We've finally generated enough liquidity to "buy out" reward.app.
We are now in the process of planning out the move-over from previous dev running it on their infrustructure and code to us switching it over to ours. Luckily we had a similar program that liquidates rewards for a few of our services (@nomnomnomnom), so that shouldn't be too hard, just finding the perfect time for both devs to do the handover might be tricky during these holidays.
As I've mentioned in the past, the switch over will come with some changes, for once, reward.app will take a higher fee than it does now, currently it takes 1% and by default 4% go to curators unless authors state with a memo they do not want to give curators any fees or higher fees (up to 100%). The curator part will be completely removed as close to no one used it, outside of those using the default 4% without knowing most likely (that's why you'd usually see a lot of dust transactions flying around towards bigger curator accounts)
The fee that used to be 1% and was split between myself and the previous dev will be removed completely, i.e. I won't be receiving a fee any longer, instead it'll go up to 5% and go completely to @poshtoken. This will be our first "for profit" generation that isn't using the rewards pool in ways we've generated liquidity before (through posts & comments), which means that this fee will allow us to do other things with it we haven't been able to do in the past due to the nature of how we've used the author rewards pool. We could use that to buy and burn posh tokens or to start investing in tokens we think will do well tied to posh somehow to give our holders of our token some value back for their altruistic purchases of posh or holding, since all the token has been out to do has been to generate traffic towards our front-ends that benefit all stakeholders alike. Along with a fair launch, etc.
We don't have any concrete plans as of now and are treating poshtoken kind of like a DAO atm where we offer delegations to participants that have helped shape it and maintain many of its activities, along with contest prizes to top shareres that we've falled behind on due to the reward.app acquisition. So there'll be some more "liquidity mining" in terms of upvotes on posts and comments for a while til we catch up with that, then we will ease up on that for a while forward.
The reason we didn't want reward.app to just die is cause there's some usecases for people who may wanna use it, while we admit that in the past it's mostly been abuse due to how the previous dev kind of insisted on voting for anyone using it, and since he had his own value parked there I wasn't in a position to put my foot down. That has now changed however, and reward.app isn't blindly upvoting anyone using it any longer.
There's also some useful ways to make use of it, for instance if some people need their rewards in liquid form from time to time or for contests and tips that some communities in our ocd's incubation do use it for. It's integration into @peakd would also be a waste to sunset just because the dev couldn't maintain it any longer and in general we hate seeing things die off when they easily could go on existing.
Anyway, just a short update on that front. We hope to be able to catch up on the posh contest prizes here next and then check what else we come up with. Some of the things we've been working on now along with @x-rain has been to attempt to get more communities to start out their own subreddit's in order to build a presence there and not only try to attract people to our front-ends through links & images + link shares but to get them to their subreddits first and use them as a portal to hive. We hope many will take us up on our offer along with some incentives like a few communities already have on their own accord, such as Amazing Nature community.
Thanks for reading, happy holidays!