There are two major issues that I struggle with at the moment and I have come to the decision to make some drastic changes. The most important thing for me is that the CTPSB token can continue its progress over time, developing a return that is higher than if people would curate with their Hive Power.
Owning CTPSB is like having liquid Hive Power. It gives a higher yield than curation alone and the great thing is that you can always sell it within minutes on tribaldex or hive-engine. With CTPSB, you can actually skip the 13 weeks unstaking period that comes with Hive Power.
Struggle Number 1 : financing delegations
For over a year, I have been struggling to come up with a solution to finance delegations to @ctpsb. In the past, these delegations were financed through author and curation rewards from tribe tokens. We had pretty big bags of CTP and other Hive-Engine tokens. The problem with these tokens is that they continuously lost value and it was getting more and more difficult to reward delegators in a satisfactory manner.
With the collapse of the CTP token, we switched to pay the dividends to CTPSB tokens. This improved the overall situation considerably but still it was not possible to scale the income dedicated to dividend payments. We actually lost quite a lot of delegations over time because of that.
The only solution I have to pay a nice yield for delegators is to create at least two posts per week and pay delegators with author rewards.
The problem is that I need to pay about 7-9% apr to delgators and the income from delegations is also around that number. So in a way the delegations don't really bring much profit to the project.
I have made some calculations and if instead of using the money to finance delegators, it would be directly invested in the Hive Power of @ctpsb, this would have a rather small influence on the APR of the CTPSB token.
The solution for financing delegations
We will pay dividends to delegators one last time on 18th of February and then stop paying dividends to delegators. We will use the money that was dedicated to that, to directly increase the hive power of @ctpsb. We kindly ask the delegators to undelegate their Hive Power.
Because of issues of HiveSQL it's unfortunately not possible to get a list of delegators. We will create another post later this week and mention all the delegators so that they can take the appropriate actions. For the same reason, it was not possible to pay the dividends to the delegators so far. We will do that as soon as possible.
Struggle Number 2 : curation
The CTPSB project has been running a ranking to evaluate who should be supported by the project. The problem is that the ranking contains around 15 to 20 people in total. It's almost impossible to use the whole voting power on so few people. So If I want to avoid that voting power stays at 100%, I had to figure out ways to do some manual curation and in spite of that it happens that voting power stays at 100%. This has a direct negative impact on the return of CTPSB because we lose curation rewards like that.
We haven't managed to create a real community around the project after CTP more or less ceased to exist. I don't really see a way to develop that and this is another reason why some changes are needed.
The solution for the curation problem
With the @liotes project, we have developped quite a consequent curation project called ourpick. We manually curate quality content and we also support quality content from the community. A big part of the people that are in the CTPSB ranking are also part of the Liotes community. To use the Hive Power of CTPSB in a better way to support quality content, we will simply follow the curation trail of the @liotes.voter and thereby give even more value to the curated content.
Why all these changes?
I'm totally aware that not everybody will be happy about these changes and I would like to explain the reasons why I need to implement them.
To finance the dividends to delegators, I'm under pressure to create almost two posts per week. I often don't know what to write about and I really struggle to come up with content that I find worth publishing. Together with the curation efforts, this is a workload that goes 100% into financing the project. According to my calculations, with the planned changes, I can but I don't have to create posts for the project and I don't have to worry about the curation efforts, delegating them to the Liotes team of which I'm also part. Like that, I can save a lot of time and energy and the apr for holders of CTPSB will roughly remain the same.
How will we keep the APR of CTPSB above 15%?
I will continue to create content for CTPBS and I will also run the planned creative challenge. The project has several income sources:
- organic APR for staking: 3%
- curation rewards: 8%
- author rewards from posts: variable
- author and curation rewards from tribe tokens and miner rewards: variable
In addition to these income sources, we have also mechanisms in place that actually burn CTPSB tokens. By reducing the supply of these tokens the APR actually goes up.
All this combined should bring the return for holding CTPSB tokens between 15 and 20% without any delegations.
What about the people supported and CTPSB NFT's?
We will continue the support until the end of the month of February. From March on, we will follow the curation trail of @liotes.voter.
For CTPSB NFT collector holders, we will continue to pay the weekly dividends in the form of CTPSB tokens. Also we will create a project to reward all the other NFT holders on a regular basis. The nature of this project is still not totally defined.
For me these changes will be a big relief. I will save a lot of time and energy. The project as such will become 100% sustainable and it will provide value to content that is worth reading. For holders of the CTPSB tokens almost nothing will change. The APR will remain similar and way above what could be generated with Hive Power alone. For NFT holders, there will be some changes that will actually favour them. For delegators who want to have a similar or even better return than with @ctpsb, we suggest that you delegate your Hive Power to the @liotes.voter account. You will get daily dividend payments in the form of LEN tokens that are higher than curation rewards. In addition to that, you will get points for the Liotes Ranking that brings additional advantages like monthly payouts to the top 15 of the Ranking.
We mention here the people who have wished to be mentioned in regard to the CTPSB ranking, since this impacts this ranking a lot:
@stekene, @ph1102, @flaxz, @jfang003, @imfarhad, @dewabrata, @iamraincrystal, @hirohurl, @ijat, @libertycrypto27, @mypathtofire, @successchar, @yeckingo1, @darmst5339, @dailyspam
I hope that it's possible for you to understand these decisions which in the end are there to make sure that this project will go on in the futre.
Best regards,
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