Prop 8’s approval means Atlo Rewards Farm is underway. Here’s your first update!
Development is in progress and we will release a target date for deployment soon. In the meantime, we have started buying $ATLO using the $420,000 we committed to.
In fact, we started buying a little over a month ago; about $2300 a day. The buying was initially spread over a number of wallets as we wanted to accumulate but weren’t in a position to announce the Rewards Farm Proposal yet. A single wallet constantly buying would have raised questions before we were ready to propose what it is we wanted to do with the tokens.
With the proposal passed, we have consolidated these tokens into a single wallet. We are sure people will want to monitor our accumulation. A single wallet makes that easier for everyone to audit.
In terms of the funding, an intermediary wallet receives the funds before sending it to the buying wallet. This allows those wanting to track the UST spend to more easily view the UST transfers without the noise of the trading transactions.
The approach we are going for is DCA buying, not big green candles. This is for two reasons. Dumpers will just dump into big greens, and a DCA strategy allows us to potentially accumulate more tokens for the Rewards Farm should the dumpers continue to dump. This means a greater benefit for Farm contributors. We believe this brings more long term value to believers in the project who decide to stake, rather than providing exit liquidity for the dumpers.
The 2 wallets to watch are:
Atlo Buying Wallet: terra1vwsl0usurmq2awpkxzn2f8xlew65lwlh2tt452
UST funding Wallet: terra14nzfux6l3m0ftl5cqlajc8czz8pg8kpy4rjcsn
Tokens bought so far: 2,009,771.86 $ATLO
UST spent: $83,737
We’ll follow up with more updates when we have progress to share!