The point I’m trying to make is the fair market didn’t really like the deal ICON gave BALN holders, or they would be buying BALN and we would be closer to a 3 million dollar market cap. However, I agree this offer isn’t too bad by any stretch of the imagination, but I think it could be better. But I definitely can see your points.
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I’m personally locking 24 months, I’m just surprised the market reacted with a price drop, I am excited about SODAX, was just seeing if there was any wiggle room for a slightly better deal than offered. I know nothing is perfect in life, anyway, have a good weekend everyone.
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Hey Brk, I have been around the project for a multitude of years, everyone I have come across has acted in integrity, honesty, and fairness, even in trying times.
I know you are a little upset and are asking for “a lot more from ICON”, but personally I am only asking for a few percentage points to each lock up offer based on how the market reacted.
I do not believe ICON or SODAX tried to low ball us. No one knew how the market was going to react, BALN could have shot up, I thought it would have, but the market thought differently. Today, I’m adding to the discussion, for a few more SODA given my investment.
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I just pointed out how terrible this proposal is for BALN holders.
"Balanced is worthless without Icon’s liquidity, so BALN holders have to be thankful for whatever was offered by Icon" as an argument does not make any sense to me.
Everybody has a different perspective. I personally hold a lot more ICX than BALN. So, this proposal (if accepted) is not going to make much difference for me, but I will definitely vote against to this version of the proposal.
This confirms that we as token holders had no value from your point of view right from the beginning.
My understanding is SODAX will inherit many of the core functionalities like AMM, stable coin, UI & UX frontend, and possibly even more from Balanced. Balanced is currently owned by Balanced DAO. Your phrase is misleading.
I suppose this sentence reveals your true personality. I thought you were better than this.
Balanced is a collection of smart contracts on the ICON Blockchain, governed by the token holders and completely autonomous. SODAX is a new collection of smart contracts on the Sonic blockchain, and the primary liquidity provider for Balanced is moving there. The Balanced smart contracts, and the value they create, is obviously significantly impacted by that.
I never said anything that would imply Balanced had no value from the very beginning. There was a time, for a long time, Balanced had hundreds of millions of dollars of TVL, millions in daily trading volume, hundreds of liquidity providers and growing amount of protocol-owned liquidity (liquidity governed and controlled by the autonomous balanced smart contracts).
But many unfortunate things happened. Specifically, there was an exploit that drained every single dollar of liquidity from the DEX, all the money that was earned, and all the money users had offered as liquidity. The DAO was robbed of nearly everything, tough to recover from. Thankfully ICON helped. Then literally one week later nearly 1M of bnUSD backing was declared worthless because of the Prime Trust bankruptcy, but thankfully ICON bailed out bnUSD and bought all the bad debt (still holding the bad debt to this day). And thankfully ICON provided some funding for salaries to continue to build the project, since all the money earned in the DAO was used to make users whole on the exploit.
So yes, I’m grateful for the opportunity (offered yet a second time!) to join forces with ICON. I recognize what Balanced was to ICON, what it helped ICON become, but I recognize that the only reason it still exists after these two critical blows is ICON and the support its given.
With that said, this continued back and forth is unproductive for this thread. If you care to continue the discussion in a civilized manner, feel free to DM me on telegram at benny_options.
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