Volumes and Yields for BOLD liquidity pools

[Stengarl]

Epoch 41 Update

Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	49.97%	6,011	7,702,243	5,993,633	0.78	997	1,281	83.11%	4.88%	0
DeFi Collective	14.78%	1,778	835,555	125,331	0.15	70	470	140%	9.39%	0
Curve: LUSD	6.82%	820	1,011,768	217,918	0.22	266	1,234	95.87%	4.40%	0
Smardex	7.01%	844	132,619	480	0.00	1	157	1875%	7.59%	0
Ekubo	6.48%	779	217,000	150,064	0.69	193	278	94.79%	31.63%	0
Uniswap V4	14.94%	1797	1,680,200	1,600,000	0.95	890	935	65.59%	8.22%	0

Pools log

DeFi Stable Avengers (Curve BOLD/fxUSD/USDaf/USDC) pool on Curve now has CRV incentives

Yield opportunities

Stable/stable pools:

• BOLD/LUSD on Aerodrome, with 16% APR paid in AERO
• BOLD/USDC on Ekubo, with 19% APR mostly paid in BOLD
• DeFi Stable Avengers on Curve, with 28%-70% APR mostly paid in CRV (depending how much veCRV we have)

Stable/volatile pools:

• BOLD/BOTTO on Aerodrome, with 26% APR paid in AERO

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.

Disclaimer

If certain interpretations seem incorrect and/or if you would like to share your own, please share them here. This topic has been created primarily for discussion.

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/10#key=0Nm4ABm9I-LhVVRNp_xVQWA_bxp9MnYR-dlfrSW-ydB5MDIitKUs2S-yY_sUY0ta

[Stengarl]

Epoch 42 Update

Epoch 42
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	49.79%	5,016	7,896,962	5,041,909	0.64	1005	1,574	79.79%	4.14%	0
DeFi Collective	14.77%	1,488	680,938	180,568	0.27	121	458	140%	11.60%	0
Curve: LUSD	6.79%	684	1,017,900	297,986	0.29	436	1,488	94.08%	3.71%	0
Smardex	7.19%	724	133,354	1,045	0.01	1	184	4532%	7.33%	0
Ekubo	6.36%	641	572,000	388,800	0.68	607	892	97.51%	15.19%	0
Uniswap V4	15.10%	1521	2,342,800	1,700,000	0.73	1118	1,540	61.19%	5.35%	0

Pools log

Deleted pool: BOLD/USDFI on Curve (very low liquidity + it seems DeFi Dollar became a ghost fork)

Yield opportunities

Stable/stable pools:

• BOLD/LUSD on Aerodrome, with 16% APR paid in AERO
• BOLD/USDC on Ekubo, with 15% APR mostly paid in BOLD
• DeFi Stable Avengers on Curve, with 10%-27% APR mostly paid in CRV (depending how much veCRV we have)

Stable/volatile pools:

• BOLD/POOL on Aerodrome, with 182% APR paid in AERO
• BOLD/BOTTO on Aerodrome, with 119% APR paid in AERO

TVL is low on both pools, so the APR can decrease greatly

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.

Disclaimer

If certain interpretations seem incorrect and/or if you would like to share your own, please share them here. This topic has been created primarily for discussion.

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/10#key=0Nm4ABm9I-LhVVRNp_xVQWA_bxp9MnYR-dlfrSW-ydB5MDIitKUs2S-yY_sUY0ta

[Stengarl]

Epoch 43 Update

Epoch 43
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	49.55%	4,602	7,656,878	13,987,242	1.83	3039	1,664	75.50%	4.14%	0
DeFi Collective	14.76%	1,371	688,501	167,274	0.24	122	502	0	7.23%	0
Curve: LUSD	6.78%	630	1,016,460	169,587	0.17	269	1,613	94.29%	3.42%	0
Smardex	6.95%	645	81,482	936	0.01	1	126	64500%	6.64%	0
Ekubo	6.80%	632	570,000	639,000	1.12	1012	903	96.91%	12.65%	0
Uniswap V4	15.15%	1407	2,100,000	4,100,000	1.95	2914	1,493	57.03%	5.93%	0

Pools log

Deleted pool: BOLD/USDC on EulerSwap, EulerSwap makes almost no volumes anymore and disappeared from the frontend (looks like they still didn’t recovered Stream finance rug)

All the pools made more volumes than before, probably thanks to the slight overpeg (~$1.005)

Low Slippage + overpeg = Arbitrage opportunities = more volumes

Yield opportunities

Stable/stable pools:

• BOLD/USDC on Ekubo, with 12% APR mostly paid in BOLD
• BOLD/USDC on Uniswap, with 6% APR mostly paid in BOLD

The best time to mint BOLD is now

Because the interests are low, and opportunities are everywhere

Interests are low

The branch with the highest average interest rate is WETH with 3.64%, which can be reduced to 3% as we have a redemption carpet there (+ a slight overpeg so the redemptions are far from immediate)

Opportunities are everywhere

We have yield opportunities as a LP (see above)

Secondly, yields for BOLD deposists on Euler is greater than the interests paid to mint BOLD

Thirdly, yield paid in stability pools is greater, and yield-bearing BOLD as well

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/10#key=0Nm4ABm9I-LhVVRNp_xVQWA_bxp9MnYR-dlfrSW-ydB5MDIitKUs2S-yY_sUY0ta

[Stengarl]

Epoch 44 Update

Epoch 44
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	49.78%	4,770	7,357,851	5,404,611	0.73	1133	1,543	78.60%	4.29%	0
DeFi Collective	14.31%	1,371	662,789	167,274	0.25	122	483	0	5.91%	0
Curve: LUSD	6.81%	653	1,017,873	94,153	0.09	144	1,559	96.65%	3.45%	0
Smardex	7.01%	672	54,244	604	0.01	1	81	65300%	6.64%	0
Ekubo	6.81%	653	573,000	665,064	1.16	1018	877	95.64%	11.42%	0
Uniswap V4	15.28%	1464	2,210,300	1,882,614	0.85	1286	1,510	79.04%	8.54%	0

Pools log

New pool: BOLD/ETH on Uniswap v4, volumes are pretty good for a stable/volatile liquidity pool

Yield opportunities

Stable/stable pools:

• BOLD/USDC on Ekubo, with 11% APR mostly paid in BOLD
• BOLD/USDC on Uniswap, with 8% APR mostly paid in BOLD

Recycling BOLD: The PermaLP Unwind Plan from the Collective

Everything we need to know is in this topic: Recycling BOLD: The PermaLP Unwind Plan from the Collective

TL;DR:

• The DeFi Collective has decided to stop providing liquidity based on the strategy announced in this topic
• The 62,375 BOLD that were withdrawn from the LP position will be reinjected into the PIL system as well as into the Merkl campaign.
• If you are a LQTY staker, please upvote another liquidity initiative, or downvote the DeFi Collective’s initiative, or both

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/10#key=0Nm4ABm9I-LhVVRNp_xVQWA_bxp9MnYR-dlfrSW-ydB5MDIitKUs2S-yY_sUY0ta

[Stengarl]

Epoch 45 Update

Epoch 45
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	49.52%	4,010	7,429,913	2,207,840	0.30	551	1,853	77.37%	3.63%	0
Curve: LUSD	6.80%	551	1,018,192	101,356	0.10	184	1,848	96.34%	2.92%	0
Smardex	7.19%	582	6,561	83	0.01	0	11	58200%	6.64%	0
Ekubo	7.15%	579	602,000	531,899	0.88	919	1,040	92.43%	7.58%	0
Uniswap V4	15.41%	1248	2,242,000	837,291	0.37	671	1,796	80.84%	7.65%	0

Pools log

Deleted Pools:

• ebUSD/BOLD on Ekubo, ow TVL and low volumes since 2 weeks)
• BOLD/BOTTO on Aerodrome
• BOLD/POOL on Aerodrome, the DeFi Collective unwound their PermaLP positions, more info on this post

There are less pools than before, but that isn’t a problem as five pools handle 95% of the volumes

Yield opportunities as a LP

stable/stable pools:

• BOLD/USDC on Ekubo, with 7% APR mostly paid in BOLD
• BOLD/USDC on Uniswap, with 7% APR mostly paid in BOLD

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/10#key=0Nm4ABm9I-LhVVRNp_xVQWA_bxp9MnYR-dlfrSW-ydB5MDIitKUs2S-yY_sUY0ta

[Stengarl]

Epoch 46 Update

Epoch 46
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	49.31%	3,964	7,429,913	3,285,938	0.44	829	1,874	77.51%	3.58%	0
Curve: LUSD	6.77%	544	923,006	168,642	0.18	310	1,697	96.30%	3.18%	0
Smardex	7.45%	599	6,498	2,226	0.34	4	11	16975%	7.45%	0
Ekubo	7.15%	575	725,000	278,928	0.38	485	1,261	90.38%	4.89%	0
Uniswap V4	15.40%	1238	1,783,000	1,500,000	0.84	1212	1,440	79.31%	9.77%	0

Yield opportunities as a LP

stable/stable pools:

• BOLD/USDC on Uniswap, with 9% APR mostly paid in BOLD
• BOLD/USDC on Aerodrome, with 5% APR paid in AERO

News from the friendly forks

Nerite (Arbitrum)

Nerite released its NERI token!

The NERI token has been added to a Balancer LBP (Liquidity Bootstraping Pool) with ETH.

Buyers can earn shells by buying some, and this is the last chance to get shells.

At the time of writing, there is one day left for the bootstraping

NERI utilities

• Voting power for Nerite DAO (governance tokens used as collateral like ARB are delegated to the DAO)
• Direct 25% of interests paid by borrowers

Vyro Finance (Unichain)

https://x.com/vyrofinance/status/2036401021014999123
Vyro Finance is a new Liquity V2 fork, built in partnership with the Summerstone team and launched on Unichain

DeFi Dollar (Mainnet)

https://x.com/DeFiDollarIO/status/2036507174344729005
The protocol is shutting down, and if any user has an open trove, it must be closed before April 17th or it may take a 2% penalty.

The real reasons why DeFi Dollar is shutting down:

• Building a stablecoin issuer backed by 90% of DeFi tokens is impossible when their prices keep falling
• DeFi Dollar turned out to be a bribing facilitator (especially on Curve’s USDFI/frxUSD). As soon as the bribes were no longer profitable, the protocol lost its purpose

Ebisu (Mainnet & Plasma)

The Ebisu team will be at Stable Summit (March 27th-28th) before EthCC at Cannes, so we can meet the team there

Enosys (Flare)

Enosys is doing really good, with 8.7M CDP as total supply, making it the 2nd biggest fork (Felix is 1st with 15M feUSD)

The main opportunity as a liquidity provider is the CDP/USDT0 on Enosys DEX with 18% APR, mostly paid in APS and RFLR

Enosys also distributes APS rewards for active Liquity users. Check eligibility: Ěnosys Loans

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96ae7f4afaa5ae926268abce7cec822ed79a7c4/12#key=Mj78n6aG-d8YLcHfmV8dMqkVYPXSDYtI-bzHq-K5_yjcEw2sHeOiEtqingMVvu1S

[Stengarl]

Epoch 46 Update

Epoch 47
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	49.39%	3,916	7,100,690	1,637,839	0.23	418	1,813	85.62%	3.35%	0
Curve: LUSD	7.32%	580	920,573	325,940	0.35	562	1,587	96.60%	3.39%	0
Smardex	3.05%	242	6,572	524	0.08	2	27	15400%	6.20%	0
Ekubo	3.18%	252	540,000	359,694	0.67	1427	2,143	82.34%	2.95%	0
Uniswap V4	33.15%	2628	1,964,600	610,238	0.31	232	748	91.62%	11.57%	0

Yield opportunities

BOLD/USDC on Uniswap, with 11% APR mostly paid in BOLD

PIL is healing

One of the main objectives in PIL voting was to reach the following ratios:

• Curve BOLD/USDC = 50%
• Uniswap BOLD/USDC = 30%

Those ratios are now achieved, especially on Uniswap’s side which has gained >15% since last thursday

The next step is to remove Smardex and the DeFi Collective from the initiatives list. Now that their voting ratios have greatly reduced, the veto threshold is easier to get.

Non-USD Liquity V2 forks

This is an idea that came up during my discussions at StableSummit and EthCC.

When we talk about stablecoins, we’re automatically referring to the USD. The problem is, there’s so much talk about the USD that some people find the idea of creating a stablecoin pegged to something other than the USD inconceivable.

Despite this denial, non-USD stablecoins are gaining ground, with the supply of EUR and gold-backed stablecoins on the rise

If there is demand for those stables, then Liquity can also address this market via forks

As far as I know, the only fork in developement that allows the creation of non-USD stablecoins is the Gnosis fork, which enables the issuance of EUR.

From my point of view, we need to try harder in this direction. There are many interesting assets to go for:

• CNY, the biggest monetary supply but only 5th at trading volumes
• XAU, we can have full onchain AND trustless gold exposure)
• JPY
• GBP
• RUB, as the only Ruble-pegged stablecoin is A7A5, more known to be sanctionned and exposed to counterparty risks

Yes, building non-USD stablecoins in DeFi is hard. We have the oracle problem (it’s pretty easy to have USD or EUR price feeds but not for more specific price feeds).

On top of this, building liquidity just sucks. It is already hard enough to build a USD stablecoin, but with non-USD stuff we have the currency risk (USD/non-USD liquidity pools would have impermanent loss) which is discouraging for LPs in general.

But we still have a chance. Non-USD stablecoins have only just begun to take off in earnest, and the first issuer to succeed in building liquidity will gain the first-mover advantage.

If we have to choose, we might as well let decentralised stablecoins have that first-mover advantage instead of stablecoin issuing companies (in any case, there’s no question of letting Circle issue all the world’s currencies in our place)

What do you think about this?

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96ae7f4afaa5ae926268abce7cec822ed79a7c4/12#key=Mj78n6aG-d8YLcHfmV8dMqkVYPXSDYtI-bzHq-K5_yjcEw2sHeOiEtqingMVvu1S

[Stengarl]

Epoch 47 Update

Epoch 48
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	49.30%	4,646	6,913,699	2,303,111	0.33	496	1,488	88.95%	3.93%	0
Curve: LUSD	7.33%	691	920,121	84,335	0.09	122	1,332	97.24%	4.02%	0
Smardex	2.91%	275	6,610	401	0.06	1	24	5833%	6.58%	0
Ekubo	3.16%	298	380,000	256,636	0.68	862	1,276	90.25%	6.05%	0
Uniswap V4	33.40%	3147	2,525,000	980,991	0.39	312	802	93.76%	9.90%	0

Pools log

New pools:

• Spectra sBOLD
• Euler Liquity Hub BOLD
• Euler Liquity Hub sBOLD

Deleted pool:

• BOLD/LUSD on Aerodrome, no more incentives, low TVL and low volumes

Yield opportunities

BOLD/USDC on Uniswap, with 9% APR mostly paid in BOLD

We didn’t try money markets as liquidity initiatives

One of the best ways to create demand on BOLD is to generate organic revenue (i.e. outside of PIL, although that can help)

Money markets are a good way to do this:

• Stablecoins remain the most borrowed assets
• High utilization = high revenues

That is precisely why I started including money markets, as they can be a more effective way than liquidity pools to encourage people to acquire BOLD (It could also be a complete failure )

In the event that such an initiative were to be launched: given that earnings are proportional to the percentage of stablecoins borrowed, it is preferable to distribute PIL rewards to users who borrow

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96ae7f4afaa5ae926268abce7cec822ed79a7c4/12#key=Mj78n6aG-d8YLcHfmV8dMqkVYPXSDYtI-bzHq-K5_yjcEw2sHeOiEtqingMVvu1S

[Stengarl]

Epoch 49 Update

Epoch 49
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	$PIL / $Total	APR	Bribes	Rewards/Bribes
Curve: USDC	51.82%	5,411	6,630,960	1,345,625	0.20	249	1,225	90.23%	4.70%	0
Curve: LUSD	7.76%	810	918,159	41,287	0.04	51	1,134	97.64%	4.70%	0
Ekubo	3.34%	349	393,000	224,653	0.57	644	1,127	86.69%	3.95%	0
Uniswap V4	33.29%	3476	3,200,000	929,903	0.29	268	921	93.66%	8.37%	0

Pools log

Deleted pool: BOLD/WUSDN on Balancer, the liquidity initiative has been vetoed and the pool does no more stats

The DeFi Collective liquidity initiative should be vetoed next. Considering it has <1% of votes right now, it will probably happen next week.

Yield opportunities

BOLD/USDC on Uniswap, with 8% APR mostly paid in BOLD

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7

[Stengarl]

Epoch 50 Update

Epoch 50
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	Revenues / 1$ PIL	APR	Bribes	Rewards/Bribes
Curve: USDC	114.13%	11,916	6,410,209	9,562,298	1.49	802	538	1.06	10.25%	0
Curve: LUSD	17.09%	1784	791,870	196,654	0.25	110	444	1.01	11.84%	0
Ekubo	7.37%	770	387,000	1,072,589	2.77	1393	503	1.12	7.01%	0
Uniswap V4	63.14%	6592	3,300,000	4,617,347	1.40	700	501	1.07	13.19%	0

Pools log

Revenues from PIL / Total Revenues => Revenues per PIL dollar spent

A ratio greater than 1 means the pool bring more revenues than PIL expenses. A ratio lesser than 1 means PIL expenses are superior to the total revenues of the pool.

The purpose of this metric remains the same: show the ability to generate organic revenue outside of PIL. It’s more intuitive to put it this way

Yield opportunities

Stable/stable pools:

• BOLD/USDC on Uniswap, with 13% APR mostly paid in BOLD
• BOLD/USDC on Curve, with 10% APR mostly paid in BOLD
• BOLD/LUSD on Curve, with 12% APR mostly paid in BOLD
• BOLD/USDC on Ekubo, with 7% APR mostly paid in BOLD

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7

[Stengarl]

Epoch 51 Update

Epoch 51
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	Revenues / 1$ PIL	APR	Bribes	Rewards/Bribes
Curve: USDC	56.12%	4,689	6,935,626	1,250,815	0.18	267	1,479	1.15	4.05%	0
Curve: LUSD	8.11%	678	862,998	131,683	0.15	194	1,273	1.03	4.21%	0
Uniswap V4	33.60%	2807	3,900,000	528,346	0.14	188	1,389	1.12	6.25%	0

Pools log

Deleted liquidity initiative: Ekubo’s liquidity initiative (BOLD/USDC) has been vetoed

New liquidity initiative: BOLD/kpkUSDC. The initiative involves deploying a Stable Pool on Balancer consisting of BOLD and USDC (boosted through the kpk Morpho USDC Prime vault).

Full picture in the proposal: BOLD/USDC Balancer Boosted Pool Initiative Proposal

For the first time, a liquidity pool on a lending protocol (Euler Liquity hub BOLD) has the 2nd highest average fees/week

Yield opportunities

Stable/stable pools:

• BOLD/USDC on Uniswap, with 6% APR mostly paid in BOLD
• Euler Liquity hub BOLD, with 17% APR, yields come from high utilization (94% borrowed compared to total deposited) so this situation is likely to be short-lived

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7

[Stengarl]

Epoch 53 Update

Epoch 53
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	Revenues / 1$ PIL	APR	Bribes	Rewards/Bribes
Curve: USDC	57.31%	4,140	7,167,971	2,853,733	0.40	689	1,731	1.19	3.59%	0
Curve: LUSD	8.24%	595	712,873	33,187	0.05	56	1,198	1.02	4.43%	0
Uniswap V4	30.38%	2195	3,400,000	1,263,019	0.37	575	1,549	1.15	6.29%	0
BOLD/kpkUSDC	4.05%	293	81,551	21,630	0.27	74	279	1.02	0.45%	0

Pools log

Deleted pool: BOLD/USND/USDC on Balancer, no more stats + USND minters are advised to close out their positions

New Pool: BOLD/kpkUSDC on Balancer (kpkUSDC = USDC Vault on Morpho)

Yield opportunities

Stable/stable pools:

• BOLD/USDC on Uniswap, with 6% APR mostly paid in BOLD

We have high yields on Ekubo at the moment but Ekubo has been exploited last week. It’s up to you to decide whether the risk is worth taking

BOLD/kpkUSDC liquidity initiative is going wrong

According to the proposal, this pool was leveraging the kpk USDC Prime vault on Morpho to boost its yields:

At a current 4.15% APY for the vault, a balanced 50/50 pool generates a baseline ~2% APR purely from the boosted leg, regardless of trading volume

But the vault’s stats tell a different story

Almost all the deposits were withdrawn last week.

Most of them just moved to Morpho V2 vaults, and there are several USDC V2 Vaults managed by kpk

This liquidity initiative is using a deprecated Morpho Vault which has almost zero yields, and no action has been taken to switch to a Morpho V2 vault so far, even though kpk manages several of them.

Now we have 2 options with this intiative:

• It migrates to a Morpho V2 vault (we have a selection of vaults with 4%+ APR out there)
• Veto it

It may sound harsh, but we must remember that the yields offered by Morpho were one of the main selling points of this initiative.

Not only is this argument irrelevant, but this pool also offers no real advantage over other initiatives (whether in terms of volume or organic yields).

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7

[Stengarl]

Epoch 54 Update

Epoch 54
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	Revenues / 1$ PIL	APR	Bribes	Rewards/Bribes
Curve: USDC	57.17%	3,813	7,257,150	5,116,721	0.71	1342	1,903	1.18	3.23%	0
Curve: LUSD	8.22%	548	708,183	72,374	0.10	132	1,292	1.02	4.10%	0
Uniswap V4	30.54%	2037	3,500,000	4,393,513	1.26	2157	1,718	1.16	5.90%	0
BOLD/kpkUSDC	4.39%	293	116,937	59,435	0.51	203	400	1.02	13.37%	0

Pools log

BOLD/kpkUSDC: even though BOLD rewards are online through Merkl, the pool still uses the deprecated Morpho vault, while Morpho V2 vaults managed by kpk are available (Unless the vault is changed, I still think the PIL rewards are more useful elsewhere)

BOLD/ETH on Uniswap V4: first stable/volatile pool to reach significant TVL (8th) and significant revenues from swap fees (5th)

Yield opportunities

Stable/stable pools:

• BOLD/kpkUSDC on Balancer, with 13% APR mostly paid in BOLD
• BOLD/USDC on Uniswap v4, with 6% APR mostly paid in BOLD

Lending pool:

• Euler Liquity hub BOLD with 35% APR, yields come from high utilization (100% borrowed compared to total deposited) so this situation is likely to be short-lived

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7

[Stengarl]

Epoch 55 Update

Epoch 55
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	Revenues / 1$ PIL	APR	Bribes	Rewards/Bribes
Curve: USDC	57.24%	3,609	7,048,162	1,868,340	0.27	518	1,953	1.17	3.12%	0
Curve: LUSD	8.47%	534	708,864	74,008	0.10	139	1,327	1.02	3.98%	0
Uniswap V4	30.10%	1898	3,500,000	1,323,194	0.38	697	1,844	1.17	5.73%	0

Pools log

Deleted pool: Pendle ysyBOLD, the pool came to maturation

New pool: IPOR Liquity ETH Carry, additional stats like fees or volumes are taken into account by Curve’s BOLD/USDC pool.

BOLD/kpkUSDC has been vetoed

Yield opportunities

Stable/stable pool:

• BOLD/USDC on Uniswap v4, with 5% APR mostly paid in BOLD

Stable/volatile pool:

• BOLD/ETH on Uniswap v4, with 32% APR

Lending pool:

• Euler Liquity hub BOLD with 7% APR, yields come from high utilization (90% borrowed compared to total deposited)

Vault:

• IPOR Liquity ETH Carry with 10% APR, this is the vault with the most revenues so far

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.

A 100% APR opportunity…For now

This opportunity is the CDP/USDT0 liquidity pool on Enosys (Flare Network)

In fact, 13% of APR come from fees, the rest come from incentives (90,000 RFLR and 0.5 APS during the last 24h)

If we are profitmaxxing, it is preferable to sell the incentives quickly, as their price action is not good (probably a side effect of their massive distribution of these incentives across a wide range of different pools)

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7

[Stengarl]

Epoch 56 Update

Epoch 56
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	Revenues / 1$ PIL	APR	Bribes	Rewards/Bribes
Curve: USDC	59.41%	4,028	6,987,714	7,610,742	1.09	1889	1,735	1.19	3.55%	0
Curve: LUSD	8.81%	597	708,879	30,452	0.04	51	1,187	1.01	4.42%	0
Uniswap V4	31.77%	2154	3,800,000	2,994,330	0.79	1390	1,764	1.21	5.86%	0

Pools log

Deleted pools:

• Balancer BOLD/kpkUSDC, no more stats + vetoed last week
• Spectra sBOLD, the pool has matured

Most of the future yield pools have recently come to maturity, this is a good time to create new pools

Yield opportunities

Stable/stable pool:

• BOLD/USDC on Uniswap v4, with 5% APR mostly paid in BOLD

Stable/volatile pool:

• BOLD/ETH on Uniswap v4, with 13% APR, stats (especially average fees/week) are probably inflated due to ETH’s price action

Lending pool:

• Euler Liquity hub BOLD with 7% APR, yields come from high utilization (90% borrowed compared to total deposited)

Vault:

• IPOR Liquity ETH Carry with 10% APR, this is the vault with the most revenues so far

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.

Update about CDP/USDT0

The TVL of the pool has risen by 50% since last week, leading to a corresponding decrease in the APR.

Regardless, it remains an interesting opportunity for those who are comfortable with the risks involved

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7

[Stengarl]

Epoch 57 Update

Epoch 57
Label	Vote %	Rewards	TVL	Vol	Vol/TVL	Vol from $1	TVL from $1	Revenues / 1$ PIL	APR	Bribes	Rewards/Bribes
Curve: USDC	59.39%	4,054	7,149,320	6,050,171	0.85	1492	1,764	1.23	3.62%	0
Curve: LUSD	8.88%	606	710,928	277,156	0.39	457	1,173	1.02	4.53%	0
Uniswap V4	31.72%	2165	3,600,000	5,092,925	1.41	2352	1,663	1.48	4.49%	0

Pools log

New liquidity initiative: IPOR Carry Vault
Bribes: $600/week for 3 months
For the actual PIL amount ($6,826), this initiative needs 8.79% of votes to break even

New pool: Tangent BOLD/USDC, BOLD/USDC LPs on Curve can now use their position as collateral to mint USG on Tangent

Yield opportunities

Stable/stable pool:

• BOLD/USDC on Uniswap v4, with 4% APR mostly paid in BOLD

Stable/volatile pool:

• BOLD/ETH on Uniswap v4, with 10°% APR

Vault:

• IPOR Liquity ETH Carry with 8% APR, probably more next week with PIL rewards

Euler vaults are not yield opportunities anymore. Most of their liquidity appears to have moved into the IPOR vault

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.

Thanks for reading

Full Sheet: https://sheets.fileverse.io/0xd96Ae7f4aFaA5aE926268ABcE7cEc822Ed79A7C4/14#key=-8exdMzsrZYoFEAzNk1jO7w5gBydI_fKvxWmseO3gaYu3WTbdzW_AzSBjtrDeKU7