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CryptoSML
Nov 25, 2023
Yes I have staked my BBS tokens
50%
7 users
No I have not staked my BBS tokens
50%
7 users

Hello BBSers,
well just a week back we finished 7th quarter of staking  $BBS token almost 2 years finished to the token staking.. 
Members and Stakers who have staked for 14 quarters must have recieved more than 2-3 or even 4x return to their initial amount in this 7 quarters.. the higher the token staking the higher the returns..
Currently BBS token staking is just behaving like a Fixed Deposit with compounding interest return more benificial if you restake your tokens every quarter.. 
but the problem here is the ETH Gas and it is surely annoying as sometimes it shows ridiculos gas fees for transaction sometimes even higher then the reward/claim amount most of times you have to wait for days and check everyday to wait for the ETH gas price to get lowered.. i never paid more than 4-5$ at max for transaction fees in last 7 quarters but again i have to check it everyday and every few hours and keep my eyes on the ETH Gas fees tracker which is time consuming and not everybody will have time to wait and check everyday..

i have kept the sum of the ETH gas fees i have paid in last 7 quarters is around 40-50$ + the initial token locking amount around 25$ so all in all i have paid around 60-70$ in just ETH gas fees while my token staking amount which was in 4 figures (BBS token Price) has drastically come down around 95% drop and in 3 digits now so sometimes i question is it really worth staking as you can see in the below screenshot..

Every quarter around 10 million $BBS tokens are distributed to token stakers while the total BBS tokens locked are almost 50 million so the reward gonna get distribute less and less to all which is a big concern now on very first quarter the TVL was around 23 Million tokens which now also doubled to around 50 Million tokens while the token distribution is still the same 10 million tokens every quarter.. so if you do quick math there is 5:1 ratio for token distribution and 7 quarters x 10 million means around 70 million tokens have already distributed in 630 days to token stakers..

Huge whales have staked their tokens in millions some i can see 10-20 or even 30 million tokens so surely it is a top heavy situation here and if BBS DAO gets launched which we are waiting for a loooong time now there is no news or communication around BBS DAO much and no idea when that will get launched but with the low number of daily active users on platform it is surely not gonna happen in near future unless we have atleast 100k+ daily active users here and more people have voting power and have their say in governance of BBS platform and token.. right now the whales can easily overtake and take decision in their own favour with their higher voting power

in this 7 quarters we have only 2 proposals made that too by team first was BBS DAO introduction and 2nd was for initial liquidity on EOS chain for BBS Token on EOS chain and security for BBS Token on Bancor which was approved and voted by 6 stakers last year 15 june 2022 (last proposal) i have added the link in photo description incase you want to check it...

https://snapshot.org/bbs#/bbs-io.ethhttps://snapshot.org/bbs#/bbs-io.eth

 DAOs work structure will have to reassigned with new methods so it encourages more members to participate and have their say and i feel BBS Token stakers should have way to send their own proposals to presented to BBS DAO and by voting the DAO members can decide to whether have that proposal/suggestion get approved or not it will involve community and help BBS DAO members get more involved also bring their community to be part of the DAO but here the voting power is still a concern..

My goal to stake my tokens was to earn APR% and also be part of DAO but looking at current situation yes i have doubled my tokens but at the other end $BBS token losing 95%+ its value since i staked has made a major impact and even with my double tokens i am no where near to my initial token staking price lol which is a sad scene and i am sure this is the case with not only me but with majority of the users who staked and early investors who bought during cooper launch or on ICO,SHO back in 2021 now if $BBS token atleast show some uptrend and get back to the Initial offering price when it got launched 0.033$ then only the stakers and early investors will get joy and cover their ETH gas fees TX amount + Time given on the staking 630 days is a long time TBH its a patience game.. many early investors with huge BBS bag have staked and i see many of them hold their biiiiiiiggg bags in $BBS token still surely they to are facing big blow as token price is way down then what they invested so they have not recieved any profit by holding for 2 years but i am hopeful that with 2023 Quarter 4 about to end in just few weeks there will be new energy going forward to Q1 2024 ..

BBS Roadmap is not being followed since the start is very big concern .. we were promised for SDK release,Live Video hosting,BBS app external promotion this year which are not being followed team create hype and then all of sudden goes away and only return when we complain and make post about it still we dont get reasonable or acceptable response for it..
i hope team redifine their goals by psting the 2024 roadmap and this time actually follow it there are many crucial updates which are pending from 2022 roadmap

with everything on hold right now i hope when the funding get secured and external partnerships are accepted we will thrive but its all in the hands of team and they have to proactively do alot of work and think and do beyond traditional ways.. they have to lead the way in Web3 SocialFi world and capitalize and do what other similar Web3 SocialFi apps which are now in hundreds are not doing..

This was my personal opinion and my take on the BBS Staking and my concerns if you think i missed anything please comment down and let all of BBS members know what should be the way going forward..

Thanks for reading..

- BBS Soldier 

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