Migaloo blockchain report, 2024-03-29

Let's do a tour of the blockaverse, starting with Migaloo. There was an issue with $ampROAR price-quote, but the @ginkou_io team fixed this.

So, after buying $WHALE-gas on @TeamKujira FIN, I withdrew all my deposits, collateral, bids, and claims with a [reset].

I had originally invested $385 into @ginkou_io. Let's see how much value I exit with.

I transfer all non-$WHALE-escque assets off Migaloo onto my @terra_money addy.

Reviewing the assets @ginkou_io returned to me via the [reset]-button, they are off by nearly $100, refunding:

• 0 of my 2435.40 $bWHALE
• 0 of my 1465.57 $ampWHALE
• 500 of my 4100 $ampWHALEt is missing
• 0 of my 0.9 $ampLUNA

This is very troubling. A help-ticket is in.

Given what I left on Migaloo ($144.86 of liquidity) and what I transferred off (mostly $ampROAR and $USDC) ($301.60 liquidity), I had a nice $61.46 gain.

When @ginkou_io returns the outstanding $92.56, that will be even better.

This is how my Migaloo addy sits.

Migaloo Ginkou liquidations

Anybody else having problems with liquidation bids on @ginkou_io on Migaloo blockchain?

• I bid 30 $USDC on $bWHALE liquidation.

• The liquidations page says I have $4 left.

• The queue, however, is EMPTY!

• The latest liquidation is 3 JANUARY? I got this bid filled LAST NIGHT!

"Go to discord and submit a ticket," you say?

I say: I did. They closed the ticket without addressing the problem. My liquidation stats are still empty, even though it states, clearly, I have active bids. The liquidation queues are empty, so I have no idea where to bid.

Are you having problem with @ginkou_io liquidation bids and queues? Can any of you @ginkou_io OGs reach out to them and ask them to:

1. restart liquidation history logs
2. show liquidation bids in the queue
3. show MY liquidation bids: how much, and, at which premiums?

$1M of liquidity. That's what @ginkou_io has. Most of it is yours. Aren't you concerned that this protocol is working? Or: is it working just fine and dandy for you? If so, how so? What is the work-around you have in place that makes @ginkou_io work for you, when it isn't for me?

Also, dear @ginkou_io, you say I have $4.79 active bid for $bWHALE liquidations.

How do I withdraw an active bid? There is no option on your UX? Are you saying once I submit a bid, it's a forever-thing?

I'd like to withdraw my liquidity, please. Tell me how to do this. 

bWHALE liquidation

Okay, so the @ginkou_io UX for liquidations is broke AF, but liquidations seem to be working.

 

• I claim liquidated $bWHALE on @ginkou_io
• Swap most of it to $WHALE; why?

• Swap most of that to $USDC then rebid liquidated $bWHALE

• Deposit a wee bit o' $USDC, earning 14% APR.

Then SOME of that $WHALE-from-$bWHALE I archive as @eris_protocol $arbWHALE.

Note that I get much more $arbWHALE when I swap on @WhiteWhaleDefi, than if I stake on @eris_protocol, so I do the swap on the DEX. 

Then, with mucho support from @BackBone_Labs, who helped me figure out what $bWHALEt is and how to get it. I swap the rest of my claimed liquidated $bWHALE to $bWHALEt and provide it as collateral on @ginkou_io. 

Thanks, @BackBone_Labs! 

ampWHALEt liquidation

Now!

Guess what?

I have a $ampWHALEt liquidation to claim!

n.b. @ginkou_io: 

1. there is no liquidation history
2. 'My liquidations'-tab is empty, although I do have a liquidation bid partially-bid and partially-fulfilled.

Let's do this.

Anybody else have to reconnect their wallet to Migaloo blockchain apps, over and over again?

5th time reconnecting KEPLR in 5 hours. Is this normal for this blockchain? If it is normal for this blockchain, then: why?

Who is a Migaloo OG, on it 24/7, and loves the UX?

WOULD YOU LOOK AT THAT!

"My bids" is now working on @ginkou_io.

Thank you, @ginkou_io. 

I claim the liquidated 945 $ampWHALEt for 25.76 $USDC

liquidated at: 2¢-per

market price: 4¢

premium: 32% (29% bid-at)

I swap most of the $ampWHALEt to $USDC on @WhiteWhaleDefi, firstly to rebid the $ampWHALEt liquidation market, and, secondly to deposit some $USDC into @ginkou_io Earn.

The remaining $ampWHALEt I provide as collateral to @ginkou_io, 

...growing my $ampWHALEt-bag via liquidation arb.

Terra/Migaloo Money Markets, cont.

Let's continue the Terra/Migaloo money market-stufphen from yesterday.

Capapult ($SOLID)

Since I deposited $ampLUNA into @solid_capa yesterday, I mint $SOLID.

Note that Capapult doesn't have an EARN-tab.

Odd.

What, then, is the use-case for $SOLID, other than bidding?

Here's a problem:

@solid_capa lists $wBNB and $wSOL as collateral, but on their dashboard does not have $wBNB NOR $wSOL TVL.

@solid_capa, please list on your dashboard $wBNB and $wSOL provided total values.

Here's another problem, their UX-design is consistent, yes, but it sucks, consistently.

I select a premium rate, ... how?

By selecting the rate on the chart? no.

By entering the percent? no.

By a [redacted] slider. Only.

TF?

I enter my bid by entering the numbers? no.

TF?

Here's another problem on @solid_capa:

How many $ampLUNA tokens did I provide?

I have a dollar value. Nowhere do I see the actual number of tokens I've deposited. So, I'm Canadian, or European, and you give me USD amounts?

Their UX does not provide essential information.

The UX on @solid_capa seems out-of-place for money markets across blockchains, and their entry for liquidation bids is clunky, ...at best.

You make your UX incomprehensible and difficult, you create barriers to entry for potential investors who will take their money elsewhere.

Further, a money market that doesn't have a depositary for their stable token?

I mint $SOLID, but you don't let me earn interest on it?

@ginkou_io has that.

@CavernProtocol has that.

@TeamKujira has that.

@solid_capa – WHO RENAMED THEMSELVES TO THEIR OWN STABLE! – does not.

Now, @solid_capa may argue they've incentivized an LP or two on @astroport_fi.

But guess what other LPs are incentivized there?

$axlUSDC.

Guess what other stable has depositaries on every other money market? 

$axlUSDC.

@solid_capa: please incentivize HODL'n $SOLID, ffs. 

I place liquidation bids for $ampLUNA, $wBTC, $wETH, and $bLUNA on @solid_capa.

My asset allocations are as follows.

I still have (a lot) of $SOLID remaining after placing liquidation bids on @solid_capa (HATE their rebranding).

WAT DO?

I withdraw $axlUSDC from @CavernProtocol EARN-tab and provide liquidity to @astroport_fi SOLID-axlUSDC LP. 

Ginkou

Terra/Migaloo Money Markets, conclusion.

I wuz gunna conclude with @ginkou_io on Migaloo.

But look what happens when I go to borrow against provided-collateral.

'Transaction failed.'

No details. No explanation.

@ginkou_io why is borrowing not working? Please fix. 

Fortunately, for me, I don't need to borrow $axlUSDC tokens to bid on liquidations on @ginkou_io.

Meaning: I don't need @ginkou_io's borrow facility, at all.

I can mint $USK on @TeamKujira BLUE, then swap that liquidity to $axlUSDC on FIN.

When I claim that order, I'll bridge.

It's actually @noble_xyz $USDC, so after some bridging, and bridging back, and swapping, I now have liquidity on @ginkou_io to bid on liquidations.

I do that.