I bought Space Marmot Premium and it was wild

I bought Space Marmot Premium and it was wild
Photo by Ivan Diaz / Unsplash

What is Space Marmot Premium?

Space Marmot Premium is a CAT which gives you the right to mint a Space Marmot NFT. It's not possible mint one now, but should be at some point in the relatively near future.

I happen to be on the mailing list for this project so had the chance to get one of 25 that were made available ahead of the main release.

I was in the gym pumping iron when that particular email came through. I had no chance. In fact, all of the Marmots sold within about 2 blocks.

So I missed out on that opportunity and had to wait for the main event later in the day...

Having missed the first batch I was experiencing serious FOMO over this and made sure to have the perfect setup;

  • The light wallet was open with the "Select offer file" window open and looking at my downloads folder
  • I copied a small amount into my clipboard to paste as the fee in case somebody else put fees, or to hopefully get through if there was a dust storm
  • Offerbin was open with the correct filters applied.
  • I rehearsed the entire process so sufficient muscle memory was in place - I could perform the entire download and accept offer process in less than 0.5 seconds
  • I started spam refreshing the page 3 minutes early just in case some appeared early

None of this mattered.

The moment of truth

When the time of the release came, 100 offers were loaded onto offerbin.

Mempool chart on graphchia.com - The spike on the right was caused by Space Marmot Premium

Everybody decided to download the same offers and accept. Our wallets got stuck into a corrupt state and the only way to recover fast enough to have a chance at getting the CAT was to delete the database and resync.

I don't blame anybody for this. We are using a new feature in a beta wallet and doing things that have never been done before. There are no past experiences to draw experience from to plan these kind of events. We just have to try something and see what happens.

Finally, after a lot of mucking around, I was finally able to secure the SM1 CAT!

It was all worth it in the end

But hang on a minute... if you follow this blog you would know that I only have around 1 XCH and Space Marmot Premium was sold for 2.3 XCH. How did I manage that?

Thats where the leverage comes in.

Borrowing USDS at 100x leverage

I'm going to perform a bit of a trick here.

The things is... leverage involves a counterparty and risk, and... as fun as that is, I don't want to mess up somebody elses day over Space Marmots. I hope you can accept what I'm about to describe...

Chia Explorer used to have a donation address at the top of the site and some XCH was donated to that address. No promises were made about what that would eventually be used for, even I didn't know... until today.

By treating Chia Explorer as a separate entity I can borrow USDS from it without involving somebody else. I'm not going to bother calculating margin calls or interest payments to myself - it would be a headache to do this every day.

What I will do is include the debt on my balance sheet and intend to pay it off.

Here's how it works;

This has all the hallmarks of a great defi setup;

  • Leverage
  • Using the money that has been borrowed to buy something else from the same person that lent the money
  • The something else that was bought is not an NFT but might be redeemable for one at some point in the future, probably... maybe... hopefully...

What could possibly go wrong?

If this goes to plan I will get a cool picture of a space marmot to use as my Twitter profile pic. I could have used the same image anyway, but it wouldn't have felt the same if I didn't own the NFT for it, right?

Guys?

Current portfolio breakdown (gross)

CAT Amount Description
SBX 967 Meme coin that promises to be galactic internet money
LKY8 9,300 Meme coin with a lower supply than Spacebucks
MJV 200 Provably fair betting game built on the Chia Blockchain
ROSE 25 Platform token developed by Chives
XIP 2,000,000 A coin that "has absolutely no monetary value"
CSH 10,000 The first CAT in the CryptoShibe collection
CSHP 579 The more exclusive cousin of CryptoShibe Gold
BAKL 3,246 Part of the future PecanRolls ecosystem.
BUNS 30,000 Part of the future PecanRolls ecosystem.
CKC 2,510 A coin for lovers of classical jazz and smoke-filled bars
SPTN 0.1 A reward for those who promote other tokens with the greatest conviction
XCH 1.00011111111 The rails for the internet of markets
XCH -0.023 Collateral pledged to borrow USDS
USDS -230 Borrowed and used to buy Space Marmot Premium
SM1 1 Space Marmot Premium which can one day be used to mint an NFT

Trade offers

I failed to acquire any Catkchi and have now cancelled the previous offer made for it.

There are no offers being uploaded to this post because there is another opportunity that I'm looking into which I will blog about if a deal can be brokered.

As always, I'm open to any trade offers sent to 1mojo@pm.me or on twitter!

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