The 'Undervaluation' of PNUT
1000 PNUT can buy 10% upvote from @nutbox.mine. Since #trxintegration, every upvote comes with Trx bonus corresponding to SP reward in 1:1 equinumerically (i.e. 1 Trx for every SP in author and curation reward).
At the moment of writing, 10% upvote of @nutbox.mine is 17.7 SP + 8.85 SBD + 17.7 TRX (assuming 50%/50% payout setting, which is the most profitable curently as SBD > $1 USD).
Steem price is $0.5, SBD price is $7.87 and TRX price (JustSwap) is $0.0838. So, the total value of 10% upvote from @nutbox.mine is $79.98.
Author receives 50% from upvote rewards, which is $39.99.
Hence, the 'ideal' price of PNUT should be:
PNUT Price = 0.5 x [$79.98]/1000 = $0.03999
The real-time price of PNUT on JustSwap is $0.0271, which is significantly lower than the 'ideal' price. This 'undervaluation' is to compensate for the illiquidity of upvote rewards (they're only claimable after 7 days), especially SP (which takes a further 28 days to power down fully to tradable Steem).
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