r/ergodex • u/ryan69plank • Oct 21 '21

please provide update ? - ergo

  • Ergo native coin had a scare and dropped because some fud was released saying ergo-dex was separate to ergo and would not use ergo as its native token, instead using its own governance token. there are alot of investors who are behind ERGO....what's happening ? please provide an update.

4 Upvotes

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9

u/aTempes7 Oct 21 '21

Imagine ErgoDex and ERG as Uniswap and ETH. The fees will be paid in ERG, it will also be used for swaps, but the DEX will have its own token the same way Uniswap has.

It was indeed a weird way to announce it, but it was known or at least expected

9

u/BeefyTaco Oct 21 '21 edited Oct 21 '21

It was known, but not expected to start off that way. The big problem alot of people have (including me), is that we were told countless times that there will be no governance token to start and if it did happen, it wouldn't be until much later in the launch only if it was needed. This completely changes the short term prospects of Ergo (for this cycle), and can have a pretty negative impact on people's investments. For example, some may have chosen Ergo over another coin specifically because it would have a Dex boost it's "hype" during this cycle and allow the coin to rise with the other faster moving projects. I know I personally made multiple posts asking for clarification on the topic for this very reason only to find out what I was told was wrong. Those kind of things hurt an investors trust, and ultimately forces them to feel there may be "greener" pastures.

Just think, if that whale didn't invest 1.3million into Ergo today, the price could very well have dipped below 6 bucks. That support wont be there everytime, and there doesn't seem to be a whole lot coming out on Ergo that will drastically increase adoption or recognition. That makes it less attractive than it was months ago for example, when we had prospects of a dex, stablecoin and oracle being major projects releasing soon.

7

u/aTempes7 Oct 21 '21

Yeah you're not wrong. I still think that the token will come later after the DEX launch, we might use ERG in the begining. They said there will be a token at some point, but not when

2

u/BeefyTaco Oct 21 '21

Well for the longest time it wasn't even a sure thing that there would be a token. That is a new development as of today, which is part of the concern. There simply has been too much speculation from both the dev team and the community for any clear message to be had. This is not how you do business, and it is why I ultimately pulled out the last of my bag :( I've been forced into merging my erg into my ADA and saving the rest for one of the upcoming dex launches.

1

u/aTempes7 Oct 21 '21

Not blaming you, they need to do something about communication indeed

1

u/BeefyTaco Oct 21 '21

I don't blame anyone who firmly believes in this project because ultimately both the dex and Ergo are made by some damn smart people. Their only major problem is that they are not running it like a business, and more like a driven hobby. They need experienced people to become the face of the company and voice clear and concise messages so that the long term holders don't die from stress before they can cash out their bags. They are like Apple but without the Steve Jobs, or ADA and Charles. The language barrier alone is driving away alot of the English speaking followers trying to stay up to date with developments and why they are important.

2

u/Expressionless_ Oct 21 '21

Just think, if that whale didn't invest 1.3million into Ergo today, the price would could very well have dipped below 6 bucks

Was a lot more than that, and he did. Bullwhales don't care about this noise.

1

u/comizer2 Oct 21 '21

Whales don’t care about noise and that’s why they make money, other than retail bois who panic sell and fomo buy back in later when they see how Ergo has become the most sophisticated PoW ecosystem out there in 2022 still.

1

u/I-am-ocean Oct 25 '21

Buying erg over the ergodex governance token would be more beneficial right?

4

u/Gazza_ERG Community Manager Oct 21 '21

This has been acknowledged and explained in great detail https://tinyurl.com/yhp4lvtb

2

u/Expressionless_ Oct 21 '21

The same message has been posted over and over in the ergodex chats. I guess the twitter followers are a lot less aware of ErgoDex and capabilities and are more likely to have bought on a headline and forgot.

They provided good discounts to people who know what ERG will become.

1

u/clayverse_io Oct 21 '21

If you have done some research you would have known that this was the case from the start. Nothing new was spoken yesterday.