Animal Farm — The Wait is Lifted
Oh my Lord! It has finally happened.
We’ve been teased and trailered and count-downed and disappointed, so many times over the last two months, that it’s hard to believe the Animal Farm has finally wheezed back into life.
Piggy Bank and the PigPen just went live, exactly nine and a half weeks since Forex Shark paused the contract, amid a flurry of disgruntled investors and a sniping attack that left us all with a lot less than we expected.
For the first few weeks, I followed the story closely, but after more false starts than I can actually recall, I lost interest. I kept a desultory watch on the Telegram groups and the level of frustration was palpable.
In many ways, Forex’s launch efficiency was no better at the end than at the beginning. Despite endless promises of hard deadlines and “everything being ready”, he repeatedly built up our hopes, only to dash them again at the last minute, with reports of some new problem that needed fixing.
In the end he set a 48-hour timer which counted down to zero, and ……. nothing happened.
So, he set a new one for thirty minutes and …. yes, yes, yes! The new UI lit up like a cheap candle and we were, partially, back in business.
Winding back a few days, in the run-up to the relaunch, we had begun to get a glimpse behind the veil, and it was beginning to look like we might be somewhat compensated for our patience.
Last week, the team released a new whitepaper, which explained the improvements made to the contracts and how they intended to avoid repeating past mistakes.
I wrote about that at the time, so I won’t go through it again.
Then, over the last two days, we’ve seen the new user interface for the first time and, most exciting of all, been shown how many Piglets we now get in our Piggy Banks.
At the first launch, like so many other investors I was caught out by the meteoric rise in the price of Piglets. When the contract was unpaused, my little bag of PIGS/BUSD looked like it would buy me hundreds of Piglets, but by the time I was able to confirm the purchase, I only managed to snag a measly 18.
Once the bot attack was revealed and the contract was paused, Forex made some promises for the relaunch. That we would get a fairer distribution of Piglets, that the liquidity would be increased and that the ones stolen by the botter would be shared out equitably among all of us who had missed out.
We found out yesterday just how many Piglets that would be, and frankly it’s a staggering number. My tiny stash of 18 Piglets, has now ballooned to a staggering 60,120. Yes! You read that right. My holding has increased 3,340 times. Whaaaat!!
Of course, that doesn’t mean my total value has 3,000xd. I originally put in $660 and today, my new Piglets are worth $1,469.
Sounds good, right?
No, it’s not. We’ve been on hold since March 7th, a total of 66 days. If Forex hadn’t paused the contract and if we had been able to compound all that time, and even if PIGS had stayed at their lowest price of $130, my bag would now be more like $7,500.
So, what have we gained?
- Yes, we have a lot more Piglets, but they’re worth a whole lot less.
- We have a new UI, but the first one worked fine.
- We have new tokenomics in the PigPen, but we don’t yet know if they’ll improve the yield.
- We can compound fractional Piglets, but we still have cash locked in the pools and farms that haven’t yet been restarted.
I’m not feeling overjoyed. Allegedly the snipers got away with around $600k before they were stopped. I’ve waited over two months and lost out on several thousand dollars of earnings and I’m a small investor. Collectively, millions of dollars have been left unearned.
You have to wonder, was it really necessary to pause the contract at all? We’ll never know.
Let’s just hope that our future returns will put the smile back on our faces.
Welcome back Animal Farm — now let’s get DRIP rising again.
Would you like to see the full details of my DeFi investment portfolio, warts and all? I’ve started a FREE weekly newsletter, on Substack, called DeFiance where I share the highs, lows and in-betweens of actually putting my money where my keyboard is.