The 'Undervaluation' of PNUT (2021-08-15)
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 15.4 SP + 9.09 SBD + 15.4 TRX (assuming 50%/50% payout setting, which is the most profitable curently as SBD > $1 USD).
Steem price is $0.59, SBD price is $8.31 and TRX price (JustSwap) is $0.0928. So, the total value of 10% upvote from @nutbox.mine is $86.05.
Author receives 50% from upvote rewards, which is $43.02.
Hence, the 'ideal' price of PNUT should be:
PNUT Price = 0.5 x [$86.05]/1000 = $0.04302The real-time price of PNUT on JustSwap is $0.0283, 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).
| Date | Steem Price | SBD Price | TRX Price | PNUT Real Price | PNUT 'Ideal' Price | PNUT 'Undervaluation' (%) | Comments |
|---|---|---|---|---|---|---|---|
| 2021-08-12 | 0.5 | 7.87 | 0.0838 | 0.0271 | 0.03999 | 32.2 | |
| 2021-08-15 | 0.59 | 8.31 | 0.0928 | 0.0283 | 0.04302 | 34.2 |
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