Today is farming day on COTI when we receive GCOTI rewards which help boost the overall stake by 21.27% which is roughly 4 x what the current APR offers of 5.31%.
These rewards all add up and looking how much the GCOTI has earned over the years for my growing stake it is actually quite an eye opener. I have 4 different staking pools of various sizes, but once all added up this highlights the importance of GCOTI.
Over the years the GCOTI has earned an extra 31 550 COTI and will continue to accumulate and earn at a higher rate now due to the size of the stake. The current weekly earnings directly generated from the GCOTI stake is worth 362 COTI which is nearly 52 daily and represents a high percentage of the 92 COTI earned daily.
I bought this up in a post today because a friend of mine who is copying my staking staked his COTI 3 weeks ago and mentioned yesterday his staking is not working. Once I explained he needs to farm the rewards and add those rewards to his stake dis he realize how much he had grown. I think he mentioned he had 530 COTI and is not bad for his first farming episode.
The penny finally dropped how lucrative this is especially now with the markets how they are and the price not being that important. I am not 100% cure how much stake he has, but I do believe it is around 170K COTI. Now that he understands how this all works and the admin work one needs to do as he thought it automatically was added to your stake he has decided he has enough COTI and will move on to the next bag.
I never mentioned what i am doing and that is to carry on growing this bag through purchases and rewards with a target somewhere around 500K depending on the markets. I think when you establish a base with a decent number you only start to see the real benefits when the bag is much bigger.
My friend is earning around 25 COTI daily and it would not take a significant investment to unlock 120 COTI in daily rewards and he is missing out. The problem is he does not listen and never spends the time to learn and understand how things work and why he missed the fact he had to physically claim the rewards.
The problem I have he seems to always be in a rush and why he makes mistakes along the way which are unnecessary and has cost him financially. The latest bag he is chasing is XRP because he has friends with XRP and has been listening to them. FOMO is a thing in crypto and can derail your growth if you allow it to take hold in your thoughts.
When I was growing my COTI bag over the last 4 odd years or so I was tempted by so many other shiny tokens that I am glad I stuck to my plans. Self control and setting targets is not always straightforward and easy and yes you do need self discipline. Over the next 12 months I am sure I will find another staking protocol I will slowly start up and grow and through research I will find one.
