Issue #1 
July 2020

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WE PROVISION THIS HOLY GOSPEL WITH BASED LIQUIDITY

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Get Bonded.

For supple & sexy shares, deposit ETH to our Bondage Curve contract.

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The price of the shares increases proportional to the amount of ETH the contract is holding.

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Bonding curve ethereum
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Was Nick Szabo just trolling everyone? Did he keep continually retweeting "offensive" and "racist" tweets after so much public backlash so he would get canceled?

Rid your feed of ETH SJWs with just a few simple steps?

Is cancel-baiting the ultimate modern pleasure?

A post internet cleansing?

A limit experience?

Getting canceled is like getting chewed up and spit out by modernity to then be healed by nature after a hard abutment into the meatspace to deal with your "problematic" and often times misunderstood personality. Due to the almost unquantifiable loss of social capital from a cancelation event, self induced cancelations are one of the most costly and outlandish modern luxuries for the post-internet age. Ten years ago people would go on an ayahuasca retreat- today, they just get canceled.

Reading Nick Szabo in Cambodia with a Negroni - don't cancel me please!

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by Anonymous

USDT is the reserve currency of DeFi, not ETH. The network effects go where the USDT flows.
Coin Market Cap is dead, long live Coin Gecko!
Coin Gecko is the place to get the most accurate and up-to-date data on your shitcoins. CMC died when they sold out to Binance and added a trollbox for data collection.
The DeFi space is a global casino for autistic traders and degen crypto whales.
Accelerating the demise of ETH via DeFi

"The candle that burns twice as bright burns half as long" - Lao Tzu

DeFi is Landian hypercapital in praxis in the sandbox of Ethereum.

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Yield farming is the accelerationist narrative for Ethereum.

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It's demise is hastened with DeFi adoption.

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EIP 1559 languishes and there is no plan for how scaling DeFi on ETH is possible without breaking composability.

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Meanwhile, childking V tries to grasp for control back of the narrative but is failing miserably, telling the peasants they can't farm their land, creating a fissure in Ethereum between its creators and maintainers and its users and adopters. DeFi Karen is calling his manager.

Is yield farming a psy-op to get us to spend $50/day on gas?

 

A slow war of attrition against ETH holders infected with the farming meme?

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Yield Farming for Polkaheads

It all started when Synthetix implemented an SNX reward for LPs providing liquidity to sETH/ETH pool on Uniswap last year. Synthetix is a DeFi protocol on ETH that lets users issue synthetic digital assets (e.g., mint sETH to short real ETH) and, in the future, synthetic meme stonks, backed by SNX tokens at a high collateralization ratio. The term rose to popularity and became popular in DeFi culture with Degen Spartan's, a popular defi commenter on twitter, tweets about farming his SNX yield. Degen Spartan actually came up with the idea to reimplement this discarded incentive plan for the sUSD/ETH Uniswap pool to the sETH/ETH pool and Bojan Kiculovic created the pool. This also changed the paradigm of the project/investor/user dialogue with the users and investors having direct impact on the direction and liquidity bootstrapping incentives of a project.

Even then, farming yield - digital agriculture - was still a niche term within the deep early DeFi community until Compound began offering it's COMP rewards token as a rebate program to borrowers on it's platform. When COMP launched, the COMP ("cash back") rewards were worth more than the cost to borrow, so many people were incentivized to borrow from Compound to farm COMP and to set up COMP Farms. The increased demand for loans increases how much lenders can make lending their capital.

Gaming the System to Fix It
"Hello Plebs, I print tokens out of thin air"

If none of you Polkaheads understood this meme when I posted it in Polkadot Trollbox, earlier this week, Sam Bankman-Fried, the genius trader and founder of Alameda Research and FTX exchange, found a way to game BAL distribution to get awarded more than 50% of last week's rewards. Balancer uses Coin Gecko to calculate liquidity in pools; big players like FTX can create erc20 assets that appear in CG and set the price. FTX used nearly $100mm of derivitives tokens $USDTHEDGE and $USDTBEAR that they control and set the price of to reap BAL rewards. What followed was a "messy governance by discord channel" where one BAL whale rage quit and market dumped his BAL position in protest and Sam even showed up for the discussion. In some ways, we need these types of exploits to point out the weak points of these new experimental systems. What is especially clear is that a good governance solution is needed for the these types of farming rewards and DeFi sub-networks (on chain governance anyone?). It will be interesting to see how Polkadot's on chain governance improves these governance decisions.

Will there be farming in the Polkadot ecosystem?

Since Polkadot is Proof of Stake unlike ETH 1.x, there will already be a push to lock up capital for DOTs staking rewards. But, farming for shitcoins might also be a thing but it may look a bit different in the Polkadot ecosystem. First off, one must lock up Dots for a parachain - I can foresee a future where Dots holders agree to lock up their Dots for a parachain in exchange for interest payments in the parachain's native tokens - farming for parachain tokens using Dots. I think farming on Polkadot will be similar to the Edgeware lockdrop, where people locked up their ETH for a certain amount of time to receive EDG tokens, much the same way that Thorchain RUNE rewards you for locking your money in the RUNE vault and not spending it, except with Dots being locked up. Every ecosystem can be farmed, and on a farm, everyone works. Every token sitting around not doing anything should be put to work!

by Tamara Frankel

So you Polkaheads want to know wtf is going on in ETH boys' world?
What is Farming? Is it a scam?

REN CURVE BAL COMP AMPL SOL mStable - WTF are you ETH Heads talking about!?!?

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$50/day in gas?!?! Are you ETH Heads crazy?

MAYBE...

by Tamara Frankel

So you Polkaheads want to know wtf is going on in ETH boys' world?
What is Farming? Is it a scam?

REN CURVE BAL COMP AMPL SOL mStable - WTF are you ETH Heads talking about!?!?

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$50/day in gas?!?! Are you ETH Heads crazy?

MAYBE...

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Who is at the top of the femdom pyramid?
ETH boys and DeFi degens femdom'd into farming yield by ETH memes and COMP fomo.
ETH network femdom'd by DeFi and yield farmers.
Maker femdom'd by Compound.
ETH grabs back!
Farmers femdom'd by ETH gas fees.
Another day on the Yield Farm.
Don't you want to come simp COMP's BBC too?
What are you farming for?
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Yield farming is all the rage these days  -

"plant" some tokens, add a bit of water, kick back relax and "harvest" your crops when they are ready.

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This recent hype of yield farming was kicked off by COMP mainly because (1) the yields were mind-blowingly amazing, and (2) you can earn those crazy yields even while using a fuckton of capital. Triple digit APY using 7-8 figures balances without gettting throttled? Pass me the hoe, bitch. IT'S TIME TO FARM.

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But before you get too excited about bringing your hoe out into the fields and start ploughing hard, it is worth it to consider, "where does all this value come from?".

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The value has to come from somewhere.

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If you remember shitcoin masternodes from an era long ago, you'd remember that you can get 235,908% annual returns just from building and maintaining one. You'd send those trash straight to Cryptopia and blast down through the order books. Who gave a shit? It's free money anyway!

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Well why was that so? Answer: the value of the masternode's ROI came only from inflation. All non-masternode holders were being inflated away like crazy to subsidizer those masternodes in the network. 

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Fast forward now to mid 2020.

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The magic innovation of COMP is that the value of it does not come from meaningless inflation. It instead actually comes from the expectation that thte coins will be worth something in the future.

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But why didn't masternode coins also have this expectation? Simple. Almost all masternode coins were just copy past nonsense with no impactful innovation.

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Compound on the other hand, has a protocol that has had no major hacks, invested by prominent funds (a`16z, Paradigm, Polychain, etc) is actually used quite widely throughout the DeFi ecosystem and has a very straightforward business model - matching lenders and borrowers.

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These COMP tokens being given out to yield farmers are actually the net present value of the potential of what these tokens might be worth in the future, and there is an actual product and serious money backing that idea. And that is what gives it value. The hope that one day future rent extraction will be voted into the tokens and everyone can retire rich, being fractional owners of the world's most decentralized lending and borrowing platform.

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But I am not here today to shill you COMP. Instead, I have something else on my mind...

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Synthetix (SNX) is actually the OG in yield farming. They launched their liquidity incentives mid 2019 and are currently running 6 different incentive programmes!

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So you can stake their token (SNX) and mint some of their child token (sUSD, a stablecoin) and use that stablecointo partixipate in their incentive programmes to earn even more tokens.

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Hate the idea? Hate the project? This it's stupid? Dump the tokens later. It's your perogative. You are getting paid to provuide liquidity, what you do with your reward after that is up to you.

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But look at their latest liquidity incentive. A triple liquidity pool using Curve that has renBTC wBTC and sBTC, that will reward yield farmers with Curve LP fees, CRV governance tokens, REN incentives, SNX incentives, and BAL governance tokens. 5 types of yield packed in 1 single strategy!

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Just like the example of COMP, the SNX tokens that yield farmers receive are projected to be worth something in the future since it's a share of a project, which actually exists, has users, and is continually pushing updates. So it is not just mindless inflation.

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I haven't even started on the actual fundamentals and TAM of the project yet, but of course I'm bullish and biased, so probably best not to hear that from.

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My shill today is to check out the different SNX liquidity incentives and perhaps pick one that suits your fancy (retains your long exposure, easy hedged, etc) and slowly see if you like the experience so far. You might be surprised when you find out what the project is actually doing and how lose they are to acheiving that.

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Have a good day, farmers.