Very solid month, crypto market has mostly recovered nicely from the Omicron variant dip last week. I’m feeling quite bullish on ETH right now, it seems to have really strong momentum due to the L2 scaling narrative starting to play out (e.g. StarkWare alpha released this week).
I have an overall negative net cash position now for the first time ever. My reasoning for this is: Why would I keep spare fiat in the bank earning 1% when I can earn 20%+ on stablecoins?
In reality of course I still have cash in the bank to operate my business and regular spend, it’s just offset by the business tax liability owed in FY22.
Overall plan is to keep playing around in DeFi, gradually scaling down profits back into stables.
5 thoughts on “Nov 2021 Net Worth $5,540,828 (+$550,537)”
I have been following you for a long time and great to see the progress you have made. I have tried some of the crypto yield farming last couple of days and seems the yield has gone down drastically on most of the platforms, I have only used BNC and Poligon on AAVE/Beefy Finance/Curve.
Do you still find good yields or the best days are already passed for the farming.
Hey mate, thanks for the kind words.
Yeah the market seems to be in a bit of a downtrend atm, so demand for stablecoins have decreased (and therefore yield %). However even right now, I can see you can still get over 20% APR on various USD stable pools on Convex (e.g. the MIM and UST pools). Alternatively for a fixed rate, you can always get a consistent 19.5% APR on UST at Anchor Protocol (Terra/Luna).
Most of my farming these days is being done on Ethereum mainnet, which I understand for most is not really an option due to the high gas fees. But some of my largest LP positions currently are:
1. TOKE/ETH (156% APR)
2. SPELL/ETH (103% APR)
3. DPX/ETH (100% APR)
4. CVXcrv single sided (62% APR)
5. BNT single sinded (53% APR)
I also have a bunch of USD in some Convex stable pools @ ~22%.
I don’t farm at all on BSC and Polygon personally. But for lower fee chains I usually recommend people to check out farming on Terra (LUNA) and Solana. Avalanche and Fantom are decent options too.
E.g. Nexus Protocol for Terra, Orca or Francium for Solana, Trader Joe for Avalanche.
I also dabble in some OHM and OHM forks (TIME and KLIMA). But these are extremely risky/speculative, I wouldn’t recommend more than 0.5% – 1% of your portfolio in these.
This is great, I will check some of those suggestions, I agree on the ETH, it is hard to work with small amounts and that much gas fees.
Looking forward for the next month update.
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Quick one, what crypto exchange/s you use to purchase the tokens, I have been using Swyftx, but finding it does not gives the flexibility to move stable coins, USDC/USDT to move to BSC or other chains, I am kind of forced to transfer through ETH to Metamask,
Is this common?, Not sure whether other exchanges are the same
I mainly use (and recommend) FTX. If there’s a token I want that’s not on FTX, then I’ll use Binance.
But most of the stuff I trade these days are only on DEXes anyway.