So I have 154,000,000 SHIB ( 154284774 to be exact ) Staked (Buried) in Shibaswap. My weekly Woofable Bone for burying that much SHIB is 0.7736, which at current BONE price of $1.60 = $1.23
So, my earning in BONE each week, currently, are a dollar and 23 cents, for STAKING over $4000 SHIB.
To WOOF (Claim) that $1.23 it can cost anything between $50 and $80 in ETH fees just to claim one dollar and 23 cents worth of BONE.
BONE APR is 174%, so sounds nice, but none of this seems to make any sense.
Why spend $80 in ETH fees to claim a dollar in BONE, after Staking $4000 worth of SHIB?
If I don’t claim the BONE every week, what happens to it? I don’t see it going up anywhere, being added to a sum of BONE, it just says 0.7736 WOOFABLE this week. UnWoofable: 1.57073 . Great, So I can spend $80 to WOOF 0.7736 BONE ($1.23), and there’s another 1.57 BONE (nearly $1.60!) that is unwoofable.
I’m not earning any additional SHIB in return for Staking it, at least not that I can see, and I’ve never WOOFED any BONE because the ETH fees are ridiculous to pay $80 to WOOF less than $2 BONE.
Appreciate if someone could point out what I’m missing! Or just point our what the point is in general, seems to make no sense. I stake ADA, ICP, COTI elsewhere and it all makes sense and rewards are transparent and really add up.
I think SHIBASWAP is a bit up itself -it assumes everyone knows whats going on, says things like – “Your WOOFED BONE will be released weekly for the next 6 months”. Doesn’t explain anything.
Please help, I doubt I’m the only one…