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Blue Cockatoo pfp
Blue Cockatoo
@bluecockatoo
I wanted to see how much damage overstaking is doing so I finally sat down and figured out how to write a Dune query. Since this is my first query, I welcome someone checking my figures/calculations, but it looks pretty valid to me. If you don't want to click through, here's the results as I write: Lost Allowance Amount: 392,174 Total Overstake Amount: 33,989,745 Total Locked Amount: 390,023,685 Below Allow. Cap Above Allow. Cap % of Stakes 81 19 # of Stakers 6,736 47 Staked Amt. 315,298,133 74,725,552 So about 9% of allowances are lost that could have been distributed to smaller stakers because of overstaking. Some people may think that's no big deal, but it is to me. Small stakers need all the help they can get and their allowances will continue to go down as more people lock up their DEGEN. They are stuck for 3 months like this... https://dune.com/queries/3912382
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Pichi
@pichi
Maybe they overstaked on purpose to reduce the number of tokens being distributed to reduce supply and increase the price of the token and make tips more valuable and harder to get?
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Blue Cockatoo
@bluecockatoo
Just from the comments I've seen on most threads from people, they were just ITCHING to stake their degen. So many of them didn't care for how long or what benefit. A lot of them just wanted to support it and thought it was a good thing. But no one thought through or warned how it would affect smaller stakers.
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Jonas
@jmaaloe
Or Murphy’s Law applied, and it happened through a confusing mess of abstract while() and if/else() functions no one had a thought through source of truth for to keep track of a Current State
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Blue Cockatoo
@bluecockatoo
To clarify too, the number of coins distributed via allowance every day is fixed at 4.5m. So they can’t really influence that. It’s just about who gets to distribute how many.
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