I promised an update to talk about what the plans are for the Yieldly we've earned by staking the LP Algo while Tinyman is down. Well, here it is! I'll start with the ASA Help Service though, as they are somewhat related.
ASA Help Service: We'll be launching an ASA Help Service soon! In addition, we'll also be releasing some articles and videos that walk people through basic things such as creating a token, minting NFT's, etc. For anyone needing a quick walk-through, they can use the guides. For anyone wanting continued, in-depth support, they can purchase our service! They'll be able to pay in Astrocat, Algo, or their own ASA!
Purchase of the service won't get us to publicly advertise or endorse you, it will be private and the public will not know. Second, if you want to pay in your ASA, we’ll need a defined road map/goals, and a sense of who you are. We'll need a reason to take on extra risk by accepting your ASA as payment.
We'll release more details on pricing when it goes live, but we'll start it off cheap and see where demand is at.
As the premier token for introducing people into Algorand, we need a way to introduce people to some of the other, high-profile projects on Algorand in such a way that it benefits Astrocat. Therefore, Astrocat will be acquiring stakes in other, promising ASA's.
How will this benefit Astrocat owners?
Profits from holding the other ASA's will be used to buy back Astrocat, raising the price of Astrocat and benefitting all holders of Astrocat proportional to how much they own.
How will these ASA's be obtained?
Firstly, until Tinyman is back up, the Algo from the LP will be used to acquire Yieldly. This Yieldly will then be staked to earn further rewards. Once Tinyman is back up, we'll aim to keep the LP >~15%. If we have extra Algo after LP is >15%, we'll stake it for Yieldly. If the LP ever falls below 15%, we'll unstake the Algo and add it to the LP.
Profits from the merch store/sponsorships/partnerships will fund this if LP is >15% and will fund the LP if the LP is below 15%.
People who use the ASA help service and pay in something other than Algo/ACAT will contribute to this. If they pay in Algo, it will fund this if the LP >15%.
Once there is a sizable bag of ASA's, we'll look into letting people vote with their Astrocat on which ASA's they'd like to see Astrocat have a stake in and when to sell for profit.
How big will this be?
I don't anticipate large initial investments into any one project. I think it will be small investments into many ASA's and as Algorand continues to grow, the investments will mature. But in the end, that will be up to the Astrocat holders to decide. Take regular profits and buy back Astrocat or grow the ASA bag?
We don't plan to buy ASA's directly with Algo, just to stake to accumulate some bags. We want to make sure our Algo goes towards the LP and is benefiting Astrocat, not being used to buy other ASA's.
When the Yieldly NLL ends, some adjustments will need to be made to some of the plans outlined above.
If something does 100x and we're sitting on huge profits, some Algo will need to be held back for tax purposes.
We're currently sitting on 736 Yieldly and 4 Akita Inu Tokens. These have been accumulated through the LP being staked. With about 2 more weeks until Tinyman is back up, we'll be able to grow this further with the LP.