Logical Graphs LLC

Thursday, June 1, 2023

USK: Kujira's stable coin

Hey, folks!

On @TeamKujira Ghost, lent $USK is earning 14% APR.

HOWTO get $USK?

One way is to MINT to from collateral.

Say you have $DOT. You go to BLUE, provide the $DOT collateral then MINT the $USK

Here's the $DOT minter.

You can mint from $ARB, $ATOM, $stATOM, $BNB, $DOT, $ETH, $LUNA, $stOSMO, and $gPAXG.

I do the same thing for $wBNB, minting $USK from $wBNB collateral, then I take that $USK and lend it to Ghost.

I'm now earning 14% APR on Ghost from $USK that I minted at 1% mint-rate-per-annum, with a net 13% APR.

Find THAT at a bank, huh?

Wednesday, May 31, 2023

2023-05-31 ETHBTC experiment, Day 3

swap 0.1812 ETH

ETH: 1.2687

BTC: 0.16465

Total: $6,715.54

spreadsheetszorxen:

Closing a short on Kujira

This looks like an excellent time to exit my $LUNA short position, as I sold at 89¢ $USK and it's now trading at 80.6¢ $USK.

This short couldn't have gone better.

HOWTO

So! How do I close the short?

I draw-down some of the collateral from Ghost

With that, I buy $LUNA. Cheapest now is on Terra @astroport_fi, so I bridge the funds to Terra, buy the $LUNA, and bridge the $LUNA back to @TeamKujira

With that $LUNA, I pay-off the borrow.

How much did I make off the short?

That's hard to nail down, because I wasn't trading in $USK. No, I had a $LUNA-borrow against $axlUSDC-collateral.

BUT! I did sell 66.149 $LUNA at 0.899 $USK and just bought back at 0.805 $USK.

That makes a tidy net sum of 7.295 $USK. YAY! 🎉

For those of you doing the math long-hand, you're saying: "No, that's not right."

I'm also factoring in the 1.172x leverage on the short position, as my borrow leveraged additional $LUNA-borrow.

Now, 7 $USK may not look like much, but consider this. This was a short on 200 $axlUSDC collateral, or 61 (borrowed) $LUNA

Closing the short gained me 12% ROI, annualized to 224% APR. AND! it was a good learning experience.

I argue that shorting $LUNA turned out pretty well!

Do I want to short $LUNA again like this?

Hm.

So, it's 7 $USK made off of 200 $axlUSDC (224% APR).

I can do better by arb'n the $axlUSDC directly.

When @TeamKujira comes out with shorts on FIN, I'll take another look at this.

Tuesday, May 30, 2023

ETHBTC experiment, Day 2, 2023-05-30

ETHBTC experiment, Day 2

spreadsheetszorxen

I create a new row: day 2

I record $BTC and $ETH prices from @osmosiszone into columns C and D.

The SPREADSHEETSZORXEN sez:

swap 0.1823 ETH

So, I withdraw that amount from @TeamKujira Ghost

and bridge it to @osmosiszone via Satellite.

Channel 9, for future reference

On @osmosiszone, I swap the $ETH to $BTC as $ETH's price rises and $BTC's price falls.

I hop (@axelarcore) hop (@TeamKujira) the $wBTC back, then lend it out on Ghost.

Anybody want to borrow $wBTC? As the price is falling, you can short it, so that when you pay back the borrow, you pay less than what you borrowed it.

Doesn't hurt that it will sky the lend APR. 😎