Volumes and Yields for BOLD liquidity pools

[Stengarl]

Epoch 62 Update

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

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

[Stengarl]

Epoch 63 Update

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.

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

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

[Stengarl]

Epoch 64 Update

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

[Stengarl]

Epoch 66 Update

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, 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

[Stengarl]

Epoch 67 Update

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, and confirmed in practice on this pool)

Thanks for reading

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

[Stengarl]

Epoch 68 Update

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

[Stengarl]

Epoch 69 Update

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

[Stengarl]

Epoch 70 Update

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

Stengarl (@stengarl) on X

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

[Stengarl]

Epoch 71 Update

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

[Stengarl]

Epoch 72 Update

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

The image above is a screenshot about the 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

Thanks for reading

Full Sheet: https://sheets.fileverse.io/sheet/qBgn335RH2f8HEvsC2j7gF#k=juQhkZ1qcyrquPb7jw6hb9kgRqUVZ-tgeVv4--VHy-w

[Stengarl]

Epoch 73 Update

PIL dashboard

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, a pool with $12M TVL operating most of LUSD volumes, way above BOLD/LUSD.

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

[Stengarl]

Epoch 74 Update

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

[Stengarl]

Epoch 75 Update

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​

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 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 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