2023-12-09 ETHBTC-THANG! Day 195

Let's do the ETHBTC-THANG!

BEFORE we do the ETHBTC-THANG! let me just say...

WHA DA WHAAA???

Somebody overstepped their $iETH mint on @Indigo_protocol: I received 117 $ADA in the ensuing liquidation.

@Indigo_protocol gives you synthetic $BTC and $ETH that produce $ADA-yields!

I record the $ETH and $BTC prices from @Levana_protocol and the $ADA price from @Indigo_protocol.

The EMA20s show a strong 'sell $ADA, buy x'

   where x ∈ { $iETH, $iBTC }.

I'll let the ETHBTC-THANG! tell me which synthetic to buy-then-stake on @Indigo_protocol. 

2023-12-09 ETHBTC-THANG! Day 195

The ETHBTC-THANG! 

• no swap: no BTC available

After swap:

ETH: 4.34609 BTC: 0.0000

Total: $10,196.26 TVL EMA-20:

n.b.: TVL EMA-20 indicates that ETHBTC, itself, is cruising!

ROI: -0.96% APR: -1.79%

Indigo

Let's turn our attention to @Indigo_protocol on @Cardano.

I have both $INDY and $ADA yields to harvest, so I do that. 

The combined $INDY and $ADA yields are over $100. That's on $4.4k invested in 3 weeks, my frenz.

ROI: 3%; ~50% APY

on staked synthetic $iETH $iBTC and $iUSD 😱

Let me say this loudly for those in the back:

🚨I AM MAKING ~50% APY ON STAKED (synthetic) $iETH and $iBTC, AND THE APY IS $ADA (and $INDY). 🚨

Where else can you do this with your $ETH and $BTC, frenz?

And that's ON TOP of the benefits of HODL'n $ETH and $BTC.

Just sayin' 😎

I really like @Indigo_protocol. There are some things I don't know nor like about this protocol.

• Can I long or short these synthetics? If so, where? If not, why not?
• What is the (real) utility of $iUSD? Where can I use it? Why isn't it the "Stable of Cardano"?

Then: $INDY.

The Problem of $INDY

What is the value-proposition of $INDY?

Not governance: that doesn't impart value to a token, IMO.

I'll tell its value:

Down 36.91% vs. $ADA in the last 4 months.

That means if you stake this token, you bleed money, hard.

AND there's no impetus for $INDY growth that I see.

A token's price tends towards its value.

Until $INDY has a necessary function, e.g.:

• higher yield-rates depending upon $INDY staking tiers

then its price will continue to plummet, and you are punished for staking this token. The longer you stake, the more value you lose.

$INDY in v2. What will be its utility?

@Indigo_protocol: the ball is in your court.

Until then, I will swap $INDY-yields to $ADA.

Thus: I unlock and withdraw my $INDY-stake to that end. 

I will continue to do this until $INDY demonstrates real value.

I swap $ADA to a synthetic.

Why?

Because The $ADA EMA20 charts show a strong-buy for the synthetics using $ADA. See the tweet earlier in this entry.

Now: which synthetic: $iETH or $iBTC?

For that, we consult the ETH/BTC EMA20 chart.

Answer: $iETH.

EMA.

I then stake the $iETH into @Indigo_protocol stable pools. 

My @Indigo_protocol portfolio settles thusly (and, yes, we have already established 'thusly' is now a word): 

2023-12-09 Indigo portfolio

incept date: 2023-07-27

invested: $4,465.58

$iBTC: 0.0137 $601.87

$iETH: 0.6939 $1,628.01

$iUSD: 2,969.28 $2,969.28

value: $5,199.16

total fees $44.828

total yields $329.396

net yields $284.568

APY: 17.23%

ROI: 22.80%

APR: 61.64%

Analysis

This looks great, right? The desired effect, and all that: portfolio value goes up.

But recall, this is only because there were MONTHs of "portfolio goes down."

You MAKE your gains during the market downturn.

And

You SEE your gains during the market upturn.

Remember that.