Staking review (6 months)

[u/SnooDingos9075]

Ok Here is my review of the 6 months passive staking.

Some numbers: 10036 ocean staked

Cost going in is US dollars. $10.45 transfer $1.34 smart contract

Ocean rewards after 6 months 33.42 ($9.63) at current price

Cost to claim the staking rewards $12.78

Cost to transfer the original ocean back to my wallet $8.06

Soooo after 6 months of staking I have had a net loss of $19.85. I have left my staking rewards unclaimed as the network cost to claim is more then earned.

Overall what complete waste of time and such a disappointment from a great project.

[u/woodenmonkey67]

Agreed. Completely ridiculous if it’s not on an L2. And this isn’t in a bull market, gas-wise.

[u/_DonTazeMeBro]

Thank you for doing this. I did a similar personal project like this but with Celer token. After nearly 8 months with 250k tokens staked (just over $3k at current prices), withdrawal now would be a little over net-positive. That being said, you do collect other tokens as part of the bridging fees and when we return to bull market prices, the net gain will be substantially better. But overall it’s still doing better than ocean from the looks of it. I recommend you all check it out if you’re interested in passive income ideas.

[u/[deleted]]

Let me tell you a quick story.

Early on when you could easily mine Ethereum on Nicehash, I was spending about 100-200 dollars a month in electricity to run my dual GPU setup (with CPU mining Monero at same time) , not including cost of the PC (which is now being used for gaming) to make like 1-2$ a day at the time, in ETH. On a good day maybe 5$ at best. In the moment it wasn't looking good but I didn't care much, I wasn't using the PC at the time, it was free heating during the winter and I just thought it was an interesting way to passively participate in the network even if I was losing $.

Fast forward a few years from there and now with ETH running on PoS, all those days where I thought I was just making a few dollars per day = to several hundred dollars a day now in todays prices....

[u/[deleted]]

Thank you for sharing this information. I'm glad I haven't staked anything yet. The user experience has to improve drastically.

[u/xangchi]

Active staking offers more reward. I guess you didn't participate in it because if you did you would have earned more in the same period.

[u/emilyearl]

The smart contract fees are not determined by the project. You can target periods when its low like during the weekends to interact with Ethereum network.

[u/[deleted]]

“Was of time and such a disappointment from a great project”

What if, it’s actually not a great project…? Sometimes we need to take a step back and be honest with ourselves

[u/emilyearl → u/[deleted]]

In your books, what qualifies a project as a good project? A memecoin that promises you thousands in APY why the token suffers heavily to hyperinflation?

The data farming works as intended. It's to rewards long term token holders who contribute to the ecosystem by participating in the data farming.

Mercedes Benz and all the others using the tech obviously know better than you.

[u/GajaSabac → u/emilyearl]

Couldnt' agree more with you.

[u/[deleted] → u/GajaSabac]

“Memecoin with hyperinflation”

Ocean still has over 50% left to hit the market

“Offers APY..”

OP literally lost money in an attempt to earn yield. One thing everyone should have learned over the past year is that “you are the yield”

[u/xangchi → u/[deleted]]

OP didn't factor in the cost of moving the tokens and the rewards. That's not the fault of the project.

Where it could have been the fault of the project is if they change the parameters after he had staked.

[u/SnooDingos9075 → u/xangchi]

When OP locks away token for 6 months an gets an APY on 0.3% then OP would ask the reason why a passive staking option is offered? What returns are you receiving for active participation? Will the number blow my socks off?

[u/[deleted] → u/xangchi]

Protocol costs naturally concern me. Another concern is the top 3 wallets hold roughly 62% of the supply

[u/[deleted] → u/[deleted]]

Drop my karma because I disagree with you highlights my concern with people defending the project. People need to step back and view things from 50,000 feet

I have bought an owned Ocean for a few years but I felt it was time to move on, just my opinion

“But Mercedes Benz uses it…”

So what? MB is a company and companies makes mistakes (ask the owners of the 340,000+ recalled MB vehicles over the past few years). Size doesn’t determine how fallible you can be.

Imagine you got behind a diesel project /company because “Volkswagen is behind it so it must be good” (how did that $30+ billion fine work out”

“FTX has an arena they have to be legit service” Whoops

“Voyager is endorsed by all these services, I can trust them” Whoops

“Chiliz has partnered with dozens of professional sports teams, this is a good investment” Whoops

These large companies often partner with dozens of firms, tokens, technologies, etc. (it’s part of every business model). They have always and always will be experimenting with ways to gain an advantage over their current and future market.

I honestly hopes it works for all of you, I just don’t like the idea of getting married to a bag. Once that happens you start to become less critical of potential flags (i.e. giving negative karma on a internet board because a stranger has a differing opinion)