$SUSHI - DeFi token for sushiswap a fork of uniswap

[Sprout]

Cashed out all my $SUSHI profits and also the farmed $SUSHI, not bad, not bad at all, but I lost over $4K of profit$ by not selling over $10/sushi.

I did not need to harvest my $SUSHI and unstake the LEND/ETH LP tokens but I wanted to rebalance my crypto portfolio tonight and to see what impermanence loss I experienced whic is to the effect that I lost ~1.4 of Eth and gained ~873 of LEND by removing liquidity from the Uniswap pool.

Now for the ugly part of DeFi system. Ethereum fees are through the roof at the moment and much worse for DeFi transactions (a normal Eth transfer is about $4 which is quite high!, from what I can see on Metamask).

To harvest the farmed $sushis (about $1800 worth coz price went down) was $72 in gas fees. To cash out all the $SUSHI tokens (including the harvested coins) - trade to Eth, was $56 in gas fees. To unstake LP tokens from the sushiswap platform was $56, and to remove liquidity from Uniswap LP was about $45 (but only because I waited 5 minutes otherwise, first few prompts were over $70 and I kept rejecting).

I'll stake again tonight after I've totaled everything, it's free $SUSHI's, why not? The past couple of days have been great.

Nice write up and good trading! With gas prices so high it created a limiting effect on capital flow. That and when binance and FTx offered margin trading keeping those parabola moves in check.

Now as FOMO’ers freak that the price isn’t rising hourly and get liquidated being over leveraged, we should see some yummy prices again

Have you developed an opinion on layer2 solutions?

 

[johnarb]

Nice write up and good trading! With gas prices so high it created a limiting effect on capital flow. That and when binance and FTx offered margin trading keeping those parabola moves in check.

Now as FOMO’ers freak that the price isn’t rising hourly and get liquidated being over leveraged, we should see some yummy prices again

Have you developed an opinion on layer2 solutions?

Bitcoin went down again bringing the whole crypto sector down with it, my crypto portfolio is a sea of red this morning It will be back up in the next few days (or so I think)

I don't really have an opinion (and also have not done enough research) on L2 (for Ethereum?) but something has to be done as the fees are just getting ridiculous and not only that, a lot of my transfers are failing even if I'm putting it at the highest priority (and fees). Ethereum network is very clogged up.

I'd like to think Tezos being a clean blockchain has room to take those DeFi projects, but DeFi is an ecosystem, Tezos would need the (trusted) stablecoins, the DEXes, the lending platform in order for them to interact and work together as a system, and that's part of the catch-22 (as Ethereum already has all of those and more, those projects do not want to move to another blockchain), but I'm hearing some DeFi projects are being tested and may come out soon. Excited about the (Tezos) Yield Baker announcement, recently. I own a big bag of Tezos, so it's a self-serving wish.

 

[Sprout]

Bitcoin went down again bringing the whole crypto sector down with it, my crypto portfolio is a sea of red this morning It will be back up in the next few days (or so I think)

I don't really have an opinion (and also have not done enough research) on L2 (for Ethereum?) but something has to be done as the fees are just getting ridiculous and not only that, a lot of my transfers are failing even if I'm putting it at the highest priority (and fees). Ethereum network is very clogged up.

I'd like to think Tezos being a clean blockchain has room to take those DeFi projects, but DeFi is an ecosystem, Tezos would need the (trusted) stablecoins, the DEXes, the lending platform in order for them to interact and work together as a system, and that's part of the catch-22 (as Ethereum already has all of those and more, those projects do not want to move to another blockchain), but I'm hearing some DeFi projects are being tested and may come out soon. Excited about the (Tezos) Yield Baker announcement, recently. I own a big bag of Tezos, so it's a self-serving wish.

Drama in South Korea.

I've heard loopring is a current contender with mainnet online. But haven't really looked into it. It would need a dapp to interact with it so in the realm of developers / contract writers atm.

Yeah even though it's technologically sound to migrate on to a better blockchain, eth has the inertia. I could be wrong but I don't think any of the side chains will outcompete BTC/ETH. There's just too much usable infrastructure plus the benefit of time in an adversarial environment.

In exploring DeFi, the aave protocol has this notion of flash loans and having the full credit power of the network for a single transaction. There was a tweet about someone surfing through etherscan and found this single transaction. It started with 6k in the stable coin USDC, received a flash loan with high leverage then piped it through a number of defi protocol smart contracts and stable coin swaps with the ending instruction paying the flash loan flat and netting 40k. All within a single 10-20sec block. It was a go/no-go transaction with the only risk being gas.

Those are the type of contracts I want to write.

yeah!

 

[johnarb]

Drama in South Korea.

I've heard loopring is a current contender with mainnet online. But haven't really looked into it. It would need a dapp to interact with it so in the realm of developers / contract writers atm.

Yeah even though it's technologically sound to migrate on to a better blockchain, eth has the inertia. I could be wrong but I don't think any of the side chains will outcompete BTC/ETH. There's just too much usable infrastructure plus the benefit of time in an adversarial environment.

In exploring DeFi, the aave protocol has this notion of flash loans and having the full credit power of the network for a single transaction. There was a tweet about someone surfing through etherscan and found this single transaction. It started with 6k in the stable coin USDC, received a flash loan with high leverage then piped it through a number of defi protocol smart contracts and stable coin swaps with the ending instruction paying the flash loan flat and netting 40k. All within a single 10-20sec block. It was a go/no-go transaction with the only risk being gas.

Those are the type of contracts I want to write.

yeah!

Yea, heard of similar incidents on a bigger scale. Those things exist due to arbitrage opportunities that happen with crypto and different players and the market not acting efficiently.

As you said, it was a no-risk situation (only gas fees which could be high due to execution of several smart contracts) but actual notional value at risk, there was none. Flash loans are also no risk to the AAVE platform provider as the loan had to be repaid on the same block, or no go, even if it was a no-collateral loan. And it's not a zero-sum game, where someone had to lose $40K, it was more of the market, so spread over many players, it happens when there's a mispricing of digital assets, the one I saw was stablecoins, don't remember exactly which ones, but let's say USDC and USDT one was trading at 90% compared to the other, and those are both supposed to be $1 with wiggle room and that wiggle room becomes excessive due to supply and demand at that particular time.

Few understand this, and as I mentioned I don't have high enough IQ to write/execute such a trade, maybe when I grow up

 

[orbit23]

I don't understand this whole defi thing... But this lending and farm yielding and what the f# ever lmfao...this sounds literally like bitconnect on the blockchain. Am i wrong?

What is going to happen if(when) the price drops and liquidations start rolling? With the network congested you literally wouldn't be able to exit the position and you would lose everything? Or am i getting it wrong?

 

[johnarb]

I don't understand this whole defi thing... But this lending and farm yielding and what the f# ever lmfao...this sounds literally like bitconnect on the blockchain. Am i wrong?

You are wrong.

What is going to happen if(when) the price drops and liquidations start rolling? With the network congested you literally wouldn't be able to exit the position and you would lose everything? Or am i getting it wrong?

You're mixing things up making your scenario too complex to answer. Crypto prices drop all the time. This morning, bitcoin sh*t the bed again and my crypto portfolio is once again a sea of red. Non-DeFi coins dropped in value and DeFi coins dropped in value, just like in the traditional finance = bonds, stocks, currencies go up and down in values.

Liquidation? Ahh, you're talking about the borrowing portion of DeFi, unlike TradFin, the counterparties of the borrowers won't blow up (or put another way, the lenders are protected) as there's over collaterization and borrowers get liquidated if they do not meet the margin calls. Flash loans have no collateral, but you can look it up on why it has no risk to the lenders.

Network congested, unable to exit the position? There's levels of risks associated with the Ethereum network congestion (imo). Bitcoin network was congested in 2017 and fees were very high (price of bitcoin was high, anyone that wanted to get their transactions included by the miners needed to pay higher satoshis transaction fees which was higher $ value). However, just like in bitcoin, the ethereum network will continue to function, the next block, and the next block, and so on, will continue to get mined by the Ethereum miners.

If the gas fees get too high for the particular transaction you're attempting to make, don't send it at that time, wait until the gas fees are lower. If you cannot wait, then you must have put a position that is not properly risk-controlled. That's your problem as you didn't manage your risks. It happens in TradFin as well.

You'll need to educate yourself on DeFi if you want to discuss it.

 

[johnarb]

$sushi anon dev sold $13M worth at the worst possible time when all cryptos were crashing so very bad timing as it hit a low of $1.5 before recovering to about $2.75 currently.

I made $$$ on $sushi when I bought and sold within 24 hours (more than double), but this is a big setback to a promising project and there were a lot of volunteer devs starting to build on the sushiswap project. One good thing is the anon dev transferred the control of the admin keys to a prominent member of the crypto community.

I still have a little over a thousand $sushi that I yield farmed using 2 coins that I own at "no cost". I stopped the farming of sushis as the yield has lowered at around 672% APY from 2100% when I first started the farming.

 

[tsznecki]

@johnarb Your take on Chef Nomi dumping their ETH?

 

[johnarb]

@johnarb Your take on Chef Nomi dumping their ETH?

In my opinion, Chef Nomi is a "lowlife scammer" the way he sold (/dumped) his dev rewards of $13M. He could have sold it slowly or only a small part, but he knew he was going to crash the price so he took as much as he could, and just the timing of the cryptos sector already going down...

However, I have no right to judge Chef Nomi, as I made $ on my sushi trades and still holding over 1000 sushi coins I yield farmed. I benefited greatly from the sushi project which he created and since I'm not a dev, I cannot offer anything to the project.

Sushiswap project is still alive, hence a market value of over $200M with current circulating supply and there's already some interesting apps being built around it, what's helping the credibility of the project is that it passed a security review and a full audit with no high or critical issues.

The thing with these projects is that you do have to be an agile trader if you want to make $, or be quick to take losses if you sense any foulplay. I got into $SWRV earlier, it's a fork of the curve project, looks like same MO as Sushiswap, but with a very small amount of circulating supply, I think it's going to pump to over $10 in the next few days while supply is still low. I got it at around $4.50'sh.

 

[Sprout]

In my opinion, Chef Nomi is a "lowlife scammer" the way he sold (/dumped) his dev rewards of $13M. He could have sold it slowly or only a small part, but he knew he was going to crash the price so he took as much as he could, and just the timing of the cryptos sector already going down...

However, I have no right to judge Chef Nomi, as I made $ on my sushi trades and still holding over 1000 sushi coins I yield farmed. I benefited greatly from the sushi project which he created and since I'm not a dev, I cannot offer anything to the project.

Sushiswap project is still alive, hence a market value of over $200M with current circulating supply and there's already some interesting apps being built around it, what's helping the credibility of the project is that it passed a security review and a full audit with no high or critical issues.

The thing with these projects is that you do have to be an agile trader if you want to make $, or be quick to take losses if you sense any foulplay. I got into $SWRV earlier, it's a fork of the curve project, looks like same MO as Sushiswap, but with a very small amount of circulating supply, I think it's going to pump to over $10 in the next few days while supply is still low. I got it at around $4.50'sh.

The move was controversial for sure but he is’n’t a scammer due to a couple of things;

- He would have suspended his twitter account after the sale and not try to work with the community

- He would have dumped during the parabolic move, not in the middle of the night when the whole market was dumping.

-We know he’s not a trader and was effected by human emotions and chose to preserve capital.

-He also didn’t cash out into a stable coin and went into another risk asset during a sell off.

-He took the hit of IL by withdrawing liquidity prior to migration

‍I’m giving the guy the benefit of the doubt. Unfortunately the ‘community’ he attracted did not do the same.

Mob pitchfork mentality at it’s finest