# Volumes and Yields for BOLD liquidity pools **URL:** \ **Category:** Voting\ **Created:** [October 2, 2025, 2:09pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113 "2025-10-02T14:09:24Z")\ **Posts on this page:** 14\ **Page:** 3
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [July 16, 2026, 12:36pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/41 "2026-07-16T12:36:15Z")
# Epoch 62 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/c0992caba51965fb164ed3227a7bfb2bfba2c9bf.png) | **Epoch 62** | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Label** | **Vote %** | **Rewards** | **TVL** | **Vol** | **Vol/TVL** | **Vol from $1** | **TVL from $1** | **Revenues / 1$ PIL** | **APR** | **Bribes** | **Rewards/Bribes** | | Curve: USDC | 53.15% | 8,410 | 7,303,139 | 1,245,226 | 0.17 | 148 | 868 | 1.06 | 6.37% | 0 | | | Curve: LUSD | 7.43% | 1175 | 729,153 | 53,394 | 0.07 | 45 | 621 | 1.01 | 8.42% | 0 | | | Uniswap V4 | 27.27% | 4315 | 3,600,000 | 1,010,589 | 0.28 | 234 | 834 | 1.12 | 6.79% | 0 | | | IPOR Carry Vault | 9.45% | 1495 | 1,517,973 | N/A | N/A | N/A | 1,015 | 1.69 | 8.66% | 600 | 2.49 | | Convex Bribes | 2.70% | 428 | 7,303,139 | N/A | N/A | N/A | 17,063 | N/A | 6.37% | 0 | | ## Pools log New pool: **BOLD/avUSD on Curve** ## Yield opportunities Stable/stable pool: - **BOLD/LUSD on Curve** , with 8% APR mostly paid in BOLD - **BOLD/USDC on Velodrome** , with 9% APR paid in VELO - **BOLD/avUSD on Curve** , with 29% APR paid in CRV Stable/volatile pool: - **BOLD/ETH on Uniswap v4** , with 15% APR Lending pool: - **Tangent BOLD/USDC Curve LP,** with 6% APR as a lender (borrow rate at 4% APR) Vault: - **IPOR Liquity ETH Carry** with 9% APR (3.5% APR from revenues + 5.5% from PIL) ⚠ Careful with stable/volatile pools as they are subject to impermanent loss. The best way to manage is to ensure that the pool’s exchange ratio is the same in and out (just like stable/stable pools do), and multiple rebalancing brings massive losses. ## 👀 Watching avUSD closely ![https://pharos.watch/stablecoin/avusd-avant/](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/b6dddb7fbd3a35f30622c955cb97cd6a03845f8e.png) Yields are high with BOLD/avUSD but keep in mind that avUSD is rated C- by Pharos. It’s not as liquid, decentralized nor resilient as BOLD does (BOLD rating is A+) We can monitor the situation with pharos.watch and/or get alerts with @pharoswatchbot on Telegram ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI\_fKvxWmseO3gaYu3WTbdzW\_AzSBjtrDeKU7](https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [July 23, 2026, 12:02pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/42 "2026-07-23T12:02:33Z")
# Epoch 63 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/6c53f905a92406c4a0222828402e08bc8b9316f4.png) | **Epoch 63** | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Label** | **Vote %** | **Rewards** | **TVL** | **Vol** | **Vol/TVL** | **Vol from $1** | **TVL from $1** | **Revenues / 1$ PIL** | **APR** | **Bribes** | **Rewards/Bribes** | | Curve: USDC | 52.99% | 5,645 | 7,806,344 | 2,006,600 | 0.26 | 355 | 1,383 | 1.22 | 4.57% | 0 | | | Curve: LUSD | 7.33% | 781 | 784,206 | 91,235 | 0.12 | 117 | 1,004 | 1.01 | 5.22% | 0 | | | Uniswap V4 | 27.40% | 2919 | 3,600,000 | 932,196 | 0.26 | 319 | 1,233 | 1.12 | 6.76% | 0 | | | IPOR Carry Vault | 9.55% | 1,017 | 2,264,796 | N/A | N/A | N/A | 2,227 | 3.59 | 8.38% | 600 | 1.70 | | Convex Bribes | 2.72% | 290 | 7,806,344 | N/A | N/A | N/A | 26,918 | 2.42 | 4.57% | 0 | | ## Yield opportunities Stable/stable pool: - **BOLD/USDC on Uniswap** , with 6% APR mostly paid in BOLD - **BOLD/USDC on Velodrome** , with 8% APR paid in VELO - **BOLD/avUSD on Curve** , with 25% APR paid in CRV Lending pool: - **Tangent BOLD/USDC Curve LP,** with 4.5% APR as a lender (borrow rate at 4% APR) Vault: - **IPOR Liquity ETH Carry** with 8% APR (6% APR from revenues + 2% from PIL) ## Some Optimism **During the last 12 months:** - 36 stablecoins were defunct, depegged, or discontinued - 7 yields-bearing stablecoins have seen their yields fall to below 2% APR (USD1, WSGD, USD0, FDUSD, sDAI, scrvUSD, msUSD) One might criticise BOLD for stagnating in terms of supply, but in an environment where so many stablecoins are collapsing, this is good news. Another good news: yields are top tier versus yield bearing stablecoins and lending tokens. ![https://x.com/EbisuEthan/status/2079579321430388823](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/fb3a9f3755bad2f06aecb1a36d7de26f6a7a4155.png) ![https://x.com/EbisuEthan/status/2079579321430388823](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/9d0ed02bdccbefe2ac6125356056940bd55c108f.png) Some of the stablecoins featured in this ranking offer competitive yields because they are subsidised or come from off-chain sources. Liquity offers competitive yields without any of this. Third good news: Launch of the IPOR vault is the best thing that has happened to BOLD. Firstly, it was another source of high yields, and secondly, average interest rates across all branches have risen ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/65b0eca64e63ec4f76412c4650eff4e3ea7d4699.png) That means more revenues for everything, including SPs, liquidity pools and the IPOR vault itself. ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI\_fKvxWmseO3gaYu3WTbdzW\_AzSBjtrDeKU7](https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [July 30, 2026, 9:13pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/43 "2026-07-30T21:13:25Z")
# Epoch 64 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/bcdb325e30bd956dfb876b1c55167130cba06c99.png) | Epoch 64 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Label | Vote % | Rewards | TVL | Vol | Vol/TVL | Vol from $1 | TVL from $1 | Revenues / 1$ PIL | APR | Bribes | Rewards/Bribes | | Curve: USDC | 52.78% | 6,678 | 7,362,968 | 5,031,597 | 0.68 | 753 | 1,103 | 1.19 | 5.60% | 0 | | | Curve: LUSD | 7.30% | 924 | 785,504 | 77,589 | 0.10 | 84 | 850 | 1.01 | 6.17% | 0 | | | Uniswap V4 | 27.49% | 3478 | 3,400,000 | 3,473,881 | 1.02 | 999 | 978 | 1.13 | 7.25% | 0 | | | IPOR Carry Vault | 9.67% | 1224 | 2,726,003 | N/A | N/A | N/A | 2,227 | 1.29 | 8.34% | 600 | 2.04 | | Convex Bribes | 2.74% | 347 | 7,362,968 | N/A | N/A | N/A | 21,219 | 2.02 | 5.60% | 0 | | ## **Yield opportunities** Stable/stable pool: - **BOLD/USDC on Uniswap** , with 7% APR mostly paid in BOLD - **BOLD/USDC on Velodrome** , with 7% APR paid in VELO - **BOLD/avUSD on Curve** , with 25% APR paid in CRV Lending pool: - **Tangent BOLD/USDC Curve LP,** with 8% APR as a lender (borrow rate at 4% APR) Vault: - **IPOR Liquity ETH Carry** with 8% APR (2.5% APR from revenues + 5.5% from PIL) ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI\_fKvxWmseO3gaYu3WTbdzW\_AzSBjtrDeKU7](https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [August 13, 2026, 12:32pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/44 "2026-08-13T12:32:58Z")
# Epoch 66 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/276c89466cf1f0bb82ef5edddeb593f4b6b938f0.png) | Epoch 66 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Label | Vote % | Rewards | TVL | Vol | Vol/TVL | Vol from $1 | TVL from $1 | Revenues / 1$ PIL | APR | Bribes | Rewards/Bribes | | Curve: USDC | 52.67% | 5,683 | 7,000,308 | 1,678,357 | 0.24 | 295 | 1,232 | 1.18 | 4.96% | 0 | | | Curve: LUSD | 7.29% | 786 | 785,935 | 23,420 | 0.03 | 30 | 1,000 | 1.01 | 5.26% | 0 | | | Uniswap V4 | 27.82% | 3001 | 3,400,000 | 1,208,880 | 0.36 | 403 | 1,133 | 1.16 | 5.32% | 0 | | | IPOR Carry Vault | 9.48% | 1023 | 2,874,302 | N/A | N/A | N/A | 2,810 | 1.23 | 8.34% | 600 | 1.71 | | Convex Bribes | 2.72% | 293 | 7,000,308 | N/A | N/A | N/A | 23,892 | 1.35 | 4.96% | 0 | | ## **Yield opportunities** Stable/stable pool: - **BOLD/USDC on Uniswap** , with 5% APR mostly paid in BOLD - **BOLD/USDC on Velodrome** , with 8% APR paid in VELO - **BOLD/avUSD on Curve** , with 10% APR paid in CRV Lending pool: - **Tangent BOLD/USDC Curve LP,** with 4.7% APR as a lender (borrow rate at 4.2% APR) Vault: - **IPOR Liquity ETH Carry** with 8% APR (2% APR from revenues + 6% from PIL) ## What about the forks now? There are two Liquity V2 forks that are still active and still have a significant amount of stablecoin supply - Felix (feUSD, $11M supply), the prospect of taking out loans using HYPE as collateral remains an attractive option for users - Enosys Loans (CDP, $3M supply), the fork is carried by the CDP/USDT0 liquidity pool, which still represents a huge opportunity today with 26% APR But the fork I’m personally waiting for is [basedollar,](https://basedollar.org/#) which will be released on Base. Of all the forks that have ever existed, it is one of those trying out the most things (the docs are available for the most interested ones). ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI\_fKvxWmseO3gaYu3WTbdzW\_AzSBjtrDeKU7](https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [August 20, 2026, 1:40pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/45 "2026-08-20T13:40:56Z")
# Epoch 67 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/02116d4cbaa5c742871ea19ad089901d3d0b0f0d.png) | Epoch 67 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Label | Vote % | Rewards | TVL | Vol | Vol/TVL | Vol from $1 | TVL from $1 | Revenues / 1$ PIL | APR | Bribes | Rewards/Bribes | | Curve: USDC | 52.59% | 7,130 | 7,003,688 | 2,138,058 | 0.31 | 300 | 982 | 1.14 | 6.04% | 0 | | | Curve: LUSD | 7.29% | 988 | 788,102 | 139,895 | 0.18 | 142 | 798 | 1.01 | 6.58% | 0 | | | Uniswap V4 | 27.91% | 3784 | 3,500,000 | 1,404,950 | 0.40 | 371 | 925 | 1.13 | 6.35% | 0 | | | IPOR Carry Vault | 9.46% | 1282 | 3,493,485 | N/A | N/A | N/A | 2,725 | 1.41 | 7.90% | 600 | 2.14 | | Convex Bribes | 2.74% | 372 | 7,003,688 | N/A | N/A | N/A | 18,827 | 1.07 | 6.04% | 0 | | ## **Yield opportunities** Stable/stable pool: - **BOLD/USDC on Uniswap** , with 6% APR mostly paid in BOLD - **BOLD/USDC on Velodrome** , with 8% APR paid in VELO - **BOLD/avUSD on Curve** , with 16% APR paid in CRV Lending pool: - **Tangent BOLD/USDC Curve LP,** with 5.8% APR as a lender (borrow rate at 4.1% APR) Vault: - **IPOR Liquity ETH Carry** with 8% APR (2.5% APR from revenues + 5.5% from PIL) ## BOLD/ETH: the lessons learned after 6 months BOLD/ETH on Uniswap V4 is the only significant stable/volatile liquidity pool we have for BOLD. By “significant”, I mean that it has recorded sufficient statistics over a sufficiently lengthy period to draw lessons from it as a liquidity provider. **First Lesson: Fees are concentrated on spikes** - Lifetime fees = $12,080 - The 10 days with the highest fees on BOLD/ETH = 46% of total fees ($555/day) - Median fees = $15/day 👉 It makes not much sense to consider the current APR of BOLD/ETH as it is very low most of the time, and very high the other times, therefore not so predictable. **Second Lesson: Concentrated Liquidity leads to losses** - Multiple adresses were running narrow ranges over average holding periods of 6 to 9 days, and rebalanced them as ETH price was moving. - The problem is, rebalancing generated way more losses compared to HODLing, and the fees were not enough to cover the losses, so their yields were negative. - The biggest winners of BOLD/ETH pools are the passive full range LPs (0 - ♾) who never rebalanced. 👉 The best way to get yields from BOLD/ETH is to set a full range and just wait. This is also a confirmation that quant strategies are underperforming ([This was already observed last year in this video](https://www.youtube.com/watch?v=OjcuDhKMvhw&t=1s), and confirmed in practice on this pool) ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI\_fKvxWmseO3gaYu3WTbdzW\_AzSBjtrDeKU7](https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [August 27, 2026, 11:37am UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/46 "2026-08-27T11:37:00Z")
# Epoch 68 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/7b804ce6345fe49b04db3522a48334ddc1b1e598.png) | Epoch 68 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Label | Vote % | Rewards | TVL | Vol | Vol/TVL | Vol from $1 | TVL from $1 | Revenues / 1$ PIL | APR | Bribes | Rewards/Bribes | | Curve: USDC | 52.55% | 12,322 | 8,286,209 | 7,204,065 | 0.87 | 585 | 672 | 1.10 | 8.53% | 0 | | | Curve: LUSD | 7.28% | 1708 | 788,102 | 33,366 | 0.04 | 20 | 461 | 1.00 | 11.32% | 0 | | | Uniswap V4 | 28.02% | 6569 | 3,300,000 | 3,204,063 | 0.97 | 488 | 502 | 1.09 | 10.95% | 0 | | | IPOR Carry Vault | 9.43% | 2211 | 5,741,999 | N/A | N/A | N/A | 2,597 | 1.70 | 7.90% | 600 | 3.69 | | Convex Bribes | 2.71% | 635 | 8,286,209 | N/A | N/A | N/A | 13,049 | 1.34 | 8.53% | 0 | | ## Pools log New pool: **Pendle sBOLD** , maturation scheduled for February 4th, 2027 ## **Yield opportunities** Stable/stable pool: - **BOLD/USDC on Uniswap** , with 10% APR mostly paid in BOLD - **BOLD/USDC on Velodrome** , with 10% APR paid in VELO - **BOLD/LUSD on Velodrome** , with 10% APR paid in VELO - **BOLD/avUSD on Curve** , with 12% APR paid in CRV - **BOLD/LUSD on Curve** , with 11% APR mostly paid in BOLD Lending pool: - **Tangent BOLD/USDC Curve LP,** with 6.3% APR as a lender (borrow rate at 4.7% APR) Vault: - **IPOR Liquity ETH Carry** with 7% APR (2.5% APR from revenues + 5.5% from PIL) ## Liquidity pools cemetary Here are the liquidity pools that still have TVL but generate neither trading volume nor revenue. ### Mainnet - Balancer v3 BOLD/waEthUSDC ($6,326 TVL) - Uniswap v4 BOLD/RPL ($6,120 TVL) - Curve USDFI/BOLD ($5,318 TVL) - Balancer v3 BOLD/WUSDN ($3,158 TVL) - Ekubo v2 BOLD/USDC ($1,427 TVL) ### Sonic - Beets v3 ONE/BOLD/waSonUSDC ($46,315 TVL) Hoping this list will help users move their funds to find better opportunities (if this list helps even just one user, it will already be a success) ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI\_fKvxWmseO3gaYu3WTbdzW\_AzSBjtrDeKU7](https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [September 3, 2026, 12:41pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/47 "2026-09-03T12:41:33Z")
## Epoch 69 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/08d18a71c3108a80fea79120aabb3cd64698ee1d.png) | Epoch 69 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Label | Vote % | Rewards | TVL | Vol | Vol/TVL | Vol from $1 | TVL from $1 | Revenues / 1$ PIL | APR | Bribes | Rewards/Bribes | | Curve: USDC | 52.46% | 5,417 | 8,840,891 | 2,220,767 | 0.25 | 410 | 1,632 | 1.30 | 4.14% | 0 | | | Curve: LUSD | 7.26% | 750 | 804,445 | 61,360 | 0.08 | 82 | 1,073 | 1.01 | 4.90% | 0 | | | Uniswap V4 | 28.15% | 2906 | 3,300,000 | 515,514 | 0.16 | 177 | 1,136 | 1.16 | 5.17% | 0 | | | IPOR Carry Vault | 9.40% | 971 | 6,773,726 | N/A | N/A | N/A | 6,976 | 2.90 | 6.81% | 600 | 1.62 | | Convex Bribes | 2.72% | 281 | 8,840,891 | N/A | N/A | N/A | 31,462 | 2.91 | 4.14% | 0 | | ## Pools log New pool: **Flexmeow ysyBOLD/USDC** ## **Yield opportunities** Stable/stable pool: - **BOLD/USDC on Velodrome** , with 10% APR paid in VELO - **BOLD/LUSD on Velodrome** , with 11% APR paid in VELO - **BOLD/avUSD on Curve** , with 12% APR paid in CRV Lending pool: - **Tangent BOLD/USDC Curve LP,** with 7.8% APR as a lender (borrow rate at 4.7% APR) - **Flexmeow ysyBOLD/USDC** with 17% as collateral APR (average interest rate at 9% across all active troves) Vault: - **IPOR Liquity ETH Carry** with 7% APR (4.5% APR from revenues + 2.5% from PIL) ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI\_fKvxWmseO3gaYu3WTbdzW\_AzSBjtrDeKU7](https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [September 10, 2026, 12:23pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/48 "2026-09-10T12:23:27Z")
# Epoch 70 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/14502e5aa564c7719e76cdcc8d03fac7a3ae3aa2.png) | Epoch 70 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Label | Vote % | Rewards | TVL | Vol | Vol/TVL | Vol from $1 | TVL from $1 | Revenues / 1$ PIL | APR | Bribes | Rewards/Bribes | | Curve: USDC | 52.39% | 4,721 | 10,210,452 | 1,825,946 | 0.18 | 387 | 2,163 | 1.33 | 3.20% | 0 | | | Curve: LUSD | 7.26% | 654 | 793,403 | 28,640 | 0.04 | 44 | 1,213 | 1.01 | 4.34% | 0 | | | Uniswap V4 | 28.27% | 2548 | 3,000,000 | 1,246,857 | 0.42 | 489 | 1,177 | 1.20 | 5.15% | 0 | | | IPOR Carry Vault | 9.34% | 842 | 9,864,657 | N/A | N/A | N/A | 11,716 | 2.54 | 4.73% | 600 | 1.40 | | Convex Bribes | 3.12% | 281 | 10,210,452 | N/A | N/A | N/A | 36,336 | 2.68 | 3.20% | 0 | | ## Yield opportunities Stable/stable pool: - **BOLD/USDC on Velodrome** , with 10% APR paid in VELO - **BOLD/LUSD on Velodrome** , with 11% APR paid in VELO - **BOLD/avUSD on Curve** , with 9% APR paid in CRV Lending pool: - **Tangent BOLD/USDC Curve LP,** with 5.7% APR as a lender (borrow rate at 4.0% APR) - **Flexmeow ysyBOLD/USDC** with 4% as collateral APR (average interest rate at 8.5% across all active troves) Vault: - **IPOR Liquity ETH Carry** with 4.7% APR (3.1% APR from revenues + 1.6% from PIL) ## Base Dollar: the best way to borrow stablecoins on Base > It has been several weeks since Base Dollar was officially launched, and we can say with some confidence that it is the best way to borrow stablecoins: - **Cheaper than any alternative on Base** , as we pay a third of the interest on the amount borrowed with Base Dollar. - **Safer to borrow** , as we have fixed rates (more predictable than variable rates) and we borrow directly from the protocol itself (Aave = must trust the DAO, Morpho = must trust a curator) - **Opportunities** , like the BD/USDC pool on Aero with 26% APR The liquidity pool on Aerodrome was only the first step. The next steps include AERO as collateral, and Aero LP Tokens when MetaDEX03 is released ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/sheet/qBgn335RH2f8HEvsC2j7gF#k=juQhkZ1qcyrquPb7jw6hb9kgRqUVZ-tgeVv4--VHy-w](https://sheets.fileverse.io/sheet/qBgn335RH2f8HEvsC2j7gF#k=juQhkZ1qcyrquPb7jw6hb9kgRqUVZ-tgeVv4--VHy-w)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [September 17, 2026, 9:18pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/49 "2026-09-17T21:18:34Z")
# Epoch 71 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/979faf9bd0c902dde580cc2b2391d8fcf5b72cd6.png) | Epoch 71 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Label | Vote % | Rewards | TVL | Vol | Vol/TVL | Vol from $1 | TVL from $1 | Revenues / 1$ PIL | APR | Bribes | Rewards/Bribes | | Curve: USDC | 53.00% | 5,120 | 11,743,584 | 4,886,458 | 0.42 | 954 | 2,294 | 1.23 | 2.80% | 0 | | | Curve: LUSD | 7.32% | 707 | 629,824 | 87,117 | 0.14 | 123 | 891 | 1.01 | 5.91% | 0 | | | Uniswap V4 | 27.81% | 2686 | 2,400,000 | 2,007,585 | 0.84 | 747 | 894 | 1.23 | 6.93% | 0 | | | IPOR Carry Vault | 9.15% | 884 | 12,964,544 | N/A | N/A | N/A | 14,666 | 2.38 | 4.96% | 0 | | | Convex Bribes | 2.72% | 263 | 11,743,584 | N/A | N/A | N/A | 44,652 | 1.09 | 2.80% | 0 | | ## Pools log **Bribes are over for the IPOR vault.** Although the bribes have come to an end, this is not expected to have a significant impact on the PIL votes. **Flippening time.** Curve BOLD/USDC was the pool with the biggest TVL since day 1, and now the IPOR vault became the leader ## **Yield opportunities** Stable/stable pool: - **BOLD/USDC on Velodrome** , with 10% APR paid in VELO - **BOLD/LUSD on Velodrome** , with 12% APR paid in VELO - **BOLD/avUSD on Curve** , with 8% APR paid in CRV Lending pool: - **Tangent BOLD/USDC Curve LP,** with 3.8% APR as a lender (borrow rate at 4.1% APR) - **Flexmeow ysyBOLD/USDC** with 3.6% as collateral APR (average interest rate at 2.9% across all active troves) Vault: - **IPOR Liquity ETH Carry** with 4.9% APR (3.2% APR from revenues + 1.7% from PIL) ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/sheet/qBgn335RH2f8HEvsC2j7gF#k=juQhkZ1qcyrquPb7jw6hb9kgRqUVZ-tgeVv4--VHy-w](https://sheets.fileverse.io/sheet/qBgn335RH2f8HEvsC2j7gF#k=juQhkZ1qcyrquPb7jw6hb9kgRqUVZ-tgeVv4--VHy-w)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [September 24, 2026, 4:42pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/50 "2026-09-24T16:42:53Z")
# Epoch 72 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/ec53e41295d86acb57fe40b91cd6b6d8758a9d1e.png) | Epoch 72 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Label | Vote % | Rewards | TVL | Vol | Vol/TVL | Vol from $1 | TVL from $1 | Revenues / 1$ PIL | APR | Bribes | Rewards/Bribes | | Curve: USDC | 52.54% | 5,255 | 11,013,458 | 5,082,730 | 0.46 | 967 | 2,096 | 1.32 | 3.29% | 0 | | | Curve: LUSD | 7.26% | 726 | 630,354 | 45,606 | 0.07 | 63 | 868 | 1.01 | 6.06% | 0 | | | Uniswap V4 | 28.56% | 2857 | 2,744,729 | 1,783,256 | 0.65 | 624 | 961 | 1.32 | 6.94% | 0 | | | IPOR Carry Vault | 6.16% | 616 | 16,085,162 | N/A | N/A | N/A | 26,112 | 14.08 | 4.96% | 0 | | | Convex Bribes | 6.35% | 635 | 11,013,458 | N/A | N/A | N/A | 17,344 | 1.08 | 3.29% | 0 | | ## **Yield opportunities** Stable/stable pool: - **BOLD/USDC on Velodrome** , with 10% APR paid in VELO - **BOLD/LUSD on Velodrome** , with 15% APR paid in VELO - **BOLD/avUSD on Curve** , with 10% APR paid in CRV Stable/volatil pool: - **BOLD/ETH on Uniswap v4** with 23% APR (estimated on a weekly basis, the real APR is highly volatile) The full-range LP is preferable, and you can avoid impermanent loss when the pool’s exchange price is the same for both deposits and withdrawals. Lending pool: - **Tangent BOLD/USDC Curve LP,** with 4.3% APR as a lender (borrow rate at 4.8% APR) - **Flexmeow ysyBOLD/USDC** with 3.9% as collateral APR (average interest rate at 2.3% across all active troves) Vault: - **IPOR Liquity ETH Carry** with 5% APR (2% APR from revenues + 3% from PIL) ## ⚡ [Automated monitoring](https://stengarl.github.io/Liquity-V2-PIL-dashboard/) ![stengarl.github.io-Liquity-V2-PIL-dashboard](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/a07522289059b644bdd1443b89ad26b379103ff2.jpeg) The image above is a screenshot about the [PIL dashboard](https://stengarl.github.io/Liquity-V2-PIL-dashboard/). Basically, this is the same dashboard I publish every week about BOLD-related pools and liquidity initiatives, but with major differences: - Real-time updates, rather than waiting for the dsheet to be updated - A complete history of pools and initiatives which can be viewed by clicking on the corresponding cards - Compare pools and initiatives by checking several cards The biggest problems with my reports were the lack of charts and the difficulty in tracking historical data, hoping those problems will be resolved with this. For anyone interested, here is the repository: [GitHub - Stengarl/Liquity-V2-PIL-dashboard: Onchain analysis of how Liquity V2's BOLD is used, and how liquidity initiatives are going · GitHub](https://github.com/Stengarl/Liquity-V2-PIL-dashboard) ### **Thanks for reading 🙏** ### **Full Sheet: [https://sheets.fileverse.io/sheet/qBgn335RH2f8HEvsC2j7gF#k=juQhkZ1qcyrquPb7jw6hb9kgRqUVZ-tgeVv4--VHy-w](https://sheets.fileverse.io/sheet/qBgn335RH2f8HEvsC2j7gF#k=juQhkZ1qcyrquPb7jw6hb9kgRqUVZ-tgeVv4--VHy-w)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [October 1, 2026, 8:12pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/51 "2026-10-01T20:12:42Z")
# Epoch 73 Update ## PIL dashboard ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/3edd58177cd34d333f82ad031a1b3c86f946e5a9.jpeg) ![https://stengarl.github.io/Liquity-V2-PIL-dashboard/](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/7557e4048e327df76f741ea030ce1b9a1314e9b4.png) ## **Yield opportunities** Stable/stable pool: - **BOLD/USDC on Velodrome** , with 13% APR paid in VELO - **BOLD/LUSD on Velodrome** , with 14% APR paid in VELO - **BOLD/avUSD on Curve** , with 12% APR paid in CRV - **DeFi Stable Avengers on Curve** with 14% APR (⚠low TVL) Stable/volatil pool: - **BOLD/ETH on Uniswap v4** with 14% APR (estimated on a weekly basis, the real APR is highly volatile) The full-range LP is preferable, and you can avoid impermanent loss when the pool’s exchange price is the same for both deposits and withdrawals. Lending pool: - **Flexmeow ysyBOLD/USDC** with 6.7% as collateral APR (average interest rate at 2.6% across all active troves) Vault: - **IPOR Liquity ETH Carry** with 4% APR ## ⚠BOLD/LUSD is not efficient I suggested several times before that Curve BOLD/LUSD is not as efficient as other initiatives, now it’s time to hammer it home. From my point of view, Curve BOLD/LUSD had 2 main objectives: 1. Facilitating direct swaps 2. Improving both LUSD and BOLD liquidity Unfortunately, this pool is overly expensive for the value it provides in relation to these objectives ### Facilitating direct swaps In most cases, every route we take to swap a stablecoin adds a fee. For example: - BOLD \> LUSD = 0.04% fee (direct swap) - BOLD \> USDC \> LUSD = 0.08% fee (+1 route) So the purpose of Curve BOLD/LUSD is to bring more direct swaps, and its effectiveness can be quantified by counting the swap fees saved. Over the last six months, the pool has generated $239k of direct swaps, saving… **$58 of fees.** This is a peanuts compared to the $22,462 in PIL rewards that were distributed over the same period. ### Improving both LUSD and BOLD liquidity Curve BOLD/LUSD does neither. BOLD’s liquidity is primarily provided by Curve BOLD/USDC, Uniswap v4 BOLD/USDC (and somehow Uniswap BOLD/ETH) When it comes to LUSD’s liquidity, it is provided by Curve [LUSD/3CRV](https://www.curve.finance/dex/ethereum/pools/0xEd279fDD11cA84bEef15AF5D39BB4d4bEE23F0cA), a pool with $12M TVL operating most of LUSD volumes, way above BOLD/LUSD. ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/a5f793d0fbff14f353d1d635056c3719dc6b8a52.png) Just out of curiosity, I wondered whether removing Curve BOLD/LUSD would drastically reduce liquidity. **According to my research, that isn’t even the case.** For BOLD \> USDC \> LUSD swaps (best alternative route), the price impact increases very little: - $1,000 swaps = +7,9 bps - $10,000 swaps = +3 bps - No more change above $200k swaps ### What to do with its PIL rewards? Whatever our priorities, there is already a liquidity initiative in place that will be able to deliver: - **If we are looking fore more yields: Convex bribes.** Each BOLD yields earns between $1.45 and $1.70 in CRV for Curve BOLD/USDC (also makes more yield for IPOR Vault as it gets ~60% of this pool’s revenues) - **If we are looking for more liquidity: Uniswap v4**. Concentrated liquidity reduces price impact for bigger trades. This will be the last time I talk badly about BOLD/LUSD, I promise. However, for all the reasons mentioned above, I am convinced that ending this initiative will be a definite positive for Liquity. ### **Thanks for reading 🙏** ## PIL Dashboard: [Liquity PIL Voting](https://stengarl.github.io/Liquity-V2-PIL-dashboard/) ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [October 8, 2026, 11:08am UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/52 "2026-10-08T11:08:10Z")
# Epoch 74 Update ![LiquityE75Pools](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/356f29fa88184f16e50fbef69267d1081929b59e.png) ![LiquityE75PIL](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/f696dc125d54fd6d9e5ff04b74faba26f6ed58a2.png) ## Pools log New pools: - **ysyBOLD/USDaf** on Asymmetry - **HAI/BOLD** on Curve (Optimism) ## Yield opportunities Stable/stable pools: - **BOLD/USDC on Velodrome** , with 11% APR paid in VELO - **BOLD/LUSD on Velodrome** , with 14% APR paid in VELO - **BOLD/avUSD on Curve** , with 8% APR paid in CRV - **DeFi Stable Avengers on Curve** with 13% APR (⚠low TVL) Stable/volatile pools: - **BOLD/ETH on Uniswap v4** with 11% APR - **HAI/BOLD on Curve** with 21% APR mostly paid in KITE APRs are estimated on a weekly basis, the real APR is highly volatile. The full-range LP is preferable, and you can avoid impermanent loss when the pool’s exchange price is the same for both deposits and withdrawals. Lending pool: - **Flexmeow ysyBOLD/USDC** with 6.1% as collateral APR (average interest rate at 2.8% across all active troves) Vault: - **IPOR Liquity ETH Carry** with 4.6% APR ### **Thanks for reading 🙏** ## **PIL Dashboard: [Liquity PIL Voting](https://stengarl.github.io/Liquity-V2-PIL-dashboard/)** ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [October 15, 2026, 9:09am UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/53 "2026-10-15T09:09:41Z")
# Epoch 75 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/17a3c1e54b702da8a92e20cfa4649e1958012603.png) ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/847336c1347572412127cbacff0de0d05815125a.png) ## Yield opportunities Stable/stable pools: - **BOLD/USDC on Velodrome** , with 13% APR paid in VELO - **BOLD/LUSD on Velodrome** , with 19% APR paid in VELO - **BOLD/avUSD on Curve** , with 10% APR paid in CRV - **DeFi Stable Avengers on Curve** with 11% APR (⚠low TVL) Stable/volatile pools: - **BOLD/ETH on Uniswap v4** with 13% APR - **HAI/BOLD on Curve** with 27% APR mostly paid in KITE APRs are estimated on a weekly basis, the real APR is highly volatile. The full-range LP is preferable, and you can avoid impermanent loss when the pool’s exchange price is the same for both deposits and withdrawals. Lending pool: - **Inverse Finance ysyBOLD** with 4.3% as collateral APR (borrow rate at 1.0% APR instead of 4.6%, ends December 12, 2026) - **Tangent BOLD/USDC** with 7.0% as collateral APR (borrow rate at 4.0%) Vault: - **IPOR Liquity ETH Carry** with 4.3% APR ## Aero Launch On October 21, 2026 at 12:00 UTC, Aerodrome and Velodrome will upgrade together to become Aero, and will be launched across 7 chains on day one, described below​👇 ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/89e0e4d0515c96d0bf7b9b87d4f8ca3520305741.jpeg) Aero will be on Ethereum mainnet, and this will have some consequences for Liquity ecosystem as a whole - **Yield opportunities on Velodrome will probably disappear.** The yields come from VELO voting power on those pools, the thing is those current VELO emissions will end and VELO will be converted to Aero on day one. - **New yield opportunities on mainnet.** VELO and AERO’s existing voting power will likely shift toward Ethereum, as yields come from VELO voting power in those pools; those current VELO emissions will end, and VELO will convert to AERO on day one. This is also a opportunity to launch a liquidity initiative (At the time, DeFi Collective gave 50% of PIL rewards in bribes on Aerodrome, with a median 2.92 Rewards/bribes ratio) - **[Basedollar](https://app.basedollar.org/) was waiting for the Aero launch to enable AERO and LP tokens as collateral.** We can expect news from them soon after that. Open question : [BD/USDC on Aerodrome](https://aerodrome.finance/deposit?token0=0x252d36f435582ecb01686448d21e8c9ea0b2ca65&token1=0x833589fcd6edb6e08f4c7c32d4f71b54bda02913&type=0&chain0=8453&chain1=8453&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da) has high yield thanks to AERO voting power. But after the launch, **will this AERO votes still go for Basedollar, or move somewhere else** (e.g. BOLD pools on mainnet)? ### **Thanks for reading 🙏** ## **PIL Dashboard:** [Liquity PIL Voting](https://stengarl.github.io/Liquity-V2-PIL-dashboard/) ---
**Author:** ![Stengarl](https://yyz2.discourse-cdn.com/flex034/user_avatar/voting.liquity.org/stengarl/32/63_2.png) [@Stengarl](https://voting.liquity.org/u/Stengarl)\ **Post date:** [October 22, 2026, 4:38pm UTC](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113/54 "2026-10-22T16:38:05Z")
# Epoch 76 Update ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/c07d2bf701ff6671b40e2339ed9e2525f8e20394.png) ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/93c3f4ce610eacc54c013b61d948434f99a36d97.png) ![image](https://canada1.discourse-cdn.com/flex034/uploads/liquity/original/1X/a5ab828b16952d56a7f11bbb4f335a1933c06c6e.png) ## PIL Dashboard updates BOLD venues are now splitted into 3 categories: DEX, lending and vaults On lending pools, volume stats are removed (they were useless anyway) and replaced with the following: - APR for both lending and borrowing - PIL for lenders/borrowers - Other incentives for lenders/borrowers Now we can see the borrowing incentives on Inverse Finance, and the most appopriate places for loops ## Pools log Velodrome and Aerodrome pools have been removed, as aero.xyz has been released. We’ll add the pools to Aero.xyz once they’re large enough (which won’t take long). ## Yield opportunities Stable/stable pools: - **DeFi Stable Avengers on Curve** with 14% APR (⚠low TVL) Stable/volatile pools: - **HAI/BOLD on Curve** with 11% APR mostly paid in KITE APRs are estimated on a weekly basis, the real APR is highly volatile. The full-range LP is preferable, and you can avoid impermanent loss when the pool’s exchange price is the same for both deposits and withdrawals. Lending pools: - **Inverse Finance ysyBOLD** with 4.2% as collateral APR (borrow rate at 1.1% APR instead of 4.8%, ends December 12, 2026) - **Asymmetry ysyBOLD:** borrow rate at 0.6% to mint USDaf and deposit in Stability Pool to get 4.3% APR Vault: - **IPOR Liquity ETH Carry** with 4.6% APR ### **Thanks for reading 🙏** ## **PIL Dashboard: [Liquity PIL Voting](https://stengarl.github.io/Liquity-V2-PIL-dashboard/)** [Previous page](https://voting.liquity.org/t/volumes-and-yields-for-bold-liquidity-pools/113.md?page=2)