Volumes and Yields for BOLD liquidity pools

Voting
21

Epoch 41 Update

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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

:warning: 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 :folded_hands:

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

22

Epoch 42 Update

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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

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

:warning: 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 :folded_hands:

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

23

Epoch 43 Update

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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

https://dune.com/liquity/liquity-v2
https://dune.com/liquity/liquity-v21447×818 77.9 KB

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 :backhand_index_pointing_down:

https://app.euler.finance/vault/0xC1C51C5c9EfaF0c485Aa1097AE9690B5e102975A?network=ethereum
https://app.euler.finance/vault/0xC1C51C5c9EfaF0c485Aa1097AE9690B5e102975A?network=ethereum851×353 16 KB

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

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Thanks for reading :folded_hands:

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

24

Epoch 44 Update

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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 :folded_hands:

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

25

Epoch 45 Update

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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 :folded_hands:

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

26

Epoch 46 Update

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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

:raising_hands: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.

:warning: 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)

https://x.com/stable_summit/status/2036744924998369536
https://x.com/stable_summit/status/20367449249983695361200×675 80.7 KB

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)

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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 :folded_hands:

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

27

Epoch 46 Update

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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%

:white_check_mark: 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

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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 :folded_hands:

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

28

Epoch 47 Update

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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 :grin:)

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 :folded_hands:

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

29

Epoch 49 Update

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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 :folded_hands:

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