Important update on the Spinvest pool for WLEO.

in LeoFinance9 months ago

The WLEO pool being organised by Spinvest will definitely go ahead - regardless of how much more is contributed. If you don't know what this is all about head to this post to learn about what we are doing.

Are you ready to jump in the pool? Image from Pixabay

Spinvest is putting in 5 ETH

A little while ago, @spinvest purchased some ETH with its saved funds as a normal part of its business. Today, it has been decided that Spinvest will add this ETH into this pool. Here are some of the benefits this will bring to our pool:

  • Plenty of ETH to back the LEO contributions that come in.

  • We won't need to swap WLEO for ETH to participate.

  • Extra stake adds scale and will further reduce the GAS that individual contributors will indirectly pay, as Spinvests contribution will also bear some of this cost.

  • Spinvest having "skin-in-the-game" reduces the perceived custodial risk. Personally, I am taking the responsibility of looking after peoples money seriously, and the fact I will have a big chunk of Spinvest's funds in this adds to that cautiousness. Spinvest has built up a reputation over more than a year as a safe and trustworthy custodian of people's investments, and I would hate to do anything to tarnish that reputation.

Decreasing the fee

I have decided to cut the fee that Spinvest will keep from the profits from 25% to 20%. It's not a big reduction, but something. So, each persons share of the pool (including spinvests) will be calculated. The bounty received from LeoFinance will be divided proportionally. So Spinvest will get its cut of the pool based on its funds contributed (the 5 ETH) plus a 20% admin fee from other investors rewards.

A 20% fee on profits is fair (its not even on total profits, just 20% of the bounty being payed by LeoFinance). But the choice is yours, this is an option available, but if you know what you are doing, and have sufficient funds to make the GAS worthwhile, you are better off doing it yourself. For those with smaller amounts (remember minimum is 500 LEO) or those that don't know their way around ETH, and GAS and so on, this pool is an easy way to be a part of the exciting WLEO launch.

Current contributions.

WLEO.ETH pool.png

There are more funds on their way, remember the cutoff for contributions to round 1 close on 21st September. Make sure you have read the launch post before sending any funds.

Remember to send your LEO to @spinvest-eth when you are ready. Cutoff is next monday.

On a personal note, I will also let you know that while I will put as much WLEO/ETH into the pool personally, as it stands right now I don't have enough ETH to back up my WLEO. I have decided that any extra LEO I have left over I will put into this pool also. You'll see my contributions listed as jk6276.

Thanks everyone for the positive reaction to this pool, and a big thanks to @khaleelkazi for helping us out with a bit of publicity. I can't wait to get this up and running.

Tagging current contributors so you know what is going on, and that the "service fee" just got a little bit better:

And tagging some others that have shown interest in what we are doing:

Thanks for reading everyone, hope you all enjoy WLEO week!


For @spinvest-leo

Posted Using LeoFinance


I would send some over but luckily I have a good friend helping me in all this DEFI stuff that I am too stupid too understand

Posted Using LeoFinance

It's good to have helpful friends. It is a lot to understand, we're just trying to give people an easier option.

But phone a friend works also 😁

Yeah, just to clarify a bit more I wasnt bashing on what you offer. I was actually implying I trust you guys and I would use your service if I hadn't had a better option ;)

I took it as fully supportive, which I greatly appreciate.

Going to be a fun week.

I am building my Stake, and barring any new purchases, I will have just over 2000 LEO for this awesome venture!!! 💲🤑💰


Add me to the list, I just sent over 1000
Leo. I'm glad Spinvest already had the Eth, that's what hooked me was not dealing with having to use Eth!

Posted Using LeoFinance

awesome, will update accordingly. ETH can be a headache.

This is so awesome!

I don’t have 500 Leo or the means to get it, but I certainly can buy some more spi, which I just did.

Great to hear that spi is going to join in the fun of this wLeo craziness!

yup, even if you can get involved, you still win by owning SPI. 👍

This is the direction of #crypto this year.When it gets perfectly
everyone up front will taste the reward tenfold.
Should get my #leo anytime.
I do not want to touch my powered leo.
Once again it is all on the community to get this going.

Posted Using LeoFinance

Mate, it's exciting times. Looking forward to getting this up and running.

Keeping LEO staked on platform is also a good move, the shift of smaller holders getting stronger is another side benefit of this move.

Strength to strength. Great to see the project going well.

Thanks for the support. Looking forward to getting this up and running.

When I send over some LEO, is there a minimum number you want?
And once in the pool, how can I get out? Is it ever possible to get the LEO back? Any timelines?

Minimum for this round is 500. I'll probably open a second round, after this one, with a smaller minimum, but no firm plans yet.

I also plan to try and manage withdrawals by having windows, and processing them in bulk. Maybe withdrawal (non urgent) available 1week each month.

Urgent withdrawals will be possible, but will cost a lot in ETH gas fees as you would wear them on your own.

Most of this (pooling, grouping withdrawals) is being done to minimise gas fees on the ETH transactions.

I see, thanks. When is the deadline for sending?

Round 1 monday 21st sep.

Round 2 To be advised.

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Great to see this update on progress being made @spinvest-leo. This campaign / project is of great interest to us in the Man Cave, given the amount of LEO stake held by our "band of brothers" there.

All the best to you in completing it and helping in the overall effort to make this LeoFinance initiative a financial success! 👍


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Posted Using LeoFinance

Thanks for the support and encouragement Bro's.

Great news on the fees.

Thanks again for handing this!

Posted Using LeoFinance

My pleasure mate. Thanks for getting involved.

@josediccus updated here

Posted Using LeoFinance