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Ampleforth (AMPL) Geyser Incentive
Here is a quick update on the Ampleforth Geyser Incentive. With Beehive V2 now gushing with ample rewards—all puns intended—there are roughly 75 days left for this AMPL/ETH Geyser. As long as the geyser remain active, I will continue to provide liquidity.
In the last 7 days, I accrued over 100 AMPL rewards. The APY (Annual Percentage Yield) is holding steady at around 160% to 180%. My Reward Multiplier is up to 1.5X from 1.2X.
Overall, my AMPL/ETH liquidity is down 42%. The past week has been rough on everyone’s portfolio considering we already had a massive correction.
Balancer/wEthereum Liquidity Pool
During the last report, my BAL/wETH pool was down 15.6%, but with the recent correction it now sits at 98.29 USD—down 35% since my original investment is 150 USD.
For providing liquidity to the BAL/wETH pool, I have accumulated 1.07 BAL as an incentive. Like the AMPL/ETH pool, the earned BAL is an incentive in addition to the swap fees I am collecting from each transaction—it is not much but we will see how it plays out.
YAMs
It seems like it has been forever since YAM was the DeFi craze but it has only been a little over a month. After a bugged code with the rebase protocol devastated YAM farmers and caused prices to plunge, farmers had the opportunity to migrate their YAMs V1 over to YAMs V2. And this past week we see a newly release YAM farming pool and farmers are able to migrate YAMs V2 over to YAMs V3 to begin farming YAMs yet again. This time around, the code has been audited and hopefully this will mean the rebasing protocol will work.
The first rebase happened on Monday September 21st, 2020 and it was successful. The price of YAMs V3 was around 17 USD on Sunday September 20th, 2020. After the rebase, it hovered around 1.5 USD.
Anyway, I invested some funds into YAMs V1 and after migrating over to V2 and then V3, I think I am breaking even—due to high gas fees and congested networks. Thankfully, I have most of my funds in CeFi platforms earning a yield which allows me to experiment with many of these DeFi protocols without too much drawback.
So far I have farmed 2 YAMs and at current prices, it amounts to almost 4 USD. I do not have much invested, but I am glad the protocol is working as expected after several rebases.
SushiSwap
Given Uniswap’s comeback after the UNI airdrop, I am doubtful that SushiSwap will remain sustainable. It has since lost 1 billion USD worth of liquidity after the creator cashed out a bunch of Sushi tokens. The situation has since died down and I believe the creator returned the money. However, given the current SushiSwap Protocol Analytics, volume has greatly declined.
I do provide some liquidity with SushiSwap and I will continue to do so. Hopefully, they make good use of the returned money and implement a stronger and robust protocol to compete against Uniswap. Competition is healthy and beneficial for users—I strongly believe that the UNI airdrop was a counter attack to SushiSwap’s vampire scheme.
I have roughly 44 Sushi tokens that need to be harvest. I will wait until I have accumulated 100 Sushi tokens before I harvest and convert them into xSushi tokens—these are the tokens that will yield transaction fees even if I remove my liquidity from SushiSwap’s liquidity pools. The gas fees are too high to harvest low amounts of Sushi tokens.
Conclusion
Like I mentioned in my last report, there are just too many DeFi protocols to keep track of and it feels exactly like the ICO (Initial Coin Offering) craze back in 2016-2017. Be careful with your money and invest with caution.
