I had a blast of activity yesterday after signing off, so let’s get right to it.
First off, the Aave launch on Polygon. Pure insanity. They are really pushing hard to get liquidity. Here’s the chart from this AM. First off, pay attention to the second number under the deposit APY and borrow APR. You’re getting rewards on both ends. I used the Matic bridge to send over some MATIC and wBTC, then deposited the wBTC. Then I went ahead and withdrew about a third of my collateral in USDT, making sure I was in no danger of liquidation. Then, for good measure, I hopped over to Quickswap and deposited some LP in the USDC-USDT pair.
The borrow rates have gone up quite a bit since I went to sleep, so I might need to repay my loan, but I’m still getting a 15% spread on the borrow. I should easily be able to swap the MATIC rewards to cover that spread and still be left with a pretty penny.
MUG news: My new friend DeFiAnt, who manages the LTI Token Set, brought my attention to a possible opportunity to earn liquidity fees on AMMs by setting up multicoin LPs. In this case he created LTI pools on Honeyswap for ETH, wBTC, and xDAI pairs. Then he let the arbitrage bots go to work. So far he’s accumulated about $1500 in fees doing this, so I spent an hour last night bridging funds and setting up ETH and wBTC pools. The reporting on these fees has been very wonky, but I’m going to wait a week or two and see what happens. I spent almost $200 in gas fees doing the bridging, but setting up the pools on xDAI, like MATIC, is insanely cheap. All the MUG pools are here.
I know there’s a lot of launches going on today, I haven’t been keeping up as well as I should have, I think I may have spread myself a little too thin right now. I’ve got funds spread out everywhere, and I’m in a position where I really don’t have a way to keep track of everything. Zapper’s pretty good, but it doesn’t track half of the stuff that I’ve got funds in, so I’m going to have to put something together to make sure I don’t lose track of what I’m doing.
I have got to get my stablecoin farming piece finished today so that I can move on and start working on the SetProtocol docs. I’m already several days behind launching that. Time to roll.