Let's make it simple - LP tokens are just like any other yield-bearing token and refracting those is on the roadmap for the Prism Protocol.
Why would I want to refract them at all? I am glad you asked!
/2
Why would I want to refract them at all? I am glad you asked!
/2
I can think of a few reasons we do LP:
(1) High yield / incentives
(2) We are bullish on a couple of tokens and want higher APR than single-asset staking
(3) Continuous cashflow
(4) Farming event ($APOLLO, $HALO, etc.)
There's possibly some more, but that's not the point
/3
(1) High yield / incentives
(2) We are bullish on a couple of tokens and want higher APR than single-asset staking
(3) Continuous cashflow
(4) Farming event ($APOLLO, $HALO, etc.)
There's possibly some more, but that's not the point
/3
Point is - @prism_protocol will allow us to get more out of any of the above, and some extra on top.
Let's take a closer look at it.
/4
Let's take a closer look at it.
/4
(1) High yield / incentives
Name of the game:
"Dual incentives"
(courtesy of @astroport_fi)
E.g.
Deposit $ANC - $UST LP to Astroport.
Split it into yLP and pLP and stake them with Prism
Get standard LP rewards, extra $ASTRO and possibly $PRISM incentives on top.
/5
Name of the game:
"Dual incentives"
(courtesy of @astroport_fi)
E.g.
Deposit $ANC - $UST LP to Astroport.
Split it into yLP and pLP and stake them with Prism
Get standard LP rewards, extra $ASTRO and possibly $PRISM incentives on top.
/5
The above actually covers (2) just as well.
$LUNA - $OSMO LP bridged through IBC and sprinkled with $PRISM? Why not!
$nLUNA - $PSI?
$LunaX - $LUNA?
You name another one!
/6
$LUNA - $OSMO LP bridged through IBC and sprinkled with $PRISM? Why not!
$nLUNA - $PSI?
$LunaX - $LUNA?
You name another one!
/6
(3) Continuous cashflow
I have recently found myself with lack of free $UST to invest into new opportunities. Part of the problem is me not having LPs with yield to sell (not blaming you, @ApolloDAO, I loved the CFE).
Then again, if I want cashflow, why not have more of it?
/7
I have recently found myself with lack of free $UST to invest into new opportunities. Part of the problem is me not having LPs with yield to sell (not blaming you, @ApolloDAO, I loved the CFE).
Then again, if I want cashflow, why not have more of it?
/7
I could sell pLP tokens and get more yLP tokens. Standard leverage on yield. With crazy APRs that might be a small leverage (as yLP price would be close to LP price).
But... in some other cases the leverage might be significant:
$bLUNA - $LUNA
$LunaX - $LUNA
$mETH - $bETH
/8
But... in some other cases the leverage might be significant:
$bLUNA - $LUNA
$LunaX - $LUNA
$mETH - $bETH
/8
(4) Farming event
The awesomeness of this has fully dawned on me just a couple of days ago. Here is what happened:
/9
The awesomeness of this has fully dawned on me just a couple of days ago. Here is what happened:
/9
I participate in $HALO farming with @ApolloDAO which will continue until 18 Dec 2021.
I plan on moving LPs to benefit from @astroport_fi lockdrop and get some $ASTRO.
With original lockdrop timing, I would have had to move on 10 Dec 2021 and lose 7 days of $HALO farming.
/10
I plan on moving LPs to benefit from @astroport_fi lockdrop and get some $ASTRO.
With original lockdrop timing, I would have had to move on 10 Dec 2021 and lose 7 days of $HALO farming.
/10
With postponed lockdrop I won't lose it either, but... with Prism Protocol I won't ever have to lose it.
@ApolloDAO and @astroport_fi are after different things.
Apollo wants the yield.
Astroport wants the liquidity.
Prism can split one from another.
/11
@ApolloDAO and @astroport_fi are after different things.
Apollo wants the yield.
Astroport wants the liquidity.
Prism can split one from another.
/11
Once @ApolloDAO starts accepting yLP tokens, noone will want to provide full LP tokens.
Similarly, @astroport_fi could go after the "yield-stripped" pLP tokens and let us do other things with the yield.
Lockdrop and farming at the same time FTW.
/12
Similarly, @astroport_fi could go after the "yield-stripped" pLP tokens and let us do other things with the yield.
Lockdrop and farming at the same time FTW.
/12
Did you like the thread? Then hit that like button and RT the first tweet!
Next up:
S02E06 - @ApolloDAO and @SpecProtocol auto-compounding
Full list of episodes in the usual place:
/13-end
Next up:
S02E06 - @ApolloDAO and @SpecProtocol auto-compounding
Full list of episodes in the usual place:
https://twitter.com/AgilePatryk/status/1448951059402137611
/13-end
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