Let's go to @optimismFND.
Easier said than done.
First I have to have liquidity.
Which means I have to bridge liquidity.
Which means I have to create liquidity:...
SELF-LOAN-TIME!
I borrow 45 $AVAX from @BenqiFinance
...and withdraw 22.5 tokens from @traderjoe_xyz sAVAX-AVAX LP.
This, of course, affects my @avalancheavax positions, but that will show up in tomorrow's report.
So, I convert the $sAVAX from the LP to $AVAX on @KyberNetwork and unwrap the $WAVAX to $AVAX (same, fam).
I now have 90 $AVAX liquidity available.
"Why 90 $AVAX, geophf?" you may ask.
Well, I'll tell you.
I'm going to bridge to three blockchains, not just one.
30 $AVAX goes to @FantomFDN by way of @Bybit_Official SWAP-SWAPing to $FTM, using the AVAX/USDT and USDT/FTM order books there.
Another 30 $AVAX I swap-swap to $USDC on @KyberNetwork then to $axlUSDC on @CurveFinance.
All to bridge to @TeamKujira blockchain.
Bridging in Equity
That leaves the bridge to @optimismFND. I transferred before from @FantomFDN using the @CelerNetwork bridge. How will bridging $wETH.e from @avalancheavax work?
Turns out, it worked just fine.
- I swap $AVAX to $wETH.e on @KyberNetwork
- I bridge the $wETH.e to Optimism on Celer
How do I disburse this liquidity?
Plan of Attack
So, I read and I read and I read and ... decided to start, smol, with:
- @Alpha_HomoraV2 ETH-OP leveraged LP
- @synthetix_io staking
- @lyrafinance vaults? and staking
- @beethoven_x Rocket Fuel LP
... and park spare $ETH into @GranaryFinance.
Establishing Beethoven LP
First up, I talk Ludwig van @beethoven_x.
I swap some $ETH for $rETH, then supply both to the Rocket Fuel LP, establishing my first LP on @optimismFND.
We all start somewhere, yes?
Establishing Homora Leveraged LP
Okay, next up, let's establish a foothold onto @Alpha_HomoraV2 with the leveraged ETH-OP LP, earning a frikk'n 100%+APR (which is real, as I cross-check with my own calculations).
But before we do that, I choose to supply $OP and $ETH in equal measure, so I swap some $ETH for $OP.
You see I flashed two DEXen for the $ETH - $OP swap. Why? When I checked the swap on @beethoven_x, which usually has the best swap, something didn't sit right, so I checked with @UniDexFinance and had a $1 better swap, or 2% better
Check your swaps and go with what works for you
Now we set up the leveraged ETH-OP LP on @Alpha_HomoraV2.
Me, I choose the wide price-range.
Why? Some people are LP-traders. They monitor them closely, buying and selling on a dime.
I'm an LP-holder, so I'm very hands-off. I have my LPs generate income through thick and thin.
Next, I provide the liquidity, just like for any LP, but then, I select the amount of leverage I wish to apply.
Here, on @optimismFND @Alpha_HomoraV2, the maximum leverage is 85% (leveraged, or borrowed) tokens, and that suits my risk-tolerance just fine. YMMV.
I see the distribution of (supplied) equity and (borrowed) leverage for the ETH-OP leveraged LP, then @Alpha_HomoraV2 provides me 'my portfolio' which, very strangely, they call 'your portfolio' for some reason.
Et voilà: I'm now a LEVERAGED yield-farmer on @optimismFND!
Establishing a Synthetix stake
Next: @synthetix_io.
O! boy! Learning mode: activated.
- I swap some $ETH for $SNX on @UniDexFinance
- I stake that $SNX on @synthetix_io, which options me some $sUSD, which I take.
The story was supposed to end there, but then it said: "Hedge with @torosfinance."
Uh, oh!
Now. Is hedge a good thing?
Not only is hedge a good thing, hedge is a VERRA GOODLY thing. I spell out why here: http://logicalgraphs.blogspot.com/2023/01/looped-liquid-staking-danger-and.html
BUT! I just learned a TON! about @torosfinance. BUT! I'm going to defer that learning until AFTER I disburse my $sUSD on @lyrafinance.
Lyra (fail)
... let's pick up from where we left off last night ('last night' for me, my worldwide frenz) and continue with creating the initial @optimismFND-positions.This is a learning-🧵 for me. Some things I'll like; some I won't. Which is which will take weeks for me to discover.
And, this morning, I was hit with a $2.23 transaction fee on a $100-swap.
Ouch. Recollecting @cronos_chain and @ethereum here, and I thought @optimismFND was supposed to crush that terrible transaction fee. For the most part, it does, but not this one. *sad-face*
I go to stake my just-bought $LYRA on @lyrafinance.
But then I see this: staked WETH-LYRA LP on @lyrafinance gets a 146% APY?
Hm.
NEW PLAN! 😤
FIRST, stake 50% of the $LYRA, ...
Wait.
Shucks.
Staking is only available on 'Mainnet'/Ethereum.
We're done, @lyrafinance. Bai.
"How to pay $5 in transaction fees to lose 0.003 $ETH"
A story by the el geophf.
Yeah. That wasn't a fun learning experience.
Look, if you're on a blockchain, you're on a blockchain. This whole "you have to stake on Ethereum, even though we're on Optimism" is [redacted].
The whole point of losing $10 in that @lyrafinance debacle was to stake my $sUSD. So, change in plans!
Polynomial (fail)
I go to stake the $sUSD on @PolynomialFi
They say I need at least 45 $sUSD to stake there. I have 25 $sUSD.
I guess I'll just HODL this $sUSD in my wallet for the time being.
Toros
One more protocol to round-out my initial @optimismFND positions: @torosfinance.
The first thing I buy is the $SNX debt-hedge, ... with the borrowed $sUSD.
Look, I may be a dummy who doesn't know how to spell 'irony' and all, but not being able to use the stable borrow anywhere other than debt-hedge?
That is two words:
I. Ron. Ick. szorxen. 🙄
I have another 0.2 $ETH to disburse, and I divide equally that among the four @torosfinance-vaults.
I'll see their actual yields play out over the coming weeks.
Just one thing before I leave @torosfinance:
Their $USDmny ("USD market-neutral yield").
40%? And a price-chart with a rise as steady as a Sherman Tank?
🤤
That's a 40% yield on a stable, y'all, ICYMI.
Valuation, Optimism portfolio: 2023-02-08
Invested: $591.00
value: $599.97
ROI: 1.52%
... a daily report that took two-whole days to generate, but m'kay, fam. WE NOW HAVE OUR INITIAL POSITIONS! 😤
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