Sirwin
Sirwin

SPOT’s Impressive Performance

By Cje95 | Chronic Illness and Crypto | 24 Apr 2023


I have written before about SPOT and well to be fair while I see the reason for it in the Amplforth ecosystem it is not a crypto that I care too much about and given the amount of SPOT that is traded being less than $1,000 it is not exactly the easiest thing to swap out of. Much to my surprise though it really has functioned well and exceeded my expectations. SPOT's purpose was to be a store of value and though I could see that working I had to remind myself that it takes more than just my opinion for it to actually work and function as described. Except for a brief period between March 10/11th, during which it did have a flash crash down to $1.02 a token, it has floated in the $1.12 to $1.17 price range. As you can see below with an AMPL/SPOT chart SPOT has done a much better job of staying stable and consistent compared to AMPL. 

 

Chart from @DocumentingAMPL

 

Since it was launched on December 25th it has spent almost the entire 4 months in this range. A lot has happened during this time as well with the crypto market really exploding upwards to start the year with Bitcoin breaking the $31,000 level and Ethereum breaking $2,100 to the 10% pullbacks both suffered last week alone. If SPOT was knocked around and out of the range it has established I wouldn't blame it for the extreme market conditions mixed in with the general macroeconomic conditions. I mean let's not forget even USDC managed to get knocked off its peg and by a wide margin at one point before the Government covered their bank deposits. 

 

 

That being said there are big limitations on SPOT right now as I am sure many of you can attest to. When looking at CoinMarketCap or really any site is a lack of liquidity pools that exist to swap your SPOT out for. While you could always go the redemption route it is just added fees and transaction costs that I do not care to spend. Even the one liquidity pool that seems active is a SPOT/USDC pool which isn't even what I would want to swap my SPOT into as I would much rather take advantage of the current market pullback. Again it is just additional transactions and more steps in the way instead of a clean-cut swap. 

 

What I will end up doing... honestly I haven't a clue but it is important to see its performance and compare it to others like AMPL. 

 

 

 

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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