The Decentralized Finance (DeFi) Thread

midwest_struttin

Robin
Protestant
^^
I'm transitioning into Linux and I want to be sure if I use any wallets that doesn't get lost if something ever happens to my OS. On my Manjaro computer I had to reinstall Manjaro again because the screen hung. I do have a keepkey but was having trouble accessing my crypto for reasons I don't remember. Once my Linux installation is complete I hope to figure out what's going on with my keepkey. I think they were bought out. I also did have MetaMask but can't find my password.

I did some more research on ENJ. It's a NFT and @EdMarlo wrote up a nice post a while back on how the next generation is going to be into NFTs as a status symbol. ENJ has partnerships with Atari and Microsoft. I believe it's based in Japan and since it's a gaming NFT there's potential for someone to make the next Pokemon. I remember somebody saying ENJ possibly could revolutionize real estate by making it more affordable to the average joe. I reread this thread a couple more times today, it's kind of making a bit more sense.

Once I get all my security in place I'll pick up some ENJ.
 

midwest_struttin

Robin
Protestant
I was running into issues with Wasabi yesterday. I know I downloaded it and I can locate the files on my terminal. I just can't locate the directory or open the program. Stuff like this makes me nervous to have wallets locally.

I'll try again with Electrum and not hold as much crypto locally. Or maybe buy a sole purpose cell device and download Samourai. It's just that I have too much value stored in Coinbase and just in case anybody here doesn't know Coinbase is worth billions and there's talks of IPOs. Hackers are motivated to break in and steal money.
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
Here are some updates after playing around with DeFi a bit.

The first thing to note is this is obviously a very infantile space. It has numerous issues from technical, moral and economic standpoints. Many DeFi projects skew towards somewhat accidental ponzi schemes, much of which is based on the economic illiteracy of all participants. Though with all things crypto there is great promise. Before reading this I would recommend reading the OP and this post.

There are now numerous functions on DeFi, including insurance. The main ones are:

1) swaps and pool
2) yield farming
3) vaults
3) staking
5) lending and borrowing

Swaps and Pools

Covered in some detail in the above-linked posts, but a bit green around the ears.

Swap is the name for exchanging a token on a decentalised exchange (DEX). The swaps draw on a pool of tokens deposited into a smart contract by 3rd parties. This is open to anyone. You typically deposit a 50:50 ratio of tokens based on the dollar value. When people use the pool to make a swap the people who pooled their tokens get a slice of the swap as a fee, usually about 0.3%. The popularity of pools varies, but some popular pools have about as much volume as there is in the pool.

For example if ETH is trading at $2000 and BAT is trading at $1, you would deposit 1 ETH and 2,000 BAT. To do so you have to pay a gas fee. As of writing this is about $40 on the most popular DEX (Uniswap), down a lot from recent highs. This is for tokens on the Ethereum network. So it is something only really worth doing if you have $10K+.

There are two downsides to pooling tokens on DEXs: 1) risk the smart contacts have been compramised - some have, but the benefit of DeFi is such breaches can't be hidden, like Mt Gox; 2) as the dollar value of the deposited tokens changes, pooling your tokens can and often does cause you to loose gains that you would realise if you had just held the tokens. For example,

If you deposit 1 ETH at $2,000 and 4,000 ENJ at $0.50 and the price of ETH goes up to $3,000, while ENJ goes up to $5, you will end up with a significantly larger amount of ETH, but a significantly smaller amount of ENJ. In the case of the given example you would have a much higher dollar amount if you had held the coins in your wallet.

Thus, depositing to pools is a new skill, like day trading, with those looking to make gains requiring to have a lot of time to dedicate to the craft.

Where you can get much safer gains is when at least one of the coins has very stable value, e.g. a stable coin paired with a crypto. The downside of this more carefully or keep some power around for dips. Right now Uniswap has a rate of about 51% APR for ETH- is, as we are likely in a protracted bull market, if you want to get good gains you need to keep half of your stash in inflating fiat and only half in deflating crypto. That is good if you either want to playUSDC; 54% for ETH-USDT; 66% for ETH-DAI; and 6% for ETH-PAXGold.

A listing of ROIs for a few leading platforms can be found on Liquidityfolio.

Alpha Homora has leveraged pools.

Curve is the main platform for lending pools of stablecoins, e.g. USDT-USDC, with some very high rates.

From a financial perspective pools and swaps are legitimate. There is nothing inherent to that system that is a ponzi or quasi-ponsi. People want to exchange tokens and poolers make fees for taking the risk of pooling. This is going in a much better direction than legacy finance and CEXs. Uniswap is the most integral of the platforms, as the largest, with the broadest array of tokens, whose token is not used in ponzis and it has not been hacked.

N.B. some pools offer their own token as a reward, this should offset the potential losses of price fluctuations. However, it is a ponzi, which is outlined below.

Yield Farming

Yield farming is where you deposit your tokens on a platform that then tries to get the best returns by making investments with those tokens. Those investment may be guided by decentralised governance or private actors. It's like an investment bank for crypto. Yield farming has drawn a lot of attention because of offering very high yields, often in excess of 100%. This is typically achieved by offering part of the underlying yield + a huge dose of the platform's token, e.g. Sushi, Bao. This is a ponzi, though may of the participants and probably most of the platform creators don't realise this. People are making huge gains buying tokens on the cheap, they 10X and then on top of that they get about 1% interest over a few days or a week ... So people are piling in, most of them oblivious to the mechanics of what is going on.

Platforms include Sushi and Harvest.finance.

Vaults

Vaults are where single tokens are deposited, and interest returned. These all or mostly (not sure) are free of the losses of the price instability mentioned in Swaps and Pools. Yearn is probably the largest vault platform. They are typically for stable coins. Vaults operate by the coins being invested and they don't tend to be attached to ponzi platform tokens, though Harvest.finance does offer pools that get their ponzi token as a reward.

Staking

Some platforms offer staking of their token, on which you get interest, sometimes in excess of 100%. In some cases there is no function other than to generate interest - pure ponzi. In other cases staking provides you with a share of voting power in the projects governance and maybe a share of some platforms fees. Though I think it's hard to justify the yields, which tend to be about 20%.

Lending and Borrowing

Platforms like Aave and Compound allow you to deposit coins, which are then borrowed by others for gambling. At least the better platforms are legitimate. The interest rates tend to be much lower than other platforms.

Binance Smart Chain

One interesting development over the last month or so is the rise of Binance Smart Chain (BSC) and it's related projects. ETH competitors like EOS, TRX and ADA are either unreleased or have virtually no ecosystem. Binance has spent the last year quietly funding various projects to stick on it's chain, essentially copying ETH and its accouterments. Binance Smart Chain is the only real contender to ETH at the moment as a result. A token transfer on Binance is $0.15 and virtually instant, as opposed to $15 on ETH and taking 2-3 minutes. In particular their main DeFi platform, PancakeSwap, has just gone wild. I believe that this is due to a combination of getting things just right. And when the ETH fees became ridiculous ($180 for a swap) people piled in for 100%+ interest on PancakeSwap, much of which is printed out of nothing. The DeFi gold rush is over, from Aug-Feb. There are now over 500 DeFi projects. There will be some that make huge gains, but it's too difficult to pick them now. If you want to make a DeFi play look at Binance Smart Chain projects, like BRY (LINK for Binance). You can also get stupid interest on these tokens. As the largest exchange they have also been inducing people to move tokens from ETH to BSC by offering it as a withdrawal option for many tokens, and at 1% of the fee and with instant transactions coins are slowly moving to BSC just so people can actually do something with them. I don't expect BSC to flip ETH, but it should continue to eat into its dominance this year.

Conclusion

Most of what is going on in DeFi is reminiscent of the dot-com-bubble. People are seeing zeros pop on the end of balances and are full of exuberance, while lacking knowledge of what is actually going on - people buying their own coins up for more yield and zeros. It's a smaller, but more rampant version of what The Fed is up to. When this bull market ends, this will all end terribly for most. These projects will crash 95% or more and most will disappear in the next crypto winter. But it is a testing bed and powerful advances are being made. Projects are becoming more resistant to censorship and centralised control as the array of dependable services rises. Uniwsap, Aave, Compound, Maker, Yearn and Curve are solid projects and I expect them to survive the winter, when yields and volume will crash. Those will be some of my main coins to buy back after Peter Schiff has his third Bitcoin is dead victory dance.

One of the main things this shows is that there can still be decent interest from what will ultimately be safe investments. Even in a crypto winter there will be 5-10% APR on loaning stablecoins. This lending to gamblers market is currently the preserve of a handful of gilded institutions protected by insane regulations.
 

Deepdiver

Crow
Gold Member
Clicked on the Curve link above and saw the following Stablecoin pools.
I will have to research the counterpart risks with DAI though... USD USDC and USDT are well known. https://www.curve.fi is q very basic website looks like a shoestring budget operation.

Pool Base APY Rewards APY Volume▼
3pool USD
DAI+USDC+USDT 2.26% +10.55%26.38% CRV $88.5m

sUSD USD
DAI+USDC+USDT+sUSD 1.5% +15.16%37.89% CRV $32.4m
+5.70% SNX
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
Clicked on the Curve link above and saw the following Stablecoin pools.
I will have to research the counterpart risks with DAI though... USD USDC and USDT are well known. https://www.curve.fi is q very basic website looks like a shoestring budget operation.

Pool Base APY Rewards APY Volume▼
3pool USD
DAI+USDC+USDT 2.26% +10.55%26.38% CRV $88.5m

sUSD USD
DAI+USDC+USDT+sUSD 1.5% +15.16%37.89% CRV $32.4m
+5.70% SNX

Curve has the second most-locked value of all DEXs, only around $100M behind Uniswap: https://debank.com/ranking/locked_value

Uniswap's token is ranked about #13, while Curve is near #100 (market cap). The Curve token has more utility as it is used in the platform's governance. Though I see it's essentially a ponzi token - not a bad think if you sell out at the top. I think the yield on it is ~20%. It's not clear what the UNI token will really be used for.

I heard Curve had been hacked, but seems that is not the case.

As for Curve's interface, it is quite common for these DeFi platforms to use retro or child-like interfaces. See also:

DokiDoki - https://degacha.com/
Badger - https://pbs.twimg.com/media/EoPaBqzXYAQdAQV?format=jpg&name=medium
Harvest - https://harvest.finance/

I have only used Curve for swaps.

It looks like the main return you get for pooling is their CRV token. Given the market their token is by far the most undervalued, followed by Badger and 1Inch.

Currently the best yields you can get are ETH-stablecoin pairs. Given we are in a bull market I think it's a good play, though better to just be all ETH.

At the moment I am only staking or using ETH-DeFiToken pairs, as those are safe bets.
 

Deepdiver

Crow
Gold Member
Name​
Ticker​
Rank​
Avalanche​
AVAX​
45​
Celsius Network​
CEL​
50​
Enjin Coin​
ENJ​
70​
Flow​
FLOW​
85​
Axie Infinity​
AXS​
236​
Rarible​
RARI​
320​
Terra Virtua Kolect​
TVK​
417​
Unistake​
UNISTAKE​
432​
Falcon Project​
FNT​
550​
Opacity​
OPCT​
673​
DeFi Yield Protocol​
DYP​
732​
UniCrypt​
UNCX​
733​
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
@Deepdiver

Some information on using DeFi for several months.

Brief

It would be worth reading all of this thread, but as a brief - with DeFi you deposit funds to a smart contract on a blockchain, which is then used for activities relating to trading, and in exchange you get a variable yield based on the utilisation of your assets.

The way your deposited assets can be used:

1) as liquidity from which exchanges are made from, with two or more pooled assets. These areusually deposited at a 1:1 ratio at the time of deposit, but as the price fluctuates it will induce people to arbitrage, and it is possible to loose money over holding the assets. Your yield comes from reciving a share of fees from exchanges conducted from your pooled assets and in some cases a reward token from the platform. To outline:

a) you deposit $10,000 worth of BNB and $10,000 worth of BAT to PancakeSwap (PCS) into a pool of which you own 1%
b) people who want to buy and sell BNB for BAT and vice versa deposit one of the tokens into the pool and take the other out (which changes the level of tokens in the pool); these purchasers pay a fee (usually 0.3%), which is distributed to those who deposited into the pool
c) if you own 1% of the pool and the pool collects on average $1,000 in trading fees then you get $10. Though these fees will vary with tradign activity
d) you may also get a reward token for pooling, from the platform, e.g. CAKE

2) as assets that can be borrowed by others (single-asset).

3) as distributions of (new) tokens - you deposit X and get X or Y

Risk

The risk of using centralised exchanges is in the security of their systems + the trustworthiness of their owners, staff. The latter is somewhat taken out of the equation with DeFi as the actual holdings of DeFi platforms are public. The risk lies with their smart contracts, which are public, and if compromised could lead to a loss of funds.

However, there has been surprisingly few issues with DeFi, as there has with cFi. There have been scare stories about another DeFi protcol being backed, siphoned from etc. but these were all small projects that I'd not heard of. Simple rule of thumb is - don't use small projects. Using ones that have been listed on major exchanges like Binance and FTX would suggest they are a higher-level operation. You are not going to be able to audit these projects unless you make it a full-time job. Such markers are useful.

The biggest issues I am aware of are:

1) AutoFarm.Network lost about 3% of user funds from their farmed Venus vaults. This was caused by a change in the Venus code that AutoFarm did not cater for and it resulted in assets being sucked where they should not have gone. Not a hack. But it does not seem like AutoFarm are planning on doing anything about this.

2) Bunny was trading at about $450, but was pancaked down to about $10 in a "flash-loan attack", which is when someone borrows a very-short term loan and uses it to crash a coin price. Bunny has not recovered from this. It had about $10B under management, now less than $1B. Not a hack.

As you are unlikely to be able to audit the projects there are auditing firms that check the code of the platform for vulnerabilties. One that is highly rated for security is ACryptos (https://docs.acryptos.com/security-and-risks) though it is not that popular. Another is Beefy.Finance (which is multichain).

There may be multiple points of failure with DeFi. If you deposit into the single-asset CAKE vault on PCS, your point of failure are Binance Smart Chain (BSC) and PCS. There are other platforms known as yield farms (Beefy, Bunny, SolFarm) that auto-compound on these layer-1 DeFi platforms like PCS, Sushi and Uniswap. If you use those that is an extra point of failure. In the case of using a yield farm you deposit to the farm, who then pool your assets with the other deposits onto a layer 1 platform. If you are using wrapped (WBTC) or custodial (BBTC) assets then that is another point of failure. As an example of all,

You deposit BBTC (Binance-pegged BTC) to ACryptos single asset vault <- Binance is holding the actual BTC and give you a token representing it. That is two points of failure.

Acryptos then takes that BBTC and deposits it onto Venus (a BSC lending platform). A point of failure.

Venus operates on BSC. A point of failure.

Returns

Returns can be very high. Some of this is on the back of real trading (lending, swaps), but a lot is from rewards in platform tokens. Most of these tokens are essentially ponzi schemes. But most new innovations look like ponzi schemes to start with. These tokens will get hit heavily when the market tanks, as they did in May. But I am sure there are some that will find utility and value.

As an example you may deposit into the CAKE vault on Bunny. It offers 70% APR (not APY) on CAKE and 36% APR in BUNNY reward tokens.

In DeFi APR = annual, not compounded return and APY = annual, compounded return.

As an example, here is an overview of yield-farming CAKE-BUSD on Acyptos.

Screenshot at 2021-08-04 18-19-47.png

The swap daily is approx. how much of your deposit you will earn from trading fees from the CAKE-BUSD pool on PCS. The APY is how much you will get a year (projection). The vault refers to rewards in CAKE, which is recycled back into the CAKE-BUSD pool. The farm refers to rewards in Acryptos' ACS token, the yield of which is variably controlled by them, hence the range.

So the swap is real. It can be equated to the fees a centralised exchange (CEX) would make facilitating trades on their platform. Instead you get it with DeFi and a small amount goes to the decentralised exchange (DEX), e.g. PCS, Uniswap. The vault is inflated, mania yield. It will probably still find a way to exist when DeFi comes to reality, but the fees will be more like 1% on the vault and farm. There are some farms, like Beefy, which don't offer a reward token, though they do liquidate reward tokens into the pooled assets.

What to Use

I prefer to use single asset vault, due to the risk of impermanent loss. For example, if you are pooling or farming ETH-SOL and ETH tanks and SOL FOMOs, even though this is a high-yield vault, it will be better to have just kept the tokens, due to impermanent loss.

The layer-1 platforms like PCS, Uniswap and Sushi tend not to give any yield and typically don't offer single-asset vaults or compounding. I don't use any of them.

I was using Uniswap, pooling ETH and ENJ. Both ETH and ENJ went up a lot, but ENJ many times more. As a result the ETH in the pool skyrocketed, while the ENJ plummeted. I would have been better off keeping the tokens, despite earning four-figures fees from the torrent of trading on the pair. As things have not dumped out, more so with ENJ, back to a similar ration to when I deposited, I exited the pool and now have more ETH and ENJ (numerical). This presents options for more long-sighted and riskier trading strategies.

So my primary pools are:

ETH, BETH, ETH-BETH (BETH = Binance staked Ether) [30%]
BBTC [20%]
RAY-SRM (closely correlated in price) [100%]
CAKE [170%]

I also have a number of BNB pairs when the yields are very high. The percent in brackets was the APY back in the peak in May. Now BBTC is about 11%.

The platforms I trust the most are Raydium, Beefy and Acryptos. But I also use Bunny and Alpaca. I do't use ETH due to the fees. The only platform I have used that has done other than expected is AutoFarm. I mainly use BSC because it has a lot of tokens and is relatively cheap. Entering and exiting a pool, vault will usually cost about $1.50.

For farming on Solana, you can use - https://solfarm.io/vaults

How to Use

You can use most chains via MetaMask, though it's not well documented how to do it in most/all cases. Other than ETH which works out of the box. I also don't trust browser based wallet. Though you can secure the coins by using a Ledger via MetaMask, the Ledger is clunky.

The must-have tool for the DeFi user is a SafePal wallet. This is an air-gapped hardware wallet. You initiate transaction in their app (works on Clayx/Graphene). The app create a QR(s) to be scanned with the hardware wallet. With the information from the QR(s), the hardware wallet signs the transaction and creates QR(s) which you scan with your phone. The wallet has its own system for creating keys, which can be recovered by a 12/14 character seed. However, you can also load in wallets via a number of methods, including importing private keys. This is the most secure method, as you can't find out your private key just using the SafePal. You can use imported wallets just like you would with the ones SafePal creates.

One of the biggest bonuses with SafePal is it has a built in swap facility, which is particularly useful for moving your assets from one chain to another. For example you can swap 1INCH on ETH to 1INCH on BSC for a very small fee. Better yet, and with a wider selection of coins, the SafePal has built in full access to Binance, allowing you to quickly trade anything on the exchange for 0.1% or less and with no KYC or signup.

Trading on Binance -



INV: https://ytb.trom.tf/watch?v=-qV5IlJlCbs

I can't find a video of it being used with DeFi, but here is one of a TX, which is more or less the same -



INV: https://ytb.trom.tf/watch?v=5YYOR4VEC58

Swap BNB to native LTC, on-chain, direct from your hardware wallet for $0.18.


photo_2021-08-04_19-08-58.jpg


Deposit from you hardware wallet to your anon Binance account direct from your wallet.


photo_2021-08-04_19-08-58 (2).jpg

Trade direct on Binance. Once you hit buy/sell, you will scan QRs and the trade will be made.


photo_2021-08-04_19-08-58 (3).jpg


Import your private keys.


photo_2021-08-04_19-15-48.jpg

Binance markets.


photo_2021-08-04_19-16-01.jpg

In the past I used to spend hours fiddling about with authentication codes, logins, email verification, master passwords, waiting hours for the exchange to give the green light on TXs. With SafePal you can get everything done quickly.

shopfiy_offline_m.png


Supported chains -

Screenshot-at-2021-08-04-19-30-22.png


And this is real support. Not Ledger's you'll have to install 3rd party apps to use every other chain and find out the wallet does not interact with many platforms.
 
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I'm having an issue on Raydium Fusion where I can't harvest my rewards.

I click 'harvest' then my wallet pops up and I approve the transaction. I then get a message that the transaction has been sent, however nothing happens. My pending rewards just stay in the pool and if I click through to solscan to check the transaction it says it doesn't exist.

It's been like this for a couple of months now actually but I just keep leaving it and coming back hoping that it will be fixed.

I had been using the web-based sollet wallet which was working fine and I had harvested many times. I tried installing the browser extension but just getting the same problem :sad:

Anyone else had a similar issue or can suggest anything?
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
I'm having an issue on Raydium Fusion where I can't harvest my rewards.

I click 'harvest' then my wallet pops up and I approve the transaction. I then get a message that the transaction has been sent, however nothing happens. My pending rewards just stay in the pool and if I click through to solscan to check the transaction it says it doesn't exist.

It's been like this for a couple of months now actually but I just keep leaving it and coming back hoping that it will be fixed.

I had been using the web-based sollet wallet which was working fine and I had harvested many times. I tried installing the browser extension but just getting the same problem :sad:

Anyone else had a similar issue or can suggest anything?

Have you tried another browser, OS? Or asked in the Raydium Discord?

What about removing the LP? That should also take the reward out. You can auto-farm on SolFarm for a few extra percent + 10% in TULIP, but an extra layer of failure. So I am split between SolFarm and Raydium. I saw another farm on SOL - https://solyard.finance/ (not listed on the official ecosystem list)


A good article - https://academy.aaxspace.com/en/sol...uide-to-yield-farming-on-solana-and-ethereum/
 
Anyone using the btc/renBTC pool on Curve finance on the Fantom network? Currently at 15% APY but I'm not sure how to transfer my btc to Fantom. This image below is from the beefy finance fantom app (Thanks @Coja Petrus Uscan for suggesting beefy finance in the crypto lounge thread)

1628223537891.png
 
I'm having an issue on Raydium Fusion where I can't harvest my rewards.

I click 'harvest' then my wallet pops up and I approve the transaction. I then get a message that the transaction has been sent, however nothing happens. My pending rewards just stay in the pool and if I click through to solscan to check the transaction it says it doesn't exist.

It's been like this for a couple of months now actually but I just keep leaving it and coming back hoping that it will be fixed.

I had been using the web-based sollet wallet which was working fine and I had harvested many times. I tried installing the browser extension but just getting the same problem :sad:

Anyone else had a similar issue or can suggest anything?
Are you sure you have enough Sol in your wallet for the gas fee?
 

fiasco360

Kingfisher
Orthodox
I've stayed in STEP this whole time as a point of experiment. Any type of high yield pools like this should be a very small portion of people's portfolios. I also in retrospect should have taken my quick 40% gains and left BUT there is always "What if this blows up and becomes the next x,y,z?"

I've manage to compound farm it since April - but it has tanked to 20 cents roughly. I could have hedged it with a short on FTX but I opted against that. Despite all this and because of the high yield+compound I'm relatively neutral on it now. The rest of the market is still down -about -35-50% from ATHs.

I jumped back into ETH around 1900 and am holding. I believe it will outperform BTC and be a steady indicator of market performance.

Unfortunately I staked RAY in order to get early access to certain DeFi tokens like MEDIA but got destroyed on that so I'm sitting here holding that bag. When people were looking to unload during the first market downturn - it went from ~$16 ->~$3. I got in around ~$10 and it's sitting at ~$3.50 but I still foresee this becoming a huge token system that hosts a lot of DeFi projects.

It's tough to get out of the short term mindset with some of these projects. A lot of people got use to making money hand over fist for a few months and forgot how volatile this market is. My memory from late 2017/early 2018 slowly started to evaporate during the new bull market - I have to stay disciplined.
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
Anyone using the btc/renBTC pool on Curve finance on the Fantom network? Currently at 15% APY but I'm not sure how to transfer my btc to Fantom.

View attachment 32585

I think that Saber.so is offering 22% at current on BTC pairs.

To get coins on another chain you can use -


There might be high fees. These might be avoidable by swapping stablecoin or certain swap. You can also use exchanges. Say deposit ETH on Binance, exchange to SOL then convert that to renBTC on Raydium or Ten.
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
I've stayed in STEP this whole time as a point of experiment. Any type of high yield pools like this should be a very small portion of people's portfolios. I also in retrospect should have taken my quick 40% gains and left BUT there is always "What if this blows up and becomes the next x,y,z?"

I've manage to compound farm it since April - but it has tanked to 20 cents roughly. I could have hedged it with a short on FTX but I opted against that. Despite all this and because of the high yield+compound I'm relatively neutral on it now. The rest of the market is still down -about -35-50% from ATHs.

I jumped back into ETH around 1900 and am holding. I believe it will outperform BTC and be a steady indicator of market performance.

Unfortunately I staked RAY in order to get early access to certain DeFi tokens like MEDIA but got destroyed on that so I'm sitting here holding that bag. When people were looking to unload during the first market downturn - it went from ~$16 ->~$3. I got in around ~$10 and it's sitting at ~$3.50 but I still foresee this becoming a huge token system that hosts a lot of DeFi projects.

It's tough to get out of the short term mindset with some of these projects. A lot of people got use to making money hand over fist for a few months and forgot how volatile this market is. My memory from late 2017/early 2018 slowly started to evaporate during the new bull market - I have to stay disciplined.

I have also been hammered on RAY, but just holding and bought more at $3 and margin long on FTX. Solana has been the most resilient of any major project and was going up when many were going down. Currently 30% down on its ATH. I think some of that is going to have to bleed across to Raydium, Serum etc. Especially now a lot of projects are ramping up. I noticed Raydium has added 100s of tokens, but is yet to offer much with any.

Good place to keep up with developments

https://twitter.censors.us/solana_daily

 

fiasco360

Kingfisher
Orthodox
I have also been hammered on RAY, but just holding and bought more at $3 and margin long on FTX. Solana has been the most resilient of any major project and was going up when many were going down. Currently 30% down on its ATH. I think some of that is going to have to bleed across to Raydium, Serum etc. Especially now a lot of projects are ramping up. I noticed Raydium has added 100s of tokens, but is yet to offer much with any.

Good place to keep up with developments

https://twitter.censors.us/solana_daily

Appreciate it. I've been following that account for quite some time. SOL is about the only thing that I managed to make money on during that large downturn.

I still have high hopes for that ecosystem and the likes of RAY/STEP.

Regardless- there aren't many other areas to put your money outside of the crypto space. Investments that will yield a decent return at this point. Unless you get into meme stocks that get hyped by hedge funds/news/WSB.
 
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Have you tried another browser, OS? Or asked in the Raydium Discord?

What about removing the LP? That should also take the reward out. You can auto-farm on SolFarm for a few extra percent + 10% in TULIP, but an extra layer of failure. So I am split between SolFarm and Raydium. I saw another farm on SOL - https://solyard.finance/ (not listed on the official ecosystem list)


A good article - https://academy.aaxspace.com/en/sol...uide-to-yield-farming-on-solana-and-ethereum/

Thanks for the suggestions but it turned out to be not having enough SOL for gas as Pestilence said. Will take a look into SolFarm and Solyard
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
Big news, Solana is now going to be supported by Aave, which seemed to have been a big part of the rise of Polygon.


SOL is the best performer of the top 20 coins today.

I've given SolFarm's leverage farming a go. This is when you borrow coins to farm. Technically this should be very profitable so long at the coins are going up.

However, I used Alpaca (on BSC), which is by far the largest leveraged farm; and it didn't do much. I doesn't give a clear presentation of what yield it gives, but it seems it was only really yielding Alpaca rewards.

So far on RAY-SRM I have lost 2%, despite both of them going up in value. And ALEPH-USDC is up 2%. Will report back on it later.
 
Is there any reason to stake on Ethereum rather than Polygon? I'm staking for SUSHI and the LINK-WETH pair returns ~16% on MATIC and ~10% on ETH because of extra MATIC rewards on the network.

Are there major risks with MATIC that I'm not aware of that cause the interest to be higher?
 
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