Yea, it was a bad trade, he could have sold when sushi was over $10 and lots of volume. He has a tweet that said "he won't sell, he's a good guy" that is what some are bringing up, but emotions and lots of $$$ really can affect emotions.
$SUSHI - DeFi token for sushiswap a fork of uniswap
- Thread starter johnarb
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Yea, it was a bad trade, he could have sold when sushi was over $10 and lots of volume. He has a tweet that said "he won't sell, he's a good guy" that is what some are bringing up, but emotions and lots of $$$ really can affect emotions.
Well the migration was successful, the boost rewards are winding down, governance is now looking at decreasing inflation and supply and it has 1.1B in TVL.
Let's see how that TVL plays out.
It's amazing the amount of progress of the Sushiswap ($SUSHI) project, however, the Sushi high-returns yield farming will end in 1 day and 15 hours, and there's rumor of a Uniswap revenge to get the LP's back by offering Uniswap v3 with a token.
Also, the 100M $sushi tokens circulating supply put the MC valuation of the sushiswap project at $200M which for the progress is quite low and has room to grow but by no means a lowcap, however, cryptos are following the stock market (Tech sector) and can't seem to get a traction on the upward moves so we start to move up and start selling off again, my portfolio is doing ok, I heavily rebalanced my holdings and diversified to 12 coins so far, I guess my point is that I have nothing against $sushi but I'm only holding ~1000 coins I yield farmed and have not been farming it for several days now.
I didn't create a thread, and I'm not trying to shill it, but I went heavy on $CREAM 2 days ago and have added more yesterday, it will have 9M total supply but currently only has less than 200K circulating supply.
It has a liquidity blackhole incentive mechanism that locks $CREAM token supplies due to juicy rewards as Andre Cronje had described the process "DeFi is becoming a gamification" a sort of game theory where the players are trying to stay ahead, trying to time the buy/invest/farm and knowing time is of importance as not to miss cashing out when the risk is too much for that last bit of easy hanging fruit (profits).
I'm just putting it out there, not financial advise or recommendation, but at the current low circulating supply of $CREAM, I feel ok to put a big risk of buying a significant amount (6.5% portfolio allocation) plus 4.5% portfolio value of Eth/Weth to lock for yield farming. I have Eth locked in Uniswap v2 LP cream/eth pair staking, Cream/Weth Cream LP staking and single-asset crCream (turned into crCream/crYFI Cream LP) staking.
The "locking" of the cream supply I mentioned above is due to a 3-day commitment (actually the latter 2 staking were only for 2 days 15 hours) that is required for each staking (depositing of the LP tokens). I do feel some anxieties as I have to wait to unstake and remove the Eth and Weth in the first 2 yield farming which will be tomorrow and the next day and to stick with the single-asset Cream swap LP tokens staking in order to remove the Eth/Weth portfolio risk outside of the $CREAM holdings.
Cream is an existential threat to AAVE ($LEND) and Balancer ($BAL) and Compound ($COMP), which got me to significantly reduce my LEND and BAL holdings (not all went to CREAM, but to other crypto holdings). DeFi is evolving, but forking DeFi projects even with a risky anon setup seems to have a high rate of success of taking business away from the original projects (i.e. sushiswap vs Uniswap) as the $ (profits) are a great motivator to capture the network adoption seemingly overnight. Something that couldn't be done with Bitcoin (btc)...
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Good thoughts. Although ftx has just listed cream. Short sellers are chompin’ at the bit.
FTX also has futures, so yea, you have a very good point. That is why I mentioned gamification all of these factors have to be taken into consideration when taking a long or short position.
CREAM has a short supply which I emphasize is temporary (less than 200K, MAX supply is 9M), There's a lot of $CREAM rewards being created and being deployed to yield farmers and all of the people that support or use the CREAM platform (i.e. depositing any crypto gets you a "distribution APY", shorting (borrowing) any crypto gets you a "distribution APY" payable weekly) which again is part of the tokenomics (also known as ponzinomics in DeFi). I don't short cryptos, but as I mentioned there's incentives to lock up the supplies of CREAM which could cause a short-squeeze as the borrow rates can shoot up very high and cause liquidation of collateral(s). This is all part of the Tokenomics/gamification of DeFi.
It's easy to understand this with pictures (see below). As you can see, sushi (and YFI) has a very low borrow APY which is due to a high liquidity/availability of tokens on the platform compared to utilization rate. The higher the borrow rates, the higher the chance of a short squeeze. There's incentives to borrow $CREAM and lock tokens to be used for yield-farming in LP's. CREAM has the highest borrow rate on the CREAM platform of all the tokens supported for the Lending/Borrowing operations. The next highest borrow rate is yCRV
By the way, part of the gamification, I think you're aware of it is to deposit a crypto of value for collateral, borrow a token, say YFI, deposit it to be used as collateral, then borrow again, maybe repeat 2-3x. Extreme risk of liquidation but it's all part of the game. It's tempting on the CREAM platform to get the "distribution APY" on both the deposits and the borrows. Someone posted a carry-trade strategy on CREAM, but I didn't look into it more, as it is, I'm already at the limit of my risk-tolerance on CREAM, and looking to de-risk in the next couple of days by removing Eth/Weth...
Yeah, I’ll pickup some cream soon, after support is established with margin trading in play. Until then there might be a creambear product to hedge your long
In other news, this actually happened:
That is crazy! Someone who is able to launch a sushiswap-project of that size in a short time probably owns millions of $ worth of cryptos, but $14M is a huge amount
Only in cryptos...Update: I realize this is the sushiswap thread, but my $CREAM info above is no longer correct and I need to correct it as don't want to mislead anyone.
The Cream team added some new staking pools and the community had some pushbacks due to changes in the rewards for other pools, so the team also decided to remove any locks going forward. They said the locks were only planned for governance (voting) and they'll accomplish that through a different method.
TL;DR, there is no longer a 3- day lock on Cream supplies for sale in the market
I unstaked and claimed all rewards and after tallying the results I got about 3%/day return on $ value invested. I was in 3 different pools, so I'm going back to 2 different pools and will compare results. I think Cream/Weth LP (980% APY) may actually produce better returns than crCream/crYfi LP (1236% APY) due to the huge volume in the former and the very low volume in the latter and the share of the exchange fees earned. The APY's are dynamic and fluctuate...
The Cream team added some new staking pools and the community had some pushbacks due to changes in the rewards for other pools, so the team also decided to remove any locks going forward. They said the locks were only planned for governance (voting) and they'll accomplish that through a different method.
TL;DR, there is no longer a 3- day lock on Cream supplies for sale in the market
I unstaked and claimed all rewards and after tallying the results I got about 3%/day return on $ value invested. I was in 3 different pools, so I'm going back to 2 different pools and will compare results. I think Cream/Weth LP (980% APY) may actually produce better returns than crCream/crYfi LP (1236% APY) due to the huge volume in the former and the very low volume in the latter and the share of the exchange fees earned. The APY's are dynamic and fluctuate...