10 Reasons We Get Strange Tokens in Our Hive Engine Wallets

about 1 year ago

10 Reasons We Get Strange Tokens in Our Hive Engine Wallets

Unless we check our Hive Engine wallets a few times a day, we may be surprised by some of the 872+ tokens we discover.

^{Cover image made using SVG.
Wallet is an edited screen capture taken from LeoDex.
Edits made using MS Paint.
GIF images are sourced as noted below.}

Does your Hive Engine wallet look like this?

The infamous George Costanza Wallet

^{Source: Giphy.com (via Ecency)}

Hive Engine is where the Layer 2 tokens are. We may be concerned about one or a few or maybe even a dozen of them. We may also be scratching our heads at some of the 872 (and counting) tokens arriving at our wallets. We may have a few ideas how they got there, but a few may surprise us. In alphabetical order, here are 10 reasons we get strange tokens in our Hive Engine wallets.

1️⃣ Airdrop

Occasionally a new tribe, community, or project comes online. Sometimes owners of some token are rewarded with an airdrop of the new token. The HIVE value of the airdrop is more or less equal to the HIVE value of the token currently owned.

2️⃣ Bad Decisions

Most of us at some time or other bought Hive Engine tokens for any number of reasons:

If a token moves even 3 decimal places to the left we hit the lottery;
Price was dirt cheap;
It was easy to reach Page 1 of the token's Rich List;
We liked the logo or color scheme;

Often, these were impulse buys. Just as often, these buys didn't work out for us. Many times, when we try selling them at the DEX we discover that the token has bad liquidity: easy to buy, hard to sell.

In a word, we oopsed.

Urkel saying his catch-phrase

^{Source: Giphy.com (via Ecency)}

3️⃣ Curation Rewards

When we upvote a post or a comment (or a thread), it has token tags associated with it. Usually it's tags such as LEO, CTP, or POB. Occasionally, it's for tags such as SME, MEME, or WEED. Then there are tags for any of the remaining 872+ Hive Engine tokens.

Curation rewards is one of the largest sources of tokens whose arrival into our Hive Engine wallets is a mystery.

4️⃣ Delegations

Most delegations result in interest on the token being delegated. Some delegations result in daily rewards. And some of those rewards can arrive as Hive Engine tokens unfamiliar to us.

5️⃣ Experimenting with the DEX

Many Hivers come here with no experience in trading. The Hive Engine DEXs provide a friendly environment for learning and understanding the various aspects of trading.

However, the Hive Engine DEXs are as unforgiving as all other DEXs when it comes to mistakes made. So sometimes buys and sales are made using tokens whose losses would have minimal impact.

6️⃣ HODLing a Token

Simply having Token A in our Hive Engine wallets is enough reason for us to receive Tokens B-Z. Dividend tokens such as DHEDGE and INDEX are known for this. Owning COM is enough for receiving LIST and WEED. Other examples exist. HODLing a token is also one way to qualify for an airdrop.

7️⃣ LP Rewards

After curation rewards, LP rewards to adding liquidity to a pool is the next greatest source of surprise Hive Engine tokens. On top of that, there may be a few LP reward tokens which also more tokens showing up simply for HODLing them.

8️⃣ P2P Transfer

We upvote because we liked what a fellow Hiver posted. Sometimes we use a bot to send an engagement token such as PIZZA, LUV, or BEER as an added bonus.

However, we are free to tip people in any token at any time. All we have to do is send a token from our Hive Engine wallet to another Hiver.

If we can do this, then others can do that in our direction, too.

Releated to P2P transfer is this:

9️⃣ Prizes

Whether we participate in something like the Hive Engagement League or enter one of the many contests across Hive, prizes are sent to winners via P2P transfer. Usually the prizes are known, but occasionally the prizes are a surprise.

🔟 Staking

Usually staking a token rewards us with interest in the form of the same token. Staking one token can result in earning interest in the form of another token. With all the Hive Engine tokens which exist, there may be some surprises waiting for us in our wallets.

Just My Two Sats

Over time, we accumulate tokens in our Hive Engine wallets. We know about some of them, but a few will surprise us. There are many reasons these surprise tokens arrive at our Hive Engine wallets, and there are 10 reasons which explain nearly all of them.