Let's go to @FantomFDN, fam.
There are some interesting things going on on this blockchain, folks, starting with @GeistFinance
Geist
Do you see those borrow rates? Do you see those incentives?
Now, it gets a bit more interesting when we look at $MIM.
The 'problem' of $MIM hasn't really manifested itself as a problem, yet.
But I currently have 13,100 $MIM borrowed, WHICH EQUATES TO $13,050.
Is that a depeg?
Not really. That's only 0.2% off.
But the incentives for borrowing $MIM are high, AND the borrow rate is low.
NOICE!
In fact, not only $MIM is incentivized higher than the borrow rate, but also $CRV and $LINK are, as well.
What does that mean?
That means @GeistFinance is PAYING ME in $GEIST to borrow.
Am I borrowing?
Yes. Yes, I am.
But okay: $GEIST yields. Why do I care? Why should you?
About the $GEIST yields?
I don't.
I care about what the $GEIST yields, themselves, yield.
And those are the supply tokens on the @GeistFinance money market, folks:
$ETH, $FTM, $USDC, $MIM, $CRV, $LINK, $DAI, and $GEIST
Have I got your attention?
I've certainly got mine!
So, as you see, as soon as my $GEIST tokens vest (which takes 3 months), ...
I lock them to start earning fee-tokens at a rate 6x-8x faster than my vest-earn is.
$MIM yields $GEIST yields some very interesting opportunities.
Granary
Next, let's go to @GranaryFinance, and Holy Buckwheat Cakes, Batman! did $OATH, one of the yield tokens, just triple in price???
Yes. Yes, it did.
This allows me to invest $OATH into one of the cute LPs on @beethoven_x, after I collect the yields on @GranaryFinance.
Okay, so I go over to @beethoven_x.
Beethoven
The first thing to notice: the Spotie Oatie-LP is not 50/50 $OATH and $wETH, but heavily leaning to $OATH.
I swap, proportionately, then invest into that LP, and, voilà! I now have a Spotie Oatie-LP position on @beethoven_x
But, before I do that, I still have the $SD-yields to disburse. I invest them into the triple-LP on @beethoven_x, first swapping to get the desired balance of coins needed.
But, before I do that, I still have the $SD-yields to disburse. I invest them into the triple-LP on @beethoven_x, first swapping to get the desired balance of coins needed.
My original investment into this pool was, and is, $150.
It's grown to $300. 🎉
I unstake and withdraw the LP as $sFTMX, destined for @GranaryFinance.
BUT!
The unstake releases some $SD-yields.
Wheeeeee!
Once again, I redistribute (swap) and reinvest my $SD-yields into the triple-LP.
Pretty soon I'm going to run out of ball jars and places to bury all this money in my back-...yaärhd! Ya know what I'mma sayin'? 😎
My LP farms settle thusly on @beethoven_x:
Granary, part deux
Let's return to @GranaryFinance.
- I deposit the $sFTMX I received the the "Locked, staked, and two smoking Fantoms"-LP on @beethoven_x.
- I borrow 7600 $FTM from that
- I set aside 1900 $FTM (one quarter) for the LP-hedge.
- I swap the remainder, 5700 $FTM to $sFTMX and deposit.
Dear @GranaryFinance,
I get the following error when I try to borrow 8,000 $FTM, fully covered by my collateral $sFTMX:
[ethjs-query] while formatting outputs from RPC '{"value":{"code":-32603,"data":{"code":-32000,"message":"transaction underpriced"}}}'
What gives?
At the end of this first loop, my @GranaryFinance settles to these positions.
I'll now keep looping until health stabilizes to 1.1.
After 5
... GLORIOUS ...
loops, ...
my positions settle at 1.09 health on @GranaryFinance.
Now, it's time to take the $FTM I reserved from these loops to provie an LP-hedge on @beethoven_x.
Beethoven, part deux
As you can see, this LP is unbalanced, leaning on the $sFTMX-side.
So I swap to $sFTMX,
then swap to $wFTM (because the LP only takes wrapped $FTM),
then provide the liquidity.
I like that @beethoven_x reminds you to stake your LP tokens.
That's nice of them.
So, now, my positions settle to this.
My @GranaryFinance accounting says I've invested $9k, but have only $7.4k-net on the protocol. Why? Because I funneled out that much for hedge on @beethoven_x.
Onto @UniDexFinance on @FantomFDN, which continues to post very strong returns.
The $FTM-pool has yields, so I collect them,
...reinvest half back into the pool.
The other half I swap to $ETH, which will (eventually) land on @optimismFND to buy $UNIDX there.
The @UniDexFinance $USDC-pool gets the same treatment.
At the end of the day, my @UniDexFinance pools are up 85% overall,
and I have 0.04 $ETH in my @FantomFDN.
Before I bridge it, it needs to be closer to 1 $ETH, to minimize bridge-fee-impact.
Let's run the @FantomFDN daily report.
Daily Fantom Blockchain position report, 2023-02-16
invested: $26,986.36
valuation: $31,675.76
ROI: 17.38%
Not bad at all for a 'cute, little blockchain' I'd throw some liquidity at and see what happens.
This is what happens, apparently.
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