Yes, we’re back. Hope you didn’t miss us too much. The newsletter suffered a rude interruption, from some harsh life events which took our eye off the ball. It’s all done now and we’re back, better than ever.
So, What’s Been Happening?
Two weeks is a lifetime in DeFi, especially in the current bear market, where project values have been dropping like swatted flies. The DeFiance portfolio has seen some changes, with an old favourite crashing out and a new entrant creeping in, under dubious circumstances.
But the display table has had a design makeover and we’re still in profit. Yayy!
In the wider crypto world, the market-leading coins saw a slight recovery in the last week, with BNB, which underpins a lot of the portfolio’s plays, staggering up to $244 before falling back to around $220.
Have faith, my friends, things will get better.
(If Gmail cuts off half this email, please click on the title and view the rest online - Thanks.)
Portfolio Update
Performance notes*
My Diamond Team - Dead!
The big news this week, is the death of MDT. Following the recent restrictions on withdrawals, most investors saw the writing on the wall and began to take as much profit as they could. A few days ago a pop-up appeared on the site warning that the contract would soon run down to zero and no more withdrawals would be possible.
DeFiance did make ROI in BNB, but not in dollars as the price of BNB had fallen so much since we first invested. Close, but no Romeo y Julieta.
So, Rest in Peace, MDT you were good fun while you lasted and we expect to see good things from this dev team in future. They have always been transparent and run their projects with integrity. Don’t forget they are also responsible for Piston Token which is still rolling, even though the price is in the pits.
Titano - No change.
Not much to say about Titano. The token price remains at around a third of a cent, miles away from its ATH of 20 cents, and there’s only a quarter of the liquidity left, but it has rallied a little in recent days. If the crypto winter continues too long, Titano is likely to die, but if it can hang on till happier times, it may have a future.
STAKE Protocol
After a promising start, STAKE looks to be going the way of all miners. The price reached nearly $14 a few days after launch but has dropped 75% since then and the TVL has halved. At this rate, it’ll be drained in a month and we’ll be nowhere near ROI.
A classic example of failing to follow our own advice, rushing in at launch and not waiting till the dust settles (see Rule 3 below).
If this makes a profit, we’ll eat a hat!
SAFUU - New Shoots?
Evidently, I’ve not been following the team’s activities as closely as I should, because it seems they have been busy getting the word out. SAFUU has managed to buck the general trend and, not only attract new money to the contract but also engineer a 110% plus price rise in the past two weeks.
DeFiance is actually in profit on this one, for the first time since early May. We’ll do a deeper dive next week, to find out what’s going on.
Baked Beans
The Bean farm continues to die but, it also continues to pay out. DeFiance is taking the view that we’ll squeeze it till the bean juice stops flowing. Over $2,000 return on a $145 investment is pretty good, I’d say. A classic example of getting into a miner at the right time.
BNB Miner
We’ve seen a few good recommendations for BNB Miner over the last couple of weeks and have been wavering about investing. It claims to be the longest-running miner, dating back over a year, still paying out and with a growing TVL.
Longevity is always a positive and 3% per day is a nice return, so we finally made the decision to drop in our customary $100, to give it a whirl.
As if the DeFi Gods were waiting to give us a slap, within two days, the rising contract turned around and started declining for the first time since launch, allegedly. So, it looks like we’ve made another bad decision.
Will this be another loser or have we just hit a temporary blip? We’ll keep you posted.
Roster of the Dead
So, this week we have another casualty to add to the pile of corpses that make up our failed investments list - PinkApple, Baked Cats, BPAY, COTPS, COSMIK and now My Diamond Team.
Featured Contracts - Drip and DRIP Garden
If you’re a DRIP or Garden investor, you’ll be more than familiar with the staggering frustration of investing in a Forex Shark project. Endless promises and almost zero action. Parts of Animal Farm have been paused for over 4 months and despite various teasing announcements, we still don’t have a date for the full reinstatement. The same goes for all the other utilities allegedly being built and queued for launch.
Fortunately, DeFiance has such a small bag invested in AF, it’s not worth listing it on the table. But investors with serious funds tied up must be crying with frustration at the lack of returns.
The lack of action from the devs is a major contributor to the depressed price of DRIP and subsequently the DRIP Garden. On top of that, the general state of the market hasn’t helped, but the whole point of building the Garden, the Farm and Piggy Bank was to make DRIP into a self-sustaining infrastructure and right now, half of it is in the repair shop, with no end in sight.
We still believe that DRIP has a future, but there’s no denying the brand has been damaged. At $6 to $7, there’s no point in claiming DRIP, so we continue to compound, every other day, in the hope that Forex will deliver something, anything, before Hell freezes over.
Next Week
We’ll figure out why SAFUU is growing, while everything else is going down the pan, and take a guess at whether BNB Miner can deliver us ROI.
Till then, thanks for reading.
* some links are my referral links - but you don’t have to use them
My DeFi Rules
Only invest ‘don’t matter dollars’.
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 more money at the winners, cash out what you can from the losers.
Enjoy.