Turn your stories into NFTs

0 Following     0 Follower

The Tomb Fork Saga : Chapter 15

5 epochs into Platinum Finance

As you know, le zèbre went testing Platinum Finance yesterday. A bit more than 24 hours after, here is where he stands.

Farming my SPLAT-FTM LP tokens

I finally resorted to play in the first room of the Platinum casino. (see 2omb over the peg … and rising for my metaphor of Tomb Forks as two room casinos).

After 5 epochs (an epoch lasts 6 hours, so in a day, you have 4 epochs), my rewards for staking SPLAT-FTM tokens weren’t that bad:

I have earned 0.0633 SPLAT (the Share token of Platinum Finance). That’s about 10 FTM worth.

How about the Board Room where you stake SPLAT:

The reward is 1.3 PLAT. That’s around 6 FTM.

Remember that I put 50 FTM in the boardroom (reward = 6), and 100 FTM in the farm (50 FTM worth of SPLAT, and 50 FTM, which I provided as liquidity to the LP). That makes a daily reward of 10% by staking LPs, and 12% by staking SPLATS. My initial strategy wins … hey, but wait … I still need to factor in the appreciation of my SPLAT-FTM LP tokens.

Liquidity Pool tokens accumulate the trading fees in the pool. When you withdraw your LP tokens, you get more back of what you provided (if we don’t suffer impermanent loss) … so I should also factor that in, but I cannot, because I was dumb enough not to take a screenshot of the Platinum Finance homepage, where you can see the value of the LP tokens:

But the sad thing is also that in a day, SPLAT has fallen to 188 FTM … from 270 FTM: a 30% price drop.

To sum this up: I’ve got a 12% reward on my capital, but the capital has lost 30% in value … mmm … not that good.

For the moment, we are clearly not in the situation that happened on 2omb Finance during 2omb over the peg … and rising.

We’ll see where we are at tomorrow …

PS: just the time for me to write this article, SPLAT has risen to 208 FTM …

… in the next episode, le zèbre is running an experiment by investing the same amount of FTM in 5 different tomb forks. Read all the details in Tomb Forks: the race is on.

Comments & reactions are currently disabled.
They will return soon in the shape of NFTs. Stay tuned!

⏪ Previous Story

0xedB0...3484 avatar

Leaving 2omb for Platinum

Sorry all, it’s been a few days since Le Zèbre has kept you up to date with his investigations … the thing ...
by 0xedB0...3484

⏩ Next Story

0xedB0...3484 avatar

Tomb Forks: the race is on

Le Zèbre finally leaves Platinum finance, to launch a new experiment.
by 0xedB0...3484