What's Happening With PAY Token on Hive
Today I updated the PAY token on Hive-Engine. This is what I did:
Increased PAY token's precision from 4 to 8. Now, instead of the smallest amount possible for the PAY token being 0.0001, it is now 0.00000001.
Spent 1000 BEE to switch the PAY token from the scotbot contract to the SMT contract for the reward pool.
Transferred ownership of the PAY token from @politicalhive to @token.fee.
Throttled down PAY token's emission rate so that now only 5,760 PAY tokens are minted every day.
Changed the indexing tags for the reward pool (see below).
My next plans are to create diesel pools for SWAP.HIVE:PAY and SWAP.HBD:PAY. That's at least several months away.
PAY token used to be the community token for c/politics. #politics is still a tag for the PAY token now that it is using the SMT contract. I created PAY back on the STEEM blockchain before the 2020 hardfork and had it ported over to Hive-Engine. I intend to eventually use the PAY token as the main token for my future Hive projects. Since I needed to use a community tag as one of the five tags, I picked my ChatGPT Enthusiasts community as the community tag along with #chatgpt. I have no intention of starting a ChatGPT or AI tribe, but I figured that sooner or later some token would reward posts about ChatGPT, so it might as well be the PAY token.
The new tags for the PAY token are:
#hive-109953
#chatgpt
#hive
#blog
#politics
I've created several tokens, and PAY is unfortunately the one I've been neglecting for several years. Today's update is the beginning of rehabilitating the token.
Image Source: Stable Diffusion
There's been two transactions on PAY since 7/11/2024. One of them involves me.
Oddly, PAY has been one of my best performing coins.
Since the marcap of pay is lower than the price of creating diesel pools, I am not sure if the coin is worth the effort.
!ALIVE
Thank you for your witness vote!
Have a !BEER on me!
To Opt-Out of my witness beer program just comment STOP below
View or trade
BEER.Hey @yintercept, here is a little bit of
BEERfrom @isnochys for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.There are a few benefits for moving PAY from scotbot to SMT. One of them is that under scotbot @politicalhive was issuing token payouts individually. Now PAY gets sent in batches and isn't constantly draining @politicalhive's resource credits. Another benefit is that the only way to update PAY token's reward parameters was to upgrade to SMT. Now that PAY is using SMT I only need to spend 20 BEE the next time I want to update the parameters.
Anyway, I believe that SMT is a necessary part of rehabilitating the token. If it works out and helps shift PAY token's depth chart on Tribaldex further right then it will be worth it.