Theo Pavel Paramonov từ Hazeflow, quỹ đầu tư #PolychainCapital đã thu về gần 83 triệu USD chỉ bằng cách bán phần thưởng staking token Celestia (TIA). Điều đáng nói là Polychain đạt được lợi nhuận này mà không cần bán đi số token TIA gốc trị giá 20 triệu USD mà họ đã đầu tư ban đầu.
Investment strategy and controversies surrounding
Polychain is one of two investment funds that organized a 40 million USD funding round for Celestia in October 2022. It is estimated that this fund purchased TIA tokens worth 20 million USD. Since Celestia launched in October 2023, Polychain has used the $TIA held to participate in staking, subsequently selling the rewards received to the market. Hazeflow estimates the total revenue from this to be 82.7 million USD.
This information comes amid @vannacharmer's account pointing out that many projects with Polychain's investment involvement saw significant drops in token prices after listing. This account previously drew attention by raising many questions about the internal operations of Movement ($MOVE ) before this project admitted to having suspicious under-the-table transactions.
Issues of Tokenomics and trust
However, many argue that Polychain did nothing wrong. The problem lies in the very design of Celestia's tokenomics which allows staking of tokens waiting for vesting (lock) to receive rewards without locking this amount.
An adjunct professor at Columbia University, self-identified as @malekanoms, commented: "All blockchains that allow insiders to profit from locked tokens are operating in the interest of these insiders/VCs rather than the success of the project." He also acknowledged that VCs have the right to maximize profits but questioned their trust in the project's potential if such terms existed from the start.
Since reaching an all-time high (ATH) of over 20 USD in February 2024, the price of TIA tokens has been continuously declining and is currently trading around 1.45 USD. #anhbacong