Good evening @everyone. I will say this, I appreciate the responses to my last post in chat. I counted 80 people who put a 1 in chat, or some sort of variation, smart asses . It is good to see people still hanging around, reading chat. I do hope we can boost that number in time. I have a couple things I want to comment and update you all on.
1. I want to bring up the raffle that Sir J mentioned yesterday. We knew there would be mixed feelings from the community about it. This is why it is a test. It does not require many resources, nor will it cost much to have the contract made. It would pay for itself within the first few raffles. There would be zero down side for Fathom to do this. We would be collecting BUSD, and paying out in BUSD. This will not cause any negative pressure on the chart either. If anything, it could possibly cause positive pressure if winners chose to buy Fathom with their winnings. Also, with a % going to the weather contract, that will also add to any positive pressure on the chart as it does buybacks. Any money going back into the project is positive.
2. As you all know; we have mentioned an Arbitrage bot under development. It is currently in phase 1 of testing, looking for arbitrage opportunities. This bot is a flash loan bot, doing arbitrage cross chain. For those of you who aren’t familiar with them, they basically take out a loan, purchase the coin on chain A, sell the coin on chain B, and pay off the loan all in 1 transaction. We then keep the difference of the buy and sell. The bot cannot lose money as it is programmed to do an arbitrage only if it will be profitable. Arbitrage bots also only require a very small amount of funds to run it, basically to pay for gas fees, so they have minimal risk to capital.
The last few days the market has been very flat, so not a lot of arbitrage opportunities have been available, however we started to see an uptick today. For instance, Saturday and Sunday there were only around 150 arbitrage opportunities found, today there were 650. I have only started tracking the profits over the weekend, and today the bot would have made $953 on 650 arbitrage opportunities. When the bot was turned on last week, we had seen it finding over 8000 in a 24-hour period. Keep in mind, not all opportunities will be trades as they may not be profitable after gas fees. As an example, I am estimating gas fees to be $.50 for each transaction. 242 of those arbitrage opportunities would have not been taken, but that only amounts to $74. So, we would see a profit of $879 for the day. Keep in mind, volatility is low and we are in a bear market.
3. We understand not everyone is thrilled with the current daily % of .124%. We would love it to be higher, but have decided to keep it lower at this time to ensure the project remains sustainable. If we pay out too much, it will bleed the project. We have always stated we have a long-term vision in mind, and made sure the contract was flexible enough to sustain itself.
At the time of this writing, price is at .001, and daily ROI is .124%. We currently have 1,134,480 mass. Currently we are paying out $1,406 in rewards per day. On a very slow day, with low volatility, this bot alone can pay for more than half of that. Think of what it can do when volume starts rolling in on a regular basis. The plan is to have our revenue streams producing more than we are paying out on average per day. We will then be able to compound the extra, add more to the weather for buybacks, and raise the daily % rates to pay you all more each day.
We know the past week has not been rainbows and unicorns, but we are 3 months young, and working daily to improve ourselves and Fathom. I do plan to give you all daily updates on the arbitrage bot and the numbers it could produce. Once all the API keys are set up (hopefully this week), we will start live testing. Thank you all for your patience and trust in the team.