The Defiance portolio suffered a triple slap this week when Cosmik closed down and Baked Cats double rugged us.
On top of that, the crypto ice-age tightened its grip with further falls across the board. BTC is in the low twenties. ETH just managed to bounce back from the $1,000 mark and BNB crashed through $200 for a short while today.
But the DeFiance portfolio soldiers on with hope in its heart, battered but undefeated. And in my usual spirit of blind optimism, I’ve even introduced a new gamble, called Stake. More details below.
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Portfolio Update
Performance notes*
What a disappointing turnaround! In the last dispatch I was frothing with excitement because the overall portfolio had achieved ROI for the first time. This week, the big red minus number in the Failed Investments row has more than doubled.
Last week it was minus $450, now it’s minus nearly a grand! So I’m halfway back down the ROI mountain again, pushing that stone back uphill.
My Diamond Team
MDT is entering choppy waters. The TVL continues to fall (remember last week, I realised I’d been tracking entirely the wrong figure?). So to shore up the contract, the devs have introduced some changes.
If you’ve managed to ROI on MDT, which I have, then your claiming and compounding has been limited. Unless you deposit some more new funds, you now have to compound for three days before you can claim again.
Also, everyone, not just the ROI’ers, can’t just sit and watch their unwithdrawn earnings mount up, before cashing out a big wodge. Now, you have to claim or compound within 48 hours, or your earnings will cap out.
Hopefully, these limits will help to keep the fiery fellow burning as little longer
Titano, SAFUU and Piston
All three are looking shaky. Titano will probably be the first to go, with the least liquidity.
SAFUU might have a chance as it has the most liquidity of the three, a strong community, and an active team doing their best to keep things going with marketing, competitions and regular burn events.
I’m not sure Piston can weather the storm. It has nothing going on except itself. There’s a lottery planned at the end of the month, and other utilities planned later in the year, but will we ever see them? My guess would be, not.
DRIP Garden
I tried dropping a little money back into the Garden, and compounded for six days, to see if I could liven up my returns. It bought me a lot of plants, I’m up to 10,000 now but it made no discernible difference to the payout, because the seed value is still falling faster than the return rate. There was a brief rally when someone bought $60k of DRIP and Forex made an upbeat announcement about finishing the updates to Animal Farm, but the euphoria didn’t last.
Cosmik Finance
This one just gave up the ghost. No announcements, no rug, no hack, no nothing. They simply pulled the site down and sloped away in the middle of the night.
This wasn’t a disaster as such, since the tokens never left our wallets. So, we were able to sell them for what little they were worth. In my case I got $26, having invested the princely sum of $98 at the beginning of May. A loss of $72.
Baked Cats and BPAY
Many of you will know that the dumb devs at Baked Cats have rugged us, and seemingly they’ve rugged themselves.
First, they relaunched their new BPAY reflection token, which raised no more than $40k. Then within 24 hours, they drained the liquidity with no warning. Not the world’s most lucrative scam, it must be said, but maybe their parents wanted the loan back.
I lost $200 on that one.
While we were distracted by that sad spectacle, they quietly disabled Baked Cats. Suddenly we couldn’t claim or compound, and a day later the site disappeared altogether.
I’m down $243 on that one.
The mystery is why they did it. Sure, BC was running dry, like all these miners do, but it was still paying out. We could have continued drawing and some of us might have made ROI. Instead, we didn’t get the chance and something like 200k BUSD is locked up in the contract, where not even the devs can get at it. What’s the point of that?
Roster of the Dead
So the list of casualties gets longer. We add the fresh corpses of BPAY, Baked Cats and Cosmik to the rotting pile that is PinkApple and COTPS. RIP all.
Featured Contract - Stake Protocol
In the endless search for new contracts to jazz up the portfolio, we introduce a new kid this week. Namely the STAKE Protocol.
I can only describe STAKE as a mash-up between Titano and DRIP. Like DRIP it has a Faucet, which allegedly pays 1% per day, but on top of that it has a rebase algorithm that produces a further 2% a day.
It’s too early to tell whether those returns are real, but my numbers so far seem to show a bit more than that. I’ll let you know next week.
It’s not yet clear to me, how the rebase side of things is actually funded. Possibly with fairy-dust. The docs are a little opaque on that subject, but I’ll be taking a closer look to try and get to the bottom of that question.
They claim to have discovered the long-lost secret of sustainability with something that bears the appalling name of the Net Elastic Rebase Depletion protocol. AKA, NERD. I kid you not!
NERD is a needlessly fancy way of saying that if you don’t compound more than you claim, you’ll get a diminishing rate of return. Not exactly ground-breaking, then. But it does have a meter, so it must be scientific.
Here it is. As you can see, I am 100% NERD, but I’m not sure if that’s a good thing.
However, STAKE does have a couple of good things going for it:
there’s $500k in the contract and it’s still rising.
the price is acting weird. It’s going up, even in this bear market. Look!
I bought in at $10.86 and three days later we’re at $13.43. Who else can say that?
Maybe fairies are real?
Next Week
I’m looking at ways to improve the portfolio table, so look out for a redesign next week. Plus a possible new addition to the investments in the form of a trading platform.
Till then, thanks for reading.
* some links are my referral links - but you don’t have to use them
My DeFi Rules
Only invest someone else’s money.
DYOR, ask around, check Telegram and Discord, read the WP.
Don’t invest at launch, wait till the dust settles, unless you’re a bot.
Be wary of tottering TVLs and plummeting prices.
Get to ROI as soon as possible, enjoy the profits thereafter.
Throw some more at the winners, cash out what you can from the losers.
Have fun.