The story isn’t about the performance of DINO as much as it is about how easily and intensely people yielded and capitulated.
In barely three weeks since its launch off the back of much vaunted venture capital support, Dinoswap’s token price has already plummeted by more than 70% from its all-time high.
Its day chart currently looks like this:
Sadly this is all too familiar for us degen yield farmers. These days, it’s not fashionable to be rugged by the developers anymore. Current flavor is to be dumped on by anonymous whales that scalp the price down and exit with everyone else’s liquidity.
If you do not possess a certain mentality in investing, you will tend to believe otherwise and keep looking for evidence to prove your doubts are valid. All of it boils down to the character of the reasons you had when putting money into DINO. The real hustlers and niche carvers that truly believe in its fundamentals will be unfazed by the price action and the public outcry. Everyone else quite simply lacks the spirit of the hustle and the fortitude to take on skin in the game. Unfortunately, those two concepts are alien to nearly everyone. Their motivations revolve around the quick bank they can make from a yield farm, or with a well-timed exit amid the euphoria that emanates with the extremely overrated “exchange listing”. I haven’t seen a coin that doesn’t dump after an exchange listing.
I tend to think like a startup guy, and the proximity of BSC’s Pancakeswap’s performance helps govern my own conviction for DINO. Further, my advocacy in DeFi has always been about asking why should high APRs not last more than 3 days or even 3 months?
There’s a lot more “assured uproom” if you compare how much value is on BSC farms. Polygon’s tx fees are cheaper. BSC is getting swamped by gas surges because more games are happening there. Most importantly, you also get strong VCs who will push needles to help the farm in ways normal people don’t have access to.
I do believe it is not the investors or the developers themselves selling their DINOs. The investors are not interested in making quick bank from cashing their tokens contrary to popular perception?—?even if they bought in at 10 cents or below. The real prestige and maximum upside comes from them installing a strong and sustainable contender in yield farming and to be credited for it. That is something that cannot be valued with a positive expected value most telegram denizens chase. So already the fundamental character of the motivations for investing in DINO are wildly different.
Because otherwise what happens to the subsequent investments? Therein lies an entire career length future with a unknowable degree of loss should they simply dump and exit. Also, there are cross chain stakeholder angel investors too with interests that transcend beyond just making money. They’re not just going to capitulate because of some whale level bad actors.
Unfortunately if you’re going to be a telegram bro that needs handholding from others whenever your investments sour, you probably shouldn’t be investing. Telegram denizens have a plebeian, profane character to their motivations. Investors and DINO supporters who believe in their vision of surpassing Pancakeswap (yes, not just matching its status) stand resiliently in a sacred mission.
DeFi’s yield farming may only be profitable for millionaire whale swingers now. Retail investors may continue to adopt the strategy of ape-ing into new farms and making an exit on the third day?—?taking profits early before the eventual dump. Yield farms are forced to adopt heavy taxes and antiwhale features.
I ask why should that be allowed to continue? Is high yield DeFi not for the have-nots?
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Related: https://nullscientist.medium.com/drip-is-a-ponzi-that-lets-you-keep-all-your-friends-f0d19800da7e
