Happy Anniversary to CITYUPTAKE! This project is one of the first platforms launched on the TRON blockchain as it came into existence in the middle of July of 2018. After a year of steady organic growth, the trade desk rewards for the last week of their initial year reached an impressive 361,000 TRX. How exactly does CITYUPTAKE work? How did they get from 500 TRX rewards to the numbers they are putting up today? Let’s find out.
CityUpTake: The Basics
The CITYUPTAKE token is partially backed by TRON. Each token will cost 1.35 TRX. Of the 1.35 TRX that is received per token, 1 TRX is frozen and added to the SR portfolio. This means that holders are not at risk of loss for this portion. If they want to sell, they can do so at any time for a 1:1 swap. How about the 0.35 TRX? A large part of the .35 TRX fee per token is added to the trade desk to fund trading activities. These activities include trades in TRX, BTT, ADA, XRP, BTC, ANTE and LINK. Holders have the right to access the gains from trade desk activities through rewards that are airdropped every week to holders. As stated on their website, trade desk rewards are never guaranteed but it is their goal to outperform estimates. If they do well, their investors do well.
Initial Hesitation with Giving TRX
When discussing CITYUPTAKE with holders, a large percentage of them will tell you that they hesitated for months before making their first purchase. There are 2 main reasons for this.
- The minimum to make your first purchase from an agent is 25,000 CITYUPTAKE. The cost is 33,750 TRON for the first purchase. The only way around this is to buy from a current holder. This is possible in the CITYUPTAKE Telegram room but there is no guarantee that someone will sell to you. After finding someone kind enough to sell you 1000 tokens, you can then purchase from agents in quantities of 1000.
- The initial hit a buyer takes of 0.35 TRX in fees is scary for most potential buyers. It works out to an 8750 initial loss of TRON upon your first purchase. This is another way that peer to peer transactions can help holders. The average sell price in the TeleGram room on peer to peer sales is 1.25TRX. Again, there is no guarantee that you can get this price but it is likely that someone will purchase your tokens for more than the 1:1 ratio you get from the platform.
These are the main downsides a potential CITYUPTAKE buyer needs to consider before making the first purchase. It is always necessary for each individual to decide what risk/reward potential falls within their comfort zone.
New Projects Take Time
The beginning of a new project is always a lot of work and effort. The following quote comes from the man behind the project:
“Considering the cost, I knew growth would be slow. I would call that the biggest initial downside. As the project exploded, the second potential downside now is that people wish staked TRON could maybe become invested, which it can’t. Trade desk can only be built with a fee” ~ Jason Lavender, CITYUPTAKE founder.
In essence, it makes sense that the only way to ensure that the TRON-backed portion of the CITYUPTAKE token is never at risk is to keep it frozen. The trade desk will never see it.
From 500 TRX to 361,000 TRX Rewards
The rapid growth of rewards to be split among holders is due to 2 main factors.
- The CITYUPTAKE purchased in the first year has brought the funds available to the trade desk to 10M TRON. People are buying the token. Every time there is a purchase there are more funds to trade with. More money makes more money if managed properly. “Managed Properly” is key.
- Jason Lavender has the reputation of being a talented day trader with over 12 years of experience trading. As the trade desk grows, he is able to use the leverage from the added funds to make moves that create better gains. But please do understand that rewards are never guaranteed. Nonetheless, a look back at the first year will reveal that there have been steady rewards to share every week.
First Year Full Speed Ahead
There is no question that there has been considerable success using the CITYUPTAKE model. But what is it about the project that has contributed most to this success. There is no simple answer to this question as it is a combination of things. Here are my top reasons:
- Jason Lavender, the founder of CITYUPTAKE, collaborates well with others. The SR portfolio alone shows that the integrity of the TRON network is something that is a priority to him. The Super Representatives that receive votes from CITYUPTAKE are researched with criteria set in place that puts the best interest of TRON first. Getting other TRON community oriented projects involved like Crypto Girls, Community Node, CryptoChain and Tron Society shows the desire to collaborate with others that share this same passion for community. When asked about Crypto Girls Jason said, “They are possibly one of the most significant impacts to CITYUPTAKE growth”.
- The agent model brings an interactive element to the table. Jason has loaded his team with agents from around the world so there is always someone available in the CITYUPTAKE Telegram room to answer any questions in your native language. They will always take the time to discuss a wide range of topics involving cryptos, investing, and trading. Jason is also there often discussing technical analysis with everyone. Trading strategies are not a secret and there is no charge for admission into the room.
- Community is another of the reasons CITYUPTAKE has experienced such fantastic growth. At any given time, you will find fellow members offering help to each other for anything from technical issues to token swaps. Where a community is active you will always find growth. I think this is the main reason for CityUpTake’s success.
Disclaimer: This article was written by a contributor familiar with CITYUPTAKE. Tron Spark, although familiar with CITYUPTAKE, has not purchased any of their tokens nor is in any way receiving compensation for this article. We urge our readers to use the information provided as the basis for their own research on CITYUPTAKE. For example, it would be a good idea to see Jason’s trading results over time and see the experiences of other users who have invested in the platform. Remember, your money is your money. Protect it.