive itself and while this needs a lot of work and structural framework it's possible to create less attention on Hive itself by shifting the attention to the other aspects the blockchain that can create other use cases. While the aim is money, if the aim becomes only money it might be difficult to see any value when the prices are down. This happened with steem.
Most people who experienced the bull run on steem were new to crypto, it's easier for them to think the bull run was normal and it might probably last forever. This created a huge buzz around the Money and not the tech or the innovation it could have potentially brought. It was crazy.
Not a lot of people including me knew that the stablecoin then SBD was supposed to be pegged to a dollar. At 13$ the wish was that it could go higher and when the dump happened, steem became a ghost of its normal self.
Although there were already signs during the bear market that things could change, steemmonsters that is now known as splinterlands was born on steem and maybe steem could have replicated what's currently happening now, but I feel only hive could be what hive currently is. Not to deviate though, I think the second-layer projects are only the beginning of what's going to happen to hive, but then it's a huge part of the ecosystem that's going to create an all-around relevance on the chain.
Here's why you should build too
I've been building my second-layer tokens for like two years now, and I must say, I'm happy about the progress. I think the individuals would determine the growth of the second-layer projects and this is to say, no one should neglect any of these opportunities. I think Leofinance has started quite well, as it's transcended from being just a second-layer to a predominant and influential project on hive.
Today is the official day to stake leo (LPUD) and I've done mine as quick as possible. This is creating an awareness to stake more leo, reduce the liquidity, increase the value while creating more relevance for the project in general. I think it's a wake up call for the other second-layer projects on hive and for now, I'm staking irrespective of anything. So pick your poison quickly, do your research and pitch your tent with the projects you believe in.
Interested in some more of my works?
The Intrinsic Propensity To Spend Money
Poverty: The Unwillingness To Spend?
A Scenic Bathroom Photoshoot
The Importance Of Having A Contingency Money Plan
Translational Value; What Is Your Worth?
Using Crypto As A Means Of Transferring Will
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Honestly, I was impressed to see that Hive was more than the Hive token and HBD. It projected a higher sense of progress and sustainability to the Blockchain.
I was also surprise to see that some layer two tokens are even worth more than Hive itself in value. Having independent ecosystems built on Hive is one of the best things the Blockchain has enjoyed!
Yes, there was actually a time when we had some second-layer projects that were doing massively well, I think overtime that buzz has died though. I'm hoping we can get back those glory days but these projects needs a form of structure.
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Frankly said! 👍
LeoFinance is one of the most active community I've encountered. There are a lot of projects being developed and the members are highly committed to the community. The accomplishments of LeoFinance as a community is being reflected by the price of their LEO token.
I also see that the accomplishment of LEO is an indication of the great potential of Hive.
!1UP
Leo totally stands out, it's management and structure has been astonishing. I think there are many projects too with prospects that aren't really making the efforts to stand out. For me, CTP and BRO has been amazing thus far.
Agree with that. I've been reading some nice stuffs from CTP and BRO too.
One of the tokens that I would personally love to stand out is SPORTS. 😊
LEO flipping Hive was a glimpse of the potential for communities on Hive. It showed us with if a community is strong enough with impactful use cases and keeps evolving, it is bound to see growth in every aspect. Leofinance has been exhibiting signs of growth and sustainability which for me is a good reason to build my LEO stake in the community.
Happy LPUD
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I think Leo flipping hive was beautiful, it showed that we can actually build value different from hive. I think most of these projects needs the right structure to actually survive, I think it's time we begin to build and see essence to the second layer aspect of Hive.
You were one of those who helped build my awareness about the second layer of Hive.
So many hiver are still very very ignorant of this aspect of higher than that is still real gem..
That is the building
That is the future
I think getting to understand hive better exposes other aspects to it. The second-layer aspect is a very important aspect to it as well. I'm glad you are aware of it and also building in that aspect too. There's nothing good as accumulating slowly on hive.
Your post on passive income sometime ago gave me a clear view of it.
A more reason why I tell newbie to calm down and build. Hive is not going anywhere.
I remember a few people talking about Hive before HE was fully built out and I can't really know for sure how things were back then. I joined after HE and tribes were out so I am just used to it and I believe in LEO the most for my 2nd layer token.
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Hahaha well hive before HE was what steem was like. But, there were a lot of second layer projects, but only Leo seem to be standing out. I think there are few others like BRO and CTP that are quite good as well.
This is informative.. thanks for sharing..
Wow, I'm so impressed by reading all this and it's so educative
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The only thing that determines the price of the second layers tokens is the value and usability people enjoy using. Otherwise, the token will lose around 95% of its value during a bear market and be wiped out.
This i already know, and that's why I think so many projects needs to do even better for survivability. Hopefully too as well. I feel leofinance is setting the standards.
One of the best things there is about Hive is the fact that it stands strong irrespective of token price. We’re in the bear market, and still engagement and everything is still as lively as lively gets.
I really want to build my second layer stake, but I’m finding it a little difficult which second layer tokens to prioritize and focus on building. For now, I’m focused on LP and HP. At the same time, since I’m new, I want to build the second layer stake while still building a considerable HP itself. It’s confusing.
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I got caught up over the weekend but wanted to come back and drop a comment saying how much I loved this post.
Monetising content on Hive's second layer is something that I'm passionate about and just waiting for community leaders to take advantage of.
Once content is properly monetised by the second layer, then theHiveElite can stop worrying about downvoting to rebalance HIVE rewards (or whatever they call personal 'reward disputes' on low-quality content) because then all that will matter is HIVE's token distribution as a governance token.
As a LEO investor myself, I'm obviously confident that the LeoFinance team can be the first to implement this model.
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