I remember seeing them also being advertised everywhere in the UK and them being aggressively marketed online, with all sorts of bells and whistles that didn’t kick in until you had ‘stacked’ (Lord, I hate that word) a considerable sum with them (i.e lent them thousands). Such rewards as ‘free Spotify’ were ‘paid’ in their crypto, which seemed impossible to sell and attracted substantial fees if you did actually manage to do so.
They sponsored a variety of activities in the US but seem to have crashed and burned since then. I am more interested as to what happened to them here.
To my understanding they raised the bar for freebies and made it more expensive to sell the native token.
Plutus then became the more popular option - but there are similar (not as bad) changes on the horizon there too wrt “stacking”.
They’re advertised all over Italian football still.
The whole thing seemed like a massive Ponzi scheme, with the ‘rewards’ (such as they were) being paid out of the money that had been ‘stacked’
It’s possible yeah - the whole concept of a liquidity pool is a bit iffy.
With the new Plutus changes you’d need to “invest”/“stack” around £400 to keep a perk for £10 per month where it used to be on the free plan.
You could pay £14.99 a month to have two perks worth £20 (so in theory it pays for itself) and increased spending limits for the 3% cashback. This used to be a £5 subscription.
The trade off is that you’ll lose the subs either way (relying on making them back via your perks - which itself could have problems) but if the stacking worked out you’d lose nothing and still own your digital assets - it’s a bit of a risk…
Seems there stopped some services elsewhere, there was an article that the company would stop offering its services to institutional clients in the U.S. from June 21 2023. Citing limited demand given the market environment.