Good morning
Today i would like to tell you about another project we have embarked on, this one is grape finance (did i say i would not get into any more of these lol).
What is grape finance? Grape Finance is an algorithm-based stable coin protocol designed to maintain a stable peg to MIM on Avalanche. It uses three token types to incentivize a stable 1:1 peg to MIM; GRAPE, WINE, and GBOND.
Grape finance is a tomb fork, so i see it as a copy of Tomb finance that is on the Fantom notwork, but this one is on Avalanche. There are only a limited supply of wine tokens (deflationary) but not of the grape tokens and there are many combinations of the 3 tokens, each producing more wine or grape.
Grape gives you wine, wine gives you grape, grape and mim give you wine and wine and grape gives you wine.
If the grape goes below peg (Under $1) you can buy Gbonds to help the protocol come back up to peg and when it does you will get an extra incentive. There are also nodes you can stake in as well as liquidity pools.
We have had no buy or sell taxes just small contract fees which have just been cents so that is good and they do have a strategy page on their website that tells you the best plan according to what price the token is at.
Did i do my full research? well i would have to say NO, i left this one to David so it is his project so to speak, (I find the whole thing a bit confusing but David has got his head around it thankfully) but i was horrified when i found out that someone involved on the mim side was involved with wonderland, but to address that issue grape finance has said they will use a different stablecoin if that is what people want.
Do i think this one is super risky? yes i do but the promise of any profits going into the Bitcoin fund did sway me. We both have side projects we want to invest in but at the end of the day we both have to agree, we have also said there will be no 'i told you so' or 'my project did better than yours'.
So how is it going? So far so good, but to be fair we only invested a very small amount to start with. We have added more to it since but again not a huge amount and it does seem to work. We have been in grape now for around a month and it did drop below peg (yes i was panicking ever so slightly) but it did what it is supposed to do and came back.
Do i think it will last? No i don't but David has more faith in it but he is working on the short term, i on the other hand want as much Bitcoin as i can get as i am thinking long term so between us we should be ok.
I do have a plan that eventually i will do a post on how well or how bad the projects we are in or have been in are doing........... Also im pretty sure i dont have to use the 'this is not financial advice' disclaimer just yet. I will post a link to grape finance as i am sure my basic version of explaining it is not the best.
Also i want to thank one of my favourite bloggers here on PublishOx for helping me........I have a picture today, so thank you Patch
Thank you for reading and have a great day.
