after some dms have a bit more clarity
if you're a @believeapp creator and you're reading this, sorry the money is not coming
why have creators on average lost so much value:
1. the fees from the pool are being held in LP tokens:
this means that the price and composition of the fees changes together with the token's price
if the token pumps, more of the LP will be made of SOL, if it dumps, the opposite
2. the user does not get to decide when the fees are claimed and un-LPd:
rewards are claimed at arbitrary times, this means that if the system decides to sell your fees after your token dumped, a lot more of your fees will be in TOKEN and not SOL - the creator has no say in this
3. fees are only being paid in SOL
the TOKEN portion of the fees is being held in a contract but not yet distributed to creators (coming in the future"
all of this (with tokens dumping across the board) means creators on average are getting 50-75% or more less than they could have
i think this is a horrible design choice that should be changed for the longevity of the product
and again, if you're a creator reading this - no there is no big "unpaid amount of fees" coming, they just lost you money
my two cents on @believeapp:
- it’s not innovative, just a copy of a copy of a copy
- it’s extremely extractive
- tokens launched there have no utility (as per their terms and conditions)
- if you buy a token, it’s a donation (yeah lol)
- they charge over 2% in trading fees, which is absurd considering it’s effectively a donation (u don’t own anything)
- the team selectively promoted some tokens (idk why they’d do that if the token is just useless and doesn’t matter at all)
- the creators do not get anywhere near the 50% revenue split promised and the creators have no way to do it manually, you are at the mercy of the team
who funded this crap? like seriously, we as an industry, continue to outperform previous grifts with newer shinier grifts, ludicrous
it’s not a startup thing, it’s borderline criminal in my view, retail is being looted at an accelerated rate, and people are praising the founder in doing so. we can do better imo
my two cents on @believeapp:
- it’s not innovative, just a copy of a copy of a copy
- it’s extremely extractive
- tokens launched there have no utility (as per their terms and conditions)
- if you buy a token, it’s a donation (yeah lol)
- they charge over 2% in trading fees, which is absurd considering it’s effectively a donation (u don’t own anything)
- the team selectively promoted some tokens (idk why they’d do that if the token is just useless and doesn’t matter at all)
- the creators do not get anywhere near the 50% revenue split promised and the creators have no way to do it manually, you are at the mercy of the team
who funded this crap? like seriously, we as an industry, continue to outperform previous grifts with newer shinier grifts, ludicrous
it’s not a startup thing, it’s borderline criminal in my view, retail is being looted at an accelerated rate, and people are praising the founder in doing so. we can do better imo
THE ONLY THING EVERYONE IS LAUGHING AT, IS THIS EXTRACTION OF A CHART
FUCKING PATHETIC
@BENPASTERNAK HERE'S SOME FEEDBACK NIGGA
STOP ONBOARDING THESE PATHETIC WASHED UP FOUNDERS ONTO YOUR PLATFORM FOR AN EASY PAY DAY FOR THEM
"FILM A 2 MIN VIDEO, EXPLAIN WHAT THE PRODUCT IS", PASTERNIGGA COMMENTS, NIKITA OLD ASS CUNT COMMENTS - SHIT SENDS, FARM FEES AND INSIDERS EAT
DAY LIGHT ROBBERY IN PLAIN SIGHT
TIER1HATER
You know the meta is starting to get cooked when all the launches start to look the same
Instant multi-millions in the first 2-3 min candles, followed by slow bleed while snipers and devs bundled wallets dump
Very efficient extraction