Volumes and Yields for BOLD liquidity pools

Voting
41

Epoch 62 Update

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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)

: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.

:eyes: Watching avUSD closely

https://pharos.watch/stablecoin/avusd-avant/
https://pharos.watch/stablecoin/avusd-avant/870×575 71.1 KB

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 :folded_hands:

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

42

Epoch 63 Update

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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://x.com/EbisuEthan/status/2079579321430388823374×387 38.5 KB
https://x.com/EbisuEthan/status/2079579321430388823
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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

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That means more revenues for everything, including SPs, liquidity pools and the IPOR vault itself.

Thanks for reading :folded_hands:

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

1 Like
43

Epoch 64 Update

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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 :folded_hands:

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

44

Epoch 66 Update

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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 :folded_hands:

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

45

Epoch 67 Update

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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

:backhand_index_pointing_right: 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 - :infinity:) who never rebalanced.

:backhand_index_pointing_right: 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 :folded_hands:

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

46

Epoch 68 Update

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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 :folded_hands:

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

47

Epoch 69 Update

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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 :folded_hands:

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

48

Epoch 70 Update

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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 :folded_hands:

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

49

Epoch 71 Update

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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 :folded_hands:

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