Arbitrum Protocols 2023-02-28

Now, let's look at @arbitrum.

Arbitrum's going to be interesting. Not because of what's going on in Arbitrum, interesting as that is, but because what's related going on in @demexchange.

What's going on there?

My SWTH/ETH buy-order popped, 

...so we're converting ETH->SWTH->ETH.

So, first we transfer the $SWTH (from $ETH) tokens to @arbitrum. 

Then swap the $SWTH to $ETH on @KyberNetwork.

So, I swapped $ETH(Ethereum) to $ETH(arbitrum)

Now I need this $ETH for 2 purposes:

1. 0.2 $ETH to provide to the LP (hedge).
2. The rest as $wstETH to supply to Nitro and the LP (hedge)
3. 0.1 $ETH as gas for Arbitrum, eheh. 😅

To this end, I swap 0.08 $ETH to $wstETH, then transfer the $wstETH and 0.02 $ETH to @demexchange, leaving 0.01 $ETH on @arbitrum. 

Now that I have the ETH-y assets on @demexchange, let's first provide liquidity to the wstETH-ETH LP.

I also stake and lock it for 1 month to earn 27% APY on this stable LP. 

27% on $ETH. That, right there, is sweet! 

Now I supply the $wstETH to Nitron, 

...and that puts me in a quandary.

The $ETH borrowed is 'Ethereum'-$ETH as opposed to 'Arbitrum'-$ETH, rendering it a slip-happy, money-draining, useless pile of ...

$ETH.

$ETH is an euphemism for something else here.

So, one option is to get the slippery $ETH, swap it to $SWTH (slip, slip, slip), pay a SIGNIFICANT fee to transfer that $SWTH to @arbitrum.

Then, slip a lot in the trade to $ETH.

Ugh.

But you know what's even worse?

"Oh, you don't have to import $USDC from @ethereum! You can use $axlUSDC in this unified $USD we have!"

Two weeks. Two weeks of my money disappearing, perpetual boards not working, perpetual boards STILL not working after they said 'try it now!'

You know what's worse?

What's worse is being a β-tester of their α-code deployed to production, putting my money and my time at risk.

"Unified $ETH"? If it's as unified as the '$USD' is(n't), then, no, thank you. I'll let somebody else β-test that functionality this time.

You know what's even worse?

"We should have this functionality up ... SOON!"

'Soon' is a calendar date that doesn't exist. 'Soon' is a promise that is easy to break, like hearts. 'Soon' is never, EVER soon.

So if I wait for this new 'unified $ETH' that's coming ... SOON! Will I wait forever?

Possibly.

ETH is ETH is ETH is ETH is ETH. USDC is USDC is USDC is USDC is USDC.

If you establish a cross-chain DEX and money market, and you don't have the above?

You don't have a cross chain anything. You have Thor chain: a bunch of chains in different bins with a front-end pretext.

Yeah.

I'm going to let this sit for a day. Maybe they'll have 'unified $ETH' out by then, so I can borrow and not go off-token and off-chain just to come back with the 'right' $ETH. Or maybe, tomorrow, I'll be chill with slippin' up an Ethereum slip-storm to swap ETH to ETH smh.

Arbitrum Protocols 2023-02-28

invested: $1,895.50

value: $1,928.29

ROI: 1.73%