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CGIZA Review

What happened to the $CGIZA token which was distributed to people voting for the CryptoGuyinSouthAfrica Super Representative on Tron Blockchain to boost their voting rewards.

Super Representatives

On Tron there is a system of Super Representatives (SR). Everyone can become a SR candidate and $TRX holders can vote with their $TRX on which SR they support. The top 27 SR's have a voting right on proposals for Tron Blockchain and earn additional $TRX in the process.

After we got some $CGIZA tokens donated, we got intrigued and decided to do a bit of a dive into the token and its origin.

$CGZI in numbers.

From a transaction volume point of view, the token was being used at high rates until May 2nd, 2022, when in one shot the vast majority of tokens was moved and the transaction graph completely flatlined:

Within 1 month all transaction stopped and with three little bumps later the token died.

The holder count though was not really impacted. From a peak of 1103 holders it is currently at 1046 holders. Showing that most holders are still stuck with this illiquid token.

The minting address distributing the $CGIZA tokens originally has not brought any tokens into circulation for 565 days (March 16, 2022) and it is still holding 4,998,724,587 tokens of the total supply of 5 Billion. 753k tokens are held by the SR, meaning 522k tokens are still in circulation over the 1044 remaining holders.

Original Token Usage

As per the explanatory YouTube video, the usage of the token was that you would receive a boost in voting rewards for holding the token.

You would receive these tokens either by opting to get $CGIZA token rewards instead of $TRX rewards for voting or by buying them on a DEX. The calculated value of the token is 1 $TRX. Meaning with 522k $CGIZA tokens still out there, it is more than 45k $USD worth of tokens still distributed over more than 1000 holders. The issue is that it seems impossible to exchange them back, at least if there is a possibility it is not being promoted.

The last conversion of $CGIZA into $TRX took place 138 days ago and it seems that the latest attempt to convert $CGIZA into $TRX was not honored with sending $TRX

Super Representative

CGIZA is still a SR on Tron Blockchain with a 24th position.

He is paying out 90% of his rewards to his voters and has some strong voting wallets to support his candidacy.

His website is outdated with non functioning links to "transparent voting rewards distribution apps" mentioning a pay out of 85%

We might be jumping to conclusions here, but it seems CGIZA has turned from a Community Focussed SR into a corporate sell out, who has sold his vote to the high bidder forgetting the community who brought him in this position..

Are there still true community SR's in the Top 27 is the big question...

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