Time flies! It’s been 3 months since the last Budget Update for our Community Curation Project, known to SGS as Precious the Silver Mermaid. That means our previous Powerdown has expired and I’ve kicked off a new one. It also means our previously budgeted funds are now running low and I have a much clearer idea of exactly when they are going to run out.
The new Powerdown is going to yield 733.03 Liquid Hive per week, which is down from 809.008 of the last quarter. Our Hive Power Lease Obligations are currently sitting at 872.91 Hive per week which means our budget deficit will now be 139.88 Hive per week. We still have approximately 290 Hive stashed in the SWAP.HIVE:SPS Liquidity Pool that we can draw on, but simple math now clearly says that these funds will run out in about 2 more weeks if we maintain status quo.
Our current Hive Power is sitting at about 433K, which has been great for the last few months. A full upvote from Precious has been worth about $8 to $9 in recent times which has been a great boost for our authors and our community has also clearly benefited from the recent boost in the Hive price, which hopefully will continue through 2025. I am cautiously optimistic that it will, but nobody really knows…
Regardless, it’s fairly obvious that we will need to either raise new funds or taper off our leases fairly sharply in the near term. Personally I am leaning toward the latter. I think we’ve done really well to raise funds and invest in our project during the Crypto Winter and I question whether it’d be wise to be fundraising during a (potentially wild) Bull Market, but that’s probably the subject for a future post. For today I just wanted to give everyone the heads up and provide an update on the project.
