Daily cryptocurrency income report, 2022-06-10

Daily #cryptocurrency income report, 2022-06-10: $16.96*

"It was the best of times,

It was the worst of times..."

A tale of two block chains.

I put all my money into both;

And lost all my money in both.

Que sera, sera.

*doesn't include auto-restaked yields nor x-token gains

Daily cryptocurrency income report, 2022-06-09

Daily #cryptocurrency income report, 2022-06-09: $21.59* 

I have a lot more money invested into @DefiKingdoms; I make a lot more money from @mirror_protocol, even after the $USTC-adjustment.

@mirror_protocol rocks. #fact

*does not include auto-restaked yields nor x-token gains

Daily cryptocurrency income report, 2022-06-08

Daily #cryptocurrency income report, 2022-06-08: $50.97*

@tranquil_fi and @Defiraverse did a $FIRA flex today, but, put into perspective: it took 13 days to accumulate these yields. 

$MIR yields are still daily KANGz! 👑

*does not include auto-restaked yields nor x-token gains

Daily cryptocurrency income report, 2022-06-07

Daily #cryptocurrency income report, 2022-06-07: $7.49*

"It ain't much, but it's honest work."

$MIR yields provided the bulk of today's yields.

*does not include auto-restaked yields nor x-token gains.

Daily cryptocurrency income report, 2022-06-06

It's late in the day, but we can still do this:

Daily #cryptocurrency income report, 2022-06-06: $22.89*

Even with the crippling of $UST, $MIR yields still dominate; woot!

*does not include auto-restaked yields nor x-token gains

Daily cryptocurrency income report, 2022-06-03

Daily #cryptocurrency income report, 2022-06-03: 363.44 $USTC

@anchor_protocol and @mirror_protocol ... but what am I going to do with Anchor EARN and BORROW locked?

TUNE IN TO FIND OUT!

*does not include auto-restaked yields nor x-token gains

A tour of Terra 2.0

 Let's venture, for my very first time, into Terra 2.0-land.

Here's a list of dApps available and forthcoming.

IM SKEERT MOMI! 😳😳😱

Okay, let's see how much 1 $LUNA is.

Why?

We'll get to that. But first, introducing: 

@PhoenixFinan and good ol' @terraswap_io

You see that there's a not insignificant difference between the DEXen, but $LUNA is ~ 6.4 $axlUSDT.

Why is this important?

Look at the swap fees on @staderlabs. 0.24 $LUNA (~ 2.6 $axlUSDT) And it's consistently that.

Stader fees were high.

Now they're highER.

Liquidity Pools

I'm looking at LPs on Terra 2.0. So far only the ...

• LUNA-LunaX LP appeals to me.

Maybe the axlUSDC-axlUSDT, as well.

... as the connection between $LUNA and stables are now severed.

@staderlabs provides the LUNA LP

@PhoenixFinan provides both. 

Arbitration

LUNA -> LunaX

Let's look at the LUNA -> LunaX -> LUNA arb.

First of all, the multiplier is only 1.000176: it's WAY early in the game.

Second of all, the arbs are ... meh.

Let me explain. Here are the to $LunaX side of the arb: 

• Stader: 99.982357
• Phoenix: 99.316103
• Terra Swap: 99.094594

Okay the 'best' (?) swap is @staderlabs 99.982357.

Now we swap back.

• stader: 100
• phoenix: 99.674161
• terra swap: 98.933043 (ick)

So, you make your money back, exactly, on stader?

No: the swap fees cost you 0.5 $LUNA

The LUNA-LunaX-LUNA arbs, currently, suck.

LUNA -> axlUSDT -> LUNA

Let's instead look at the LUNA-axlUSDT-LUNA arb, as suggested by @1xboolean.

... but not on terra swap, because I'm not slipping away my 100 $LUNA like an idiot.

terra swap: nupe

phoenix: 642.923724 $axlUSDT, fee: 0.045495 $LUNA

But then the swap back there's slippage or loss.

Daily cryptocurrency income report, 2022-06-02

Daily #cryptocurrency income report, 2022-06-02: 758.44 $USTC*

More variety today in income sources, but, again, $MIR predominates. I'm okay with that. 😎

*does not include auto-restaked yields nor x-token gains

Daily cryptocurrency income report, 2022-06-01

Oofda! I didn't publish the

Daily #cryptocurrency income report, 2022-06-01: 545.98 $USTC*

Mostly a @mirror_protocol day.

*does not include auto-restaked yields nor x-token gains

TIL I am a trader sometimes

Folks, on @mirror_protocol, $mGLXY doubled, so I'm swapping it out to make 2x on my 500 $UST purchase.

SWAP 6862.581027 $mGLXY -> 1020.347707 $UST

TIL I'm a trader sometimes.

I am also 

• unstaking my $mGLXY-UST LP and 

• swapping the $mGLXY for $UST.

The LP was making a good 800+%, but I can get 2x the invested $UST back and use that to invest in δneutral farms earning 1000+%.

SWAP 5,277.927747 $mGLXY -> 773.959947 $USTC

So, on a total of 1,035 $USTC swapped for $mGLXY, I earned 

• 1,699.67 $USTC from the swap-back and 
• 277.91 $USTC from the LP gains

for a total of 1,977.58 $USTC (gross), almost 2x gain overall.

NOICE!

It's not the 5x gain from my last $mGLXY trade, but that was a really lucky trade, catching a price-spike just as it was vanishing. 

I am SO NOT complaining about this 2x gain, nosiree, Bob! 😎

Experiment α(2): Benqi AVAX self-loan to Anchor

Experiment α(2):

We have @anchor_protocol humming along.
We have @BenqiFinance on Avalanche humming along.

Let's loan myself $AVAX from @BenqiFinance to @anchor_protocol and see how long it takes the $ANC yields to pay-down the loan.

We will 'create' $AVAX from $ANC here.

To self-loan $AVAX, I need $AVAX.

I have 9.9 $sAVAX, so I'll swap that for $AVAX on @pangolindex (edging out @traderjoe_xyz at the moment).

So, now I have $AVAX. Before I loan myself $AVAX, I'll establish 2 new δneutral positions on @BenqiFinance, before finally loaning myself the borrowed $AVAX.

Why?

Because: LEVERAGED yields, folks. Or, as I call it:

Yields using Other People's Money.

Don't mind if I do. 😎

So, step 1: 

we fund our @BenqiFinance market ("Be your own bank") by supplying $AVAX.

Step 2: we go to the @BenqiFinance 'overview'-tab to see which are the viable δneutral positions.

Besides $AVAX, itself, $USDC (NOT: $USDC.e) and $WETH.e are net-positive yields (in $QI) on both supply and borrow sides.

Step 3: we establish our δneutral positions.

Let's start with $USDC, as it collateralizes at 80%.

We BORROW $USDC – I'm borrowing at 70% – 

then we immediately SUPPLY all of that borrowed $USDC.

Thus, we establish our $USDC δneutral position: our supply covers our borrow.

I do the same thing to establish the $WETH.e δneutral position:

BORROW $WETH.e,

then immediately SUPPLY that borrowed $WETH.e 

Now that I have my diversified δneutral positions establish, I'll borrow $AVAX to self-fund my @anchor_protocol position over on Terra Classic (which we'll get to, eventually).

Please note the net APY: 3.34%.

You may be grumbling right now, saying two things:

1. "Net 3.34% APY???" and
2. "You started with 10 $AVAX and now only have 1.4 $AVAX? How are either good things?"

Good questions! Let's address both concerns.

We started with 10 $AVAX (~ $250); now we have 1.4 $AVAX.

But, look at the @BenqiFinance market I've established for myself:

$460.35 supply-side

$236.61 borrow-side

earning a NET 3.3% interest.

I started with $250, I'm earning interest on ~$700.

This is LEVERAGED yielding.

Not only is this LEVERAGED yielding (and I'm yielding on ~$450 of Other People's Money!), but it's relatively SAFE leveraged yielding.

• As the markets go up, the supply goes up, covering the increased borrow value.
• Same for as the markets go down.

(relatively) SAFE, CAPITAL-PRESERVING LEVERAGED YIELDING.

This is the beauty of what δneutral yield-farming is.

So, δneutral has all those advantages (safe, capital-preserving, leveraged), but it's not going to get you anywhere quickly.

Let's get somewhere quickly, ... on the Terra Classic blockchain.

To get there we need to bridge our 1.4 $AVAX there.

But we can't. I don't see how to bridge $sAVAX anymore, either. Bummer.

But we can bridge valueless (?) $UST.

Not so valueless, anymore, eh?

First we swap the $AVAX for $UST.

Then we bridge the $UST over to Terra Classic using https://classic-bridge.terra.money/...

... after a moment, we see the funds on Terra Classic. YAY! 

I just loaned myself some money.

I need to track the loan and the repay.

Do you know what that means?

SPREADSHEETSZORXEN!

Yeup.

I just created my "Anchor Self-funding Experiment"-spreadsheet. 

So now I want to convert my $UST to $sAVAX.

It turns out I don't want to do that, after all. The price impact on @astroport_fi is 10% for that swap. But I can swap to a different, viable, collateral:

SWAP 2120.32 $UST -> 0.021129 $bETH

And now we provide that $bETH as collateral.

Hm. Only a ~30 $UST borrow gain. Oof.

But what just happened?

I converted (indirectly) my $AVAX to (bonded) $ETH, increasing my $ETH supply from 0.49 to 0.51.

I'm 'creating' $ETH from $AVAX now, folks. 

el geophf, wizard. 😎

To finish up:

• I BORROW 16 $UST on @anchor_protocol,

• then I immediately SUPPLY that 16 $UST on the EARN-side

Earning ~2100% $ANC yields and a net 11% $UST yields.

Sweet!

As I earn the $ANC yields, I'll repay my $AVAX self-loan (but that's for another day).

The. End.