What's Happening With PAY Token
What is happening with the PAY token was announced yesterday over on @politicalhive but I think it also helps to have it as its own separate post.
I am the one who created the PAY token back in 2019 on Steem-Engine along with the MEME token. When the Hive hardfork occurred in 2020 I had both PAY and MEME ported over to Hive-Engine. My focus was first on building MEME into the MemeHive tribe. Now I finally have the funding resources to also deal with the other legacy token.
As stated in the @politicalhive announcement, starting in April a few select pools will have VOTE token deposited as an LP reward. Shortly before the June 2024 launch of the Political Hive tribe a VOTE:PAY diesel pool will be set up so anyone who wants to can "opt-in" and swap their PAY for Political Hive's VOTE token.
Image Source: Stable Diffusion
Currently PAY is still using scotbot. Switching it over to an SMT reward pool would cost 1000 BEE. Because of the expenses of setting up the VOTE token and an OUTPOST for Political Hive I can't afford right now to get PAY on SMT. So for at least most of the rest of 2024 PAY will still be using the political tags. Maybe in a way that's a good thing because users can earn both VOTE and PAY for the #politics tag.
Eventually, my plan is to use the PAY token for other projects. I am beginning to learn how to code and working my way to being able to develop some applications for Hive. I want to use PAY as the primary token for my future projects.
Isn't using pay for future project risked as some people already have a lot of it
That could be a concern. For the scotbot setting I think PAY minting decreases 10% each year (need to double check that) so at least the problem probably won't get dramatically worse.
This is the richlist for PAY token:
https://he.dtools.dev/richlist/PAY
I see
Interesting.. had sum at one point. May see if I get sum moar, or get sum and see where things go. As Pepe as a meme am moar fer the memecoin. Best with both of them! !BBH
@holovision! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @pepetoken. (4/50)