Hey, ho, all! It's a lovely 55°F / 13°C here in September-y VIRGINIA! 😤
A catch-all buy-order hit on @TeamKujira FIN for $OSMO on a down-spike!
I COULD take 10% profit on @osmosiszone (not @Shade_Protocol, as the swap is unfavorable), ...
Or, I COULD trade it for $ATOM at a ratio of 16 $OSMO per $ATOM, at these prices that's [computes]: $5.54-per-ATOM.
A fine price, but look at the history.
I would buy 1.6 $ATOM, ...
... then wait 3 centuries to buy the remaining 8.5 $ATOM.
Ugh.
I mean, ... it is a play?
Or, I COULD lease an asset, say $wBTC, on @NolusProtocol, with $OSMO.
But that assumes:
- $OSMO retains its value or goes up in price or
- $wBTC goes down in value.
I'm not willing to take either bet at present, ... because I'm not stupid.
Narrator: You're not?
me: 😤
... and I could be totally wrong on this "Don't lease $BTC with $OSMO"-call. It could be that I want $OSMO to go down and $BTC to go up on a lease-play, idk.
I'm just too new to this leasing-thing. I'm not (yet) willing to explore plays other than $USDC collateral.
At any rate, I have $55-worth of $OSMO from a 50 $USK catch-all, which is even better, as axlUSDC/USK is now > 1. YUS!
So, let's short $OSMO on @Levana_protocol.
A tour.
I bridge my claimed $OSMO to @osmosiszone (where @Levana_protocol) then set the short at 3x.
Straight-away, the transaction fails to commit.
@Levana_protocol is an interesting take on perpetuals. You long- or short- positions using the same token as collateral! 😱 Now, this isn't new for perpetuals, but it's new for me.
But there's another interesting twist here.
The twist is this: most perpetual exchanges ('PEX'???) have insurance to cover their positions. @Levana_protocol doesn't need it. Why?
You're required to select a 'take profit' value, that comes set in ranges that @Levana_protocol can cover with EXISTING FUNDING!
So, after I 'jiggle' the 'Take Profit'-slider, I get a green value there and the transaction completes.
I don't like that. @Levana_protocol should adjust that automatically to a safe-zone, particularly for first-timers, comme moiself. Failing a transaction is bad Juju. #BadJuju
Here's another thing I don't like. On the dashboard, I can't see the vitals my positions at a glance, they're hidden by a slider, or I have to click-thru.
"NBD," sez you.
Sez I: Oh? When the market skies or tanks, you don't have time to click-thru every one of your positions.
Here's the third thing I don't like:
The SECOND I placed my $OSMO 3x short, the price feed went absolutely haywire, slamming up the price to 46¢-per THREE TIMES IN A ROW!
This is WAY above liquidation price. What? I set a short, and I can be insta-liquidated by the price feed?
Now, if I believed $OSMO retains value well, I would set up a δneutral position by placing $OSMO into the stability pool on the 'Earn'-page, funding the protocol as well.
BTW, confusingly: "OSMO / USD" IS NOT an LP pair! It's a single-stake $OSMO-only pool of liquidity.
However, I believe the opposite. I have seen $OSMO lose a tremendous amount of value over the past two years, and all I hear is talk-talk, and all I see is 📉.
For now, anyway.
I'm shorting $OSMO like a fomo mofo. If price spikes, I lose $50. If it stays flat, I make fees.
But what happens as the price of $OSMO (continues to fall)?
Here's what @Levana_protocol does: as the price falls, THEY ADJUST THE COLLATERAL UP TO COMPENSATE! 😱
On a 3x-short, I profit 3¢-per each 1¢ $OSMO's price falls.
My SPREADSHEETSZORXEN tells me 31¢-per is a 10% gain.
So, do I cash-out at 31¢-per $OSMO?
That's one option, ...
geddit? 'option'? on a perpetual? GEDDIT?
Narrator: we get it, okay? 🙄
Another, ... [dare I say?] ... option, is to keep the short, continue to collect fees, and ride that gravy train to, in this case, 17¢-per.
So, this is my introduction to @Levana_protocol to myself. After I get the feel of this short, I'll explore how to set up an, e.g.: $BTC or $ETH δneutral position on this protocol.
k, fam, 143 means 'I love you!'
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