Hello CUBlifers, today is a sad day but it's been coming and with a heavy heart, i have wrapped up CUBlife as a project and set up a buy back wall on hive-engine to let everyone cash out any CUBlife (CL) tokens they are holding.
Why?
There are a few reasons, all small reasons but collectively they add up.
1/ We lost the coder
The coder for LBI had real-world commitments and had to move on from HIVE. A new coder can be got but with everything comes a cost, for CUBlife, this would have been $200 for set up, $100 each for LEO and CL dividends and then a monthly $10 fee for maintenance and server space. CUBlife was harvesting $25 a week and paying out 10% just to fulfil dividends is money wasted. If the price of CUB continues to fall, then it's a higher percentage again.
2/ APY is low and no new farms
CUBlife started out well with an APY of over 80% but all good things must come to an end. There is not much to pick from on CUBfinance any longer since all the kingdoms were removed and no new farms have been added for months, maybe more than a year. The current farms are paying out 25ish% which is ok but the LP tokens we need are not the best quality to be holding long term. LPs connected to CUB and LEO have lost alot of dollar value over the past 18 months which greatly reduces CUB rewards overall for us.
3/ CUB is flatlining
There's not much innovation going on with CUBfinance, infact, it's been going backwards. There are no dens, no kingdoms and 7 farms of which 4 are connected to CUB LPs. Apart from there being almost no investment choices, the bridges dont work with it taking weeks of chasing support tickets for updates before tokens are issued.
The team might release a bunch of new kingdoms coming into the next bull cycle to boost it up but I dont see it. Farms in general are a 1 cycle project, boom and bust 1 cycle and replaced the next cycle with something better, something updated, upgraded and more sustainable.
Thats the main 3 reasons. We'll still in a bear market and things are gonna be like this are worse for another year before it starts to turn around and I've no idea how low the price of CUB, LEO or BNB will go before then.
CUBlife was set up to be an example to LBI investors that a simple project can be set up and maintained in under an hour a week. LBI was supposed to be decentralized and I had hopes of token holders setting up LEO-based investment projects that would grow out the ecosystem, locking up more LEO in projects and creating incomes for LBI. I airdropped CL tokens to all LBI token holders for maximum exposure and it was supposed to inspire others but It never worked like that because most people like the idea of decentralization but only when someone else does the work. Kinda failed in that regard.
BUYING BACK YOUR CUBLIFE (CL) TOKENS
We got just over 2 years out of CUBlife which is not too bad but its time is now finished and we need to buy back your CUBlife (CL) tokens and burn them. I have already cashed out all the LP's on CUBfinance and converted the BSC wallet funds to HIVE.
After all was said and done, we ended up with a total of close to 21,000 HIVE which is around $5600. We lost some $ value through low liquidity slippage, converting HBD into BUSD at $0.88 did not help and EMP is bottoming out so we had alot going against us. When we divide the HIVE number by the number of CL tokens in the circulation of 31,575 we get a buyback price of
0.65 HIVE per token Click here to cash out
I decided to do the buyback for HIVE because it is easier. Buying $5.6k of LEO (150k) would not be an easy task and could create a false pump and chain reaction where people FOMO only to see the price drop and stabilize after a week are so after people dump the same LEO for HIVE. Even if 50% were sold off, that would be 75k LEO dump. It's just cleaner with HIVE. If you want to use the HIVE to get LEO, it's a natural pump and thats better for LEO.
That is it for CUBlife, this is the first project I have ever wrapped up so it feels strange that I'll not need to do it anymore. CUBlife is just over 2 years old and has been a part of my Friday routine since it launched so it'll be weird the first few Fridays not having to do it.
I would like to say thank you for all the support over the past 2 years. It's a little sad to be wrapping it up but nothing can last forever and CUBlife served its purpose well for 98% of its lifespan as a LEO income token. The buyback order wall will remain in place and updated each time it expires until all tokens are bought back.
