BYT Backs: Reward Distribution of 45% APR for 13 December 2021

The reward payouts this week have a headline rate of 27.1% APR, and the yield at par price of 1 HIVE is 45.4% APR.

The actual distribution has increased from 162.0 to 173.0 SWAP.HIVE.

BYT token holders will see their rewards in their SWAP.HIVE account - not in their BYT holdings.

The Numbers

This week:

SWAP.HIVE per 100 BYT Payout = 0.87

BYT Headline Yield at ABV = 27.1% APR
BYT Yield in BLURT = 29.0% APR
BYT Yield at par 1 HIVE price = 45.4%

BYT Program Total = 1,545,000 BLURT equivalent
HIVE/BLURT Rate = 47 BLURT per HIVE

BYT ABV = 1.67 HIVE (2.58 USD)

Read this for further explanantions of how the metrics are calculated.

Insights

Distribution has increased slightly to 0.87 HIVE per BYT held. The asset backed value has also increased to 1.67 HIVE per BYT. Both of these due to the drop in HIVE price compared to a largely flat BLURT market.

The actual earnings in BLURT have dropped a bit, somewhat in line with the blockchain yield, but there has been a pleasant increase in income from HIVE-based tokens.

This week has seen the 1-HIVE tokens sell out, and the official sale price is now 1.1 HIVE. Still a bargain, given that the ABV is at 1.67 HIVE! Now, as we are moving up and away from the original 1-HIVE baseline, the metric of "BYT Yield at par" becomes a matter of choice; do we stick with the original price or move that "par price" up to the current minimum sale price?

This is one reason I prefer the so-called Headline Yield as the best indicator over time. After all, everyone can calculate their own yield, and every personal yield will be different as it will depend on the average price paid for one's BYT holdings. On reflection, makes sense to change next week's metric to reflect a "par 1.1 HIVE" price.

One related issue is that I had promised official buybacks at just below the ABV, but as the ABV is currently so high, this makes no sense as I'd be buying my own tokens that haven't even been sold yet! This feature will kick in at some point.

So... see you next week!

Buy BLURT on Probit, Ionomy, Hive-Engine and STEX.

Buy BYT on Hive-Engine