The 'Undervaluation' of PNUT (2021-08-30)

bsfmalaysia (63)in NutBox • 3 years ago

1200 PNUT can buy 10% upvote from @nutbox.mine at the moment. 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 17.63 SP + 10.0 SBD + 17.63 TRX (assuming 50%/50% payout setting, which is the most profitable curently as SBD > $1 USD).

Steem price is $0.57, SBD price is $7.94 and TRX price (JustSwap) is $0.0867. So, the total value of 10% upvote from @nutbox.mine is $90.97.

Author receives 50% from upvote rewards, which is $45.48.

Hence, the 'ideal' price of PNUT should be:

PNUT Price = 0.5 x [$90.97]/1200 = $0.03790

The real-time price of PNUT on JustSwap is $0.0341, which is 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).

Today's PNUT 'undervaluation' (10.0%) is significantly lower than before 2021-08-24 (32.2% - 38.7%), most likely due to the official launch of Nutbox Walnut network which drives up the price of PNUT.

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
2021-08-18	0.55	7.46	0.0855	0.0248	0.03929	36.9
2021-08-21	0.56	7.68	0.0895	0.0256	0.03481	26.4	Rate adjusted to 1200 PNUT/ 10% upvote on 2021-08-19
2021-08-24	0.5927	8.05	0.0891	0.0299	0.03375	11.4
2021-08-30	0.57	7.94	0.0867	0.0379	0.0341	10.0

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