Of profit takers and speculators…
The last few days haven’t been nice to look at the CSM chart for anyone holding, that includes the team too of course. After holding up very good during the last dip/crash, it seems that some holders got cold feet and dropped significant amounts onto the market to secure their profits.
I’m not blaming anyone for taking some profit or getting their principal out, but I have to come to terms with the fact that not everyone buying our token actually wants to see us succeed. People even cheat in Discord competitions or add then remove Server Boosts as soon as possible to receive some free NFTs…
The recent price action is especially haunting to see for those that bought at higher prices. I have to partially blame myself for this because I didn’t sell any Team CSM during the run up due to the self imposed ‘no sell rule’. Sells then would have avoided a peak out, added proportionally more liquidity to the pool and would have given us more options to support the price.
While adding transparency, announcing sales as small as they were have shown to be counterproductive. Therefore I have decided not to announce any sales going forward. Rest assured that we will always act in the best interest of the project and its tokenholders. Maybe this correction to 1.5ct was needed as a base to start off fresh again.
Some may have noticed already that we removed some liquidity on the Binance SmartChain yesterday to direct it to the Stellar DEX, right in time before BNB took another hit. The progress of the SDEX AMM/LP is undeniable and will probably play an even bigger role in the near future. We are currently preparing for the CSM/USDC pool to receive rewards after the next AQUA vote takes effect. For this to happen, we need at least 1% of the AQUA voting power. If you have AQUA to vote or unlocking soon, please consider backing the CSM/USDC pool to increase the rewards.
I have been watching the development of the AMM/LP on Stellar closely the last weeks as well as the work AQUA.network has put in which can be judged only as being outstanding. The tandem of standing orders and Liquidity pools built in to the protocol is far superior than other services and will also help us to distribute CSM without affecting the markets negatively.
If this sounds all too technical/unfamiliar to you: don’t worry, it’s a very positive development for the short and long term. We are also going to provide more information on this for those interested soon. I won’t have the time to walk everyone through this via Discord or DM though. All the information needed is already out there if you want to do some own research :)
Personally I see the current price of CSM as a temporary set back and we’ll see the effect of AQUA rewards latest by next week.