The End of the Beginning?
Good vibes in CryptoLand. Everything’s looking up again! BNB, my favourite bellwether, has floated gently upwards to a healthy $271, which is the highest it’s been in a month. BTC and ETH experienced similar rises.
I suspect that Ethereum’s prediction of a September date for the long-awaited switch to proof of stake was one of the main feel-good factors. Seems like if Ethereum is doing well, so is everyone else, all of a sudden.
Here’s my prediction. I believe we’re on course for a bullish summer. Cryptonauts have decided that they don’t give a toss about war, interest rates, regulation or recession. They just want to make money and they’re apeing in. Despite the gloomy predictions from some quarters of a 12-month crypto winter, the market has decided it just doesn’t want to wait.
But what do I know? I’m just a cheap-ass degen with a tiny portfolio and a gambler’s mindset. So, don’t take my word for it.
Fastest Rug in the West
Overall the DeFiance portfolio slipped a little in the last few days. It’s a shame that My Diamond Team didn’t last long enough to benefit from the rise in BNB. We couold have creamed a good few dollars there.
Also, this week saw a rug pull that happened so fast, the contract never even made it onto the DeFiance portfolio grid. In the middle of last week, on a whim, I threw the customary $110 or so into a miner called BNB2X which was touting a daily return of 6.66%. I figured, I’d only need two or three weeks of that to get into profit.
True to its word, it delivered that fat return for three days and then vanished in a puff of smoke, along with the 600-odd BNB sitting in the vault.
Another addition to the growing list of failed investments.
Portfolio Update
Performance notes*
Titano - No change.
Meh!! Nothing to report.
STAKE Protocol - A Temporary Respite
STAKE has stabilised this week, with a small rally in price and a halt to the fall in TVL. It is still producing the promised 1% plus 2% rebase rewards per day, but on a much diminished token value.
The biggest issue is there’s no new money coming in, so despite the hiatus, I suspect it is still headed South.
Like we said last week, if this makes a profit, we’ll eat a hat!
SAFUU - New Shoots?
We hadn’t had time, last week, to figure out why SAFUU was having a resurgence, so we’ve been trying to catch up on the latest developments.
The wonderfully named Bryan Legend and his team have pre-announced the launch date for SaFuuX, billed as the ‘world’s first Auto Rebasing, Auto Compounding & Auto Staking Blockchain’, which is a pretty ambitious concept.
Current SaFuu holders will be able to swap their SaFuu tokens for SaFuuX, in October, for an 81% bonus allocation, provided we hodl till then.
This bullish announcement has bolstered the price and accelerated the TVL, so we’re expecting a strong ride over the next couple of months. More details next week.
Baked Beans
We’re still squeezing the juice from Baked Beans and the rise of BNB means we get a slightly tastier return every time. We’re likely to have profited by nearly $2.5k by the time the pot runs dry, so BB remains our most lucrative investment to date.
BNB Miner
Seems we caught this one on the wrong side of the curve. The much-touted rising contract isn’t rising any more and although it’s been running for an inordinately long time for a miner, we can’t see any way but down from now on.
It might be possible to get our money back if we start drawing now, although the contract supposedly reduces your returns if you claim daily. We’ll see.
DRIP Garden
We’ve settled into a 5 or 6 day compound/1 or 2 day claim pattern for DRIP Garden. After Baked Beans, it is our second most profitable contract to date.
There was a hope that it would rally when Animal Farm was fully reinstated, but that hasn’t happened yet and even when it does, we have our doubts about a joyous recovery. It feels like too much damage has been done.
We’ve got 25,000 plants in the garden, but the underlying prices are so low, coupled with the designed-in fall in seed value, it’s hard to see how it’s ever going to return to its former glory.
If we can get our profits up to $2k we’ll be pleased.
Failed Investments
Although it was rugged too soon to even appear on the list, BNB2X still makes its negative impact on the Failed Investments line - another $112.50 sliced off our overall profit.
Next Week
We still haven’t fully got our heads around the proposed innovations in the SaFuu camp, but we promise to figure it all out by next week.
And we also hope to have a new investment on the list.
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.
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