I've been buying and staking GLG packs
In the past couple of days, I've been taking steps to improve my GLX position. I took a calculated risk by converting most non APR generating assets into GLX token.
At the time of writing, I'm already up to 36,687 GLX staked and potentially more to come. The average price of the GLX I purchased is around 2.5 cents but here we are today with the price heading to 4 cents.
In the past, I talked about how I was going to sitout this game and I still might do that but for now, I'm doubling down on my position in the game. I'm taking advantage of the unusually high APR for staking and trying to make the most out of it.
At the time of writing, the APR for staking GLX is still quite high at 181%. It has dropped from 189% since I published about the APR being too good to resist.
Just as I predicted, the APR has been dropping quite rapidly because the APR is just too high to resist. At the same time, GLX token has been doing quite well in the market at 4 cents and I reckon this is just the start.
I believe that for as long as the APR is higher than 100%, the price of GLX will continue to rise. If you factor in the potential of a bull market, we could actually see GLX pump above 10 cents in the coming days.
One part of the game that I was certain I would completely avoid was GLG packs. In my opinion, they were a tad bit too expensive and I just didn't like the fact that there's nothing to do with them right now.
Pack staking was introduced and that allowed holders to at least earn some value from their packs. This staking feature also made me reconsider my stance about the asset and so I bought just two packs to stake.
Fast forward to today and I'm up to 32 GLG packs staked and I've been earning GLX tokens for staking them. If I were to speculate, I'd say that the APR for staking packs should be higher than the APR for staking GLX tokens right now.
The system doesn't display the pack staking APR and I reckon it is because it is ridiculously high and it would lead to a stampede. In any case, I'm staking GLG packs while we wait for the game to be released.
The best part about it is how I've been buying the packs without exactly spending too much of my own personal funds. This is all thanks to the introduction of GLUSD and credits in the game.
At the time of writing, you can buy packs with either GLUSD or Credits. Both of them are pegged to a $1 but GLUSD is a bit like DEC in that its price somewhat dependent on the external market.
Buying a GLG pack costs $5 worth of Credit or GLUSD and 1 GLGT token that is currently valued at around $0.19. So, each pack costs $5.19 approximately and you can simply stake it after buying.
To buy packs, I've been converting my earning from staking GLX token to GLUSD to buy packs. I also convert a little bit of Hive sometimes to augment my pack budget.
I don't have any target right now but 100 packs by the end of the month is not too ambitious. The more packs I stake, the more GLX I earn to buy more packs and if the crypto market favours me, it will get even easier.
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