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Now in the era of farming in DeFi, whether it is digging for sushi, cucumbers, pearls, etc., these are all derived from digging sweet potatoes (YAM), which can be described as the originator of farming.
Sweet potato (YAM), 36 hours of madness is what happened last month, but it feels that a long time has passed. After all, the farming era has iterated a lot of food. At 4 am today, the revised and audited sweet potato (YAM) restarted farming.
Expect the sweet potato to make something different.
The originator of farming, YAM farms again
YAM is farming again. This time there is only one pool for farming. Use the YAM/yUSD token pool on Uniswap v2 to mine YAM.
The Uniswap LP pool of YAM/yUSD will reward a total of approximately 92,500 YAM tokens in the first week, a decrease of 10% every week. The mining pool will be opened at 8 PM UTC on September 19th.
The liquidity of YAMV3 on Uniswap reached 15.82 million U.S. dollars, and the price of YAMV3 fluctuated greatly. After YAMV3 started mining, the price also plunged.
The current price of YAMV3 has fallen back to $29. There are currently 520,000 YAMV3 in the YAM/yUSD pool.
If these 520,000 pieces are all mined, what is the mining revenue? The daily return rate of mining in the first week is: (9.25/7)/(52.4*2)*100%=1.26%.
The mining revenue is average.
The first rebase time of YAMV3 is 8PM UTC on September 21, which is 4 am on September 22, Beijing time.
Arbitrage between YAMV2 and YAMV3
What should I do if I am worried about the impermanence loss of YAMV3 when mining? Here is a small arbitrage method.
The migration ratio from YAMv2 to YAMv3 is 1:1, 50% of which can be redeemed immediately, and the other 50% can be continuously redeemed within 30 days.
This leads to a price difference between YAMV2 and YAMV3. For example, at the time of writing, the price of YAMV3 was US$29.5 and the price of YAMV2 was US$25.9, a difference of 13.8%.
If you plan to hold YAMV3 for a long time, but don’t want to mine to suffer impermanence losses, here is an arbitrage method to increase the total amount of YAMV3 in your hand.
Arbitrage method between YAM V2 and YAMV3:
1. Change yamv3 on uniswap from yamv3-yusd pool to yusd, and then yusd to eth;
2. Go to sushiswap and change eth to yamv2 (yam has a good depth on sushi);
3. Go to the yam.finance website and migrate yamv2 to yamV3;
4. Repeat the above steps
Every arbitrage may have a profit margin of more than 10%. What are the disadvantages of this arbitrage method? After repeated arbitrage, the total amount of YAMV3 you hold has increased, but the flow of YAMV3 in your hand has decreased. Most YAMV3 locks require 30 antenna releases.
The above methods are for reference only, not as operational suggestions. You can decide whether to adopt them according to your own situation.
Difference between YAM and AMPL
YAM is a fork of AMPL, combined with YFI’s non-pre-mining liquidity mining distribution mechanism. It is not only a flexible stablecoin, but also a community-based stablecoin. Its future is governed by the participation of the community, which determines that its future development will show different characteristics from AMPL.
YAM and AMPL are both rebase mechanisms. What is the difference between the two? Here are three points.
1. On rebase, AMPL is adjusted every 24 hours, and YAM is adjusted every 12 hours.
2. Treasury, AMPL has no treasury. YAM has established the idea of a treasury, using 10% positive rebase as a treasury reserve.
3. In terms of governance, AMPL deliberately minimizes governance. YAM intends to maximize governance.
The YAM team members said that YAM can be regarded as the governance maximization version of “sufficient AMPL plus a vault.”
Finally, AMPL is engaged in E-AMM and has passed the audit, then this E-AMM is also applicable to YAM, a flexible currency. Both AMPL and YAM are flexible currencies and go in different directions. But in the early days, will they link up? For example, if AMPL rose sharply, YAM rose sharply, or the two reversed. This is worth paying attention to.