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If reddit plebs could win in GME, why not retail degens in LUNA?
I’ve seen it all, been in it all. Iron finance, anchor 20% on UST, tomb and tomb forks, defi kingdoms, ohm and its forks. Staking #JpegFi. Nothing lasts. Everything’s a ponzi that runs out of steam. Except Drip. But time and again I’ve seen people ape into every shiny new defi scheme while fading quite literally the longest surviving protocol outside of “safe pools” offered by the major DEXes e.g. Spookyswap, pancake etc.
After Iron finance collapsed in june/july last year I was on a hunt for a defi scheme with a specific set of characteristics and there could be no compromise on these features. My parameters include: high yield, locked staking, a significant sell tax and an inordinate whale tax for disproportionately large volume trades. There must also be incentivized referral to mobilize holders to market and hustle the scheme themselves. Nothing at that time fit the bill except Drip so even though it had a bad reputation of being a ponzi, I really didn’t have any choice. Then I realized so what if it’s a ponzi-like, everything is a ponzi. As long as the protocol doesn’t rug and pays out 365% over a year at the bare minimum I’m quite happy. It is may 2022 now, nearly a year since Drip’s inception — an absolute eon in crypto time. Drip is still surviving and my ERC wallet will prove that I have already cashed out to USDC my original principal ten times over. I don’t care if the chart looks bad — in fact I’ve been through the first decline — drip went from $55 to $4 and like most people would think I…