The Decentralized Finance (DeFi) Thread

Managed to get in on the FTX POLIS/ATLAS launch. Was a bit slow off the mark but still doubled my money :)

They seemed to limit the amount you could buy of each but I guess that's understandable
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
Managed to get in on the FTX POLIS/ATLAS launch. Was a bit slow off the mark but still doubled my money :)

They seemed to limit the amount you could buy of each but I guess that's understandable

Do you mean you bought after the IDO, or you got in on the IDO?

I used all my tickets in the lottery - had about a 30% chance of winning, but didn't.

Last time I checked the price had gone up about 200X over the IDO, from $69 to about $15,000.

I haven't followed IDOs much. I tried to get in on Polkastarter IDOs, but it was too much hastle. You had to register your address and apply in quite long winded processes and then be around in a tiny window to get in and maybe get nothing. If you do get something it was small, but they always went up massively over the IDO.

Solana IDOs are much easier to get in on as you just have to show up at the right time. I'm not sure how they allotted the tickets, but I had 12 tickets per IDO on one account I have had for a long time with a lot of RAY staked and only 1 in another account I recently staked over 100 in.
 
Do you mean you bought after the IDO, or you got in on the IDO?

I used all my tickets in the lottery - had about a 30% chance of winning, but didn't.

Last time I checked the price had gone up about 200X over the IDO, from $69 to about $15,000.

I haven't followed IDOs much. I tried to get in on Polkastarter IDOs, but it was too much hastle. You had to register your address and apply in quite long winded processes and then be around in a tiny window to get in and maybe get nothing. If you do get something it was small, but they always went up massively over the IDO.

Solana IDOs are much easier to get in on as you just have to show up at the right time. I'm not sure how they allotted the tickets, but I had 12 tickets per IDO on one account I have had for a long time with a lot of RAY staked and only 1 in another account I recently staked over 100 in.

Yeah I didn't get in on the IDO. Pretty annoying as I had some Raydium sat in a wallet and could have staked it if I'd realized that would have allowed me to participate. Have got some staked now in case another comes up. I just bought on FTX a few mins past 1pm UTC when it launched but was a too slow as I'd never used that exchange before. Should have done a few practice trades before hand so could have bought immediately
 

fiasco360

Kingfisher
Orthodox
I'm tempted to buy a Solarian NFT. It's pretty damn expensive though.

Wondering if it's worth it at this point - roughly about 55 SOL for cheaper ones.
 

No not at the moment but might give it a go. Find it pretty hard to judge if it's better to hold and hope for increase in value or farm it and risk impertinent loss. The only one I've really farmed before was STEP-USDC but it seems like I've got pretty lucky with that.

The price of STEP crashed so I ended up losing some USDC and gaining a load of extra STEP. But now the price of STEP is rallying so should be much better off than having just bought and held :D

I think I read you basically want to find a pair you think will be fairly stable against each other when farming?
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
No not at the moment but might give it a go. Find it pretty hard to judge if it's better to hold and hope for increase in value or farm it and risk impertinent loss. The only one I've really farmed before was STEP-USDC but it seems like I've got pretty lucky with that.

The price of STEP crashed so I ended up losing some USDC and gaining a load of extra STEP. But now the price of STEP is rallying so should be much better off than having just bought and held :D

I think I read you basically want to find a pair you think will be fairly stable against each other when farming?

One nice thing about the ecosystem so far in lending the coins for leverage positions on SolFarm - https://solfarm.io/lend

Currently - 19% on USDC; 46% on RAY (better than staking); 9% on Atlas; 52% on Polis among others.

Hopefully Raydium will greatly expand the pool of farming pairs so we have more options there.

I am more of a fan of single-asset pools, even though the rate are usually much lower, since there is no possibility for impermanent loss.

YieldWatch.net has a good overview on how things are going for BSC and Polygon.

Here is one pair. Token change refers to changes due to impermanent loss. Trading fees is how much was gained from trading fees for the pool. Vault earnings is how much CAKE reward was recycled back into the pairs.

bsc-farming.png

As you can see the fair pair's impermanent loss has been largely offset by recycling CAKE into it. While the BNB has gone up about 20%.

This shows some issues as the trading fees are minor on this pair. It is a massive loss without the generous CAKE rewards. I don't know how this will be dealt with long-term.

It does present options for more advanced trading strategies for now. If there is a pull-back and one pair gets tonked much harder, you will end up with a lot more of that than the base pair, which will likely be more resilient (BNB, ETH, USD*). You can farm FTM-BNB, currently at 63% APY on Beefy. FTM crashed about 80%, while BNB was more like 50%. If you exited then, you would have a bigger fist of FTM to ride it's 8-9X re-inflation.

I have a couple of BSC farm coins that were hit very bad and considered making this move.

View attachment 33409

I really like STEPs UI and ability to auto-compound with 1 button.

That is a very nice feature. I am between Raydium and SolFarm, with the latter coming with more risk, being an extra layer of failure. There is very little difference between compounding at the optimal time-frame or even every day. But compounding can be quite a slog.

Is step an extra layer of failure or just an interface?

****

Saber is now challenging Raydium as the deepest platform on Solana.

Screenshot at 2021-09-06 21-21-50.png

It's token looks like it is seriously under-priced.

TULIP has been one of the best performers. It's at about 25X in the last 2-3 weeks.
 
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What are the thoughts on the future for SOL with the outage that occurred yesterday? Personally I believe it shouldn’t affect it but would be interested to know if anyone is exiting their positions with the ecosystem
 
What are the thoughts on the future for SOL with the outage that occurred yesterday? Personally I believe it shouldn’t affect it but would be interested to know if anyone is exiting their positions with the ecosystem

I'm not selling any of my SOL ecosystem coins as don't know of better prospects. Will probably just swap a bit of the profit from a few which have already grown a lot for some lower cap ones
 

NickK

Kingfisher
Orthodox
OK, I have a question.
Suppose you enter this DeFi thing, you make some profit one way or another and after a few months you decide to exit completely.
You know, convert those numbers on your screen to money in your bank account and actually buy something real with them.
How easy is it to do that?
 
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Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
OK, I have a question.
Suppose you enter this DeFi thing, you make some profit one way or another and after a few months you decide to exit completely.
You know, convert those numbers on your screen to money in your bank account and actually buy something real with them.
How easy is it to do that?

I can't say specifically, as I have not done it. But one option would be a Crypto.com debit card. It has some good features:

- with $40,000 CRO staked, you will get $400 of CRO per month, enough for some good food
- with the same stake you will get 5% of CRO back on all your POS, online purchases
* up that to $4,000 per month and 8% if you stake $400,000
- there are zero fees for international exchange
- there are zero card fees
- the above stakes and the $4,000 one come with free airport lounge use (though it seems they are all closed)
- any KYC/proof they request if very low
* I put over $100K into it by card when they requested proof, I sent them a few documents and never heard back
- 12-14% on stablecoins, when lent for 3 months, lower rates for other terms.


I presume you'd need to be depositing towards $10,000 / month of crypto through them for them to ask you anything.

KYC regarding crypto - they ask for reports from exchanges, bank statements with deposits and your addresses. But I have not gone through this. I know someone who took a few million out to buy a house in The Caribbean. I don't know the details. There is a member on here who lives off DeFi revenue. He is using physical cash for crypto exchanges; and said regarding buying a property that he found someone who deals with lubricating cashing out.
 
@slowpoke
I'm not selling any of my SOL ecosystem coins as don't know of better prospects. Will probably just swap a bit of the profit from a few which have already grown a lot for some lower cap o
I'm not selling any of my SOL ecosystem coins as don't know of better prospects. Will probably just swap a bit of the profit from a few which have already grown a lot for some lower cap ones
Are you getting into Sunny? It has dropped a bit along with Sol. I was thinking of investing if it reached around 0.025-0.03
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
@slowpoke


Are you getting into Sunny? It has dropped a bit along with Sol. I was thinking of investing if it reached around 0.025-0.03

I think the Solana ecosystem pullback is closing in on it's current range, and we will see another move up when those BBands are tighter, about the end of Sep, into Oct. Same window that BTC is looking to make it's next move.

Screenshot at 2021-09-17 17-48-14.png
 
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