The sheet above shows all the BOLD-related liquidity pools, as well as relevant statistics on them (TVL, Volumes, Revenues or projected APR)
Yellow cell = Highest stat
Green cell = Top 5 stat
This sheet was created for two main reasons:
- APRs are key to attract liquidity providers, and some liquidity pools offer higher yields than those found in stability pools.
- One liquidity initiative can incentivize multiple pools at the same time like the DeFi Collective and Ekubo do. Therefore, each liquidity pool must be reviewed on a case-by-case basis.
Opinionated conclusions (so far)
Ekubo
Ekubo is the most efficient liquidity initiative in terms of volume. Even with a lower TVL, BOLD/USDC has the highest volume/TVL ratio and BOLD/volatile pools also perform well even though attracting liquidity and volumes on stable/volatile pools is more difficult.
In addition, Ekubo’s liquidity pools are the ones that receive the most revenue from swap fees. That means if TVL and volumes increase proportionally, yields will not be diluted as much.
Curve
The BOLD/USDC pool from Curve is the highest one in terms of TVL and volumes, so all large swaps go through Curve first.
The thing is, most of Curve pools cost a lot to maintain. They need $11,500+/week to keep their current APR, with $10,115 just from PIL for this Epoch.
That said, some alternative pools on Curve are emerging, like DeFi Stable Avengers (BOLD/fxUSD/USDaf/USDC) which is interesting to study.
Velodrome & Aerodrome
Those DEXes attract a lot of TVL (20% of total TVL just by themselves), even though volumes can be lower than most of pools.
In fact, TVL is high mainly because the yields associated to those pools are high, and those yields come from external incentives like VELO and AERO emissions which are due to the DeFi Collective’s voting power.
Currently, Velodrome and Aerodrome still offer the most attractive yields on stable/stable pools, but this could change if their TVL increases dramatically.
Balancer
In the case of Balancer, each pool must be reviewed separately:
- Gyroscope’s BOLD/USDC: good performance overall with high volumes, and high APR thanks to PIL and wrapped Aave tokens
- Smardex’s BOLD/WUSDN: high yields thanks to the BAL incentives and yield-bearing WUSDN, but lower volumes than Gyroscope
- BOLD/USDT/USDaf/USDC: the least performing pool
The BOLD/LUSD pools
There are 3 BOLD/LUSD pools on this sheet, and and they all have low volume.
Despite high TVL and numerous incentives, these pools are among the least used, and even when volume spikes occur, they remain below average.
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.
If you are interested in the APR:
- Yields vary significantly from week to week. If revenues decrease and/or TVL increases, the APR decreases
- Stable/volatile pools are subject to impermanent loss. Go for stable/stable pools to protect yourself from this risk
