Sunday, June 13, 2021

Lines of Navigation | A History of Change in a FIRE Portfolio | June 2021

No man ever steps into the same river twice.

- Heraclitus

The achievement of financial independence is often, correctly, framed as getting a few key principles and habits in place, and then repeating these consistently through time. This history of portfolio change steps beyond this valuable and instructive perspective.

This is because an exclusive focus on consistency of action conceals another fact of the journey – that constant principles and habits do not avoid change through the experience. In fact, change has been a continuous marker through the financial independence journey so far.

As the portfolio and its characteristics change, different experiences, issues and challenges emerge.

This post examines some of the major areas of change. It particularly focuses on changes since the commencement of this record in 2017, which covers the second half of the journey.

While each financial independence journey and portfolio is different, this is intended to highlight a few of the key changes I have experienced in building and managing the portfolio, for any interest and insights it offers others.

History of change in the composition of the portfolio

The most significant change – aside from the growth in the overall portfolio level – has been to the composition of the portfolio. That is, balance of actual investments held in different investment vehicles.

For most of the early part of the journey, the set of Vanguard retail funds (mainly the High Growth, Growth, Balanced funds) formed the core of the portfolio. In 2007, for example, Vanguard retail funds made up no less than 95 per cent of the total portfolio.

As the recorded journey started in January 2017, this legacy was still apparent. At this time Vanguard funds made up around 80 per cent of the portfolio, as can be seen below.

[Chart]

Some small gold, Bitcoin, and peer-to-peer lending had been added to the portfolio by 2017. Yet these were minor elements compared to the legacy retail funds that also received regular new investments.

The equivalent chart of the composition of the portfolio today is below.

[Chart]

The most significant changes since 2017 have been:

  • New investments in exchange traded funds – with these now constituting around 31 per cent of total portfolio assets after the first equity exchange traded fund purchases in July 2017, and switching to them as the main tools for new investments from May 2018.

  • The shrinking role of the Vanguard High Growth retail fund in the portfolio – with this falling from 59 per cent of the total portfolio in January 2017 to around 33 per cent today. While still important, this fund is now increasingly just a contributor to the portfolio, rather than its mainstay.

  • The growth of Bitcoin – to a position where it currently makes up around 20 per cent of the portfolio by value, having in some months reached as high as 31 per cent of portfolio.

While the overall number of portfolio investment vehicles has grown over time, due to experimentation and use of new products, generally a few larger vehicles increasingly drive portfolio outcomes. Investments outside of these make relatively marginal contributions.

Changing distributions: from a breath to filling the sails

A second major change across the journey has been in the role and level of distributions. In large part, this arises simply from the sustained growth in the overall portfolio.

The changing level and shape of distributions on the journey

In the earliest part of the journey, distributions were a trivial, almost unnoticeable, part of the investment return.

As an example, in the year 2000, they were around $609, or approximately $50 per month. By way of illustration, this was around enough to meet a (then) expensive mobile phone plan. They arose in large part from interest in an ING cash savings account earning around 4 per cent, and small dividends from shares and a Colonial First State Global Equity fund.

The commencement of the record coincided with a step-change in the level of distributions received.

Following a relatively steady growth in the absolute level of distributions, 2017 saw a doubling over previous levels. From 2017 onwards, the level of distributions started consistently reaching the level of an additional full-time salary.

[Chart]

There is a clear exponential trend apparent in the shape of the portfolio income, aligned to the growth of the portfolio.

As an example of what this means, over 55 per cent of all portfolio distributions ever received on the journey have occurred in the 4.5 years since starting this record in 2017. This is depicted in the green bars in the chart above.

Despite this upward trend, year to year shifts in levels of distributions are also apparent. This illustrates another area of subtly changing portfolio dynamics.

Increasingly over time, relatively small variations in dividend payouts from equities – effectively flowing from decisions taken by boards and management of Australian and foreign listed companies – will have a larger impact on the level of realised portfolio distributions than any personal decisions around additional amounts invested, or re-invested.

An unfolding map: impacts of the growth in distributions

This substantial change in the level of distributions through time has had a few different effects.

First and most importantly, it has meant it has become possible to see how distributions could support a lifestyle approximating my current level of spending.

Indeed, it has become possible to conceptualise the distributions as representing a ‘wage’ from the portfolio – one which has paid around $27 per normal working hour since 2013. The chart below sets out the notional percentage of total current expenses able to be met from distributions received, on a monthly basis, over the the past 7 years.

[Chart]

Second, the portfolio distributions have become sufficiently large to make their re-investment a more consequential decision.

That is, the injection of distributions back into ETF purchases, for instance, has started to form a material part of portfolio momentum and growth. Additionally, the distributions have also become large enough to allow shifts in asset allocation to be effected through deliberate choices around directing distributions. This is in contrast to a previous simple policy of automatic re-investment.

Now, rather than automatic re-investment, larger half-yearly distributions are gradually fed into the portfolio over the subsequent six months, to support the asset allocation target. Smaller quarterly distributions in April and September are usually re-invested on a ‘when received’ basis using Selfwealth.

Third, it has necessitated a system of setting aside a portion of distributions for future tax liabilities.

The calibration of this scheme is still being refined. An allowance of 25 per cent of distributions paid is my current rule of thumb for future liabilities. Obviously a circumstance which is desirable to avoid is being forced to sell valued assets at an unfavourable time just to meet unexpected tax liabilities. So far this has been avoided.

Growth in franking credits: gradually, and then suddenly

Connected to this issue of tax liabilities is the emergence of franking credits – or essentially credits for pre-payment of personal income tax – as a significant stand-alone consideration.

Franking credits were essentially an inconsequential consideration in early parts of the journey, barely significant in their own terms, or in meeting tax liabilities.

Again, the growth of the portfolio has changed this circumstance. A further factor has been a marked shift in investments towards Australian equity ETFs over the past three years, which generate significant franking credits. This has had the result of substantially increasing the role of franking credits in meeting portfolio-related tax payments.

The figure below demonstrates that over the two previous financial years franking credits have contributed more than $8,000 to total realised portfolio returns, almost doubling the next highest value for financial year 2017-18.

[Chart]

This means that these credits alone are likely to represent an additional offset to tax liabilities equal to around 13 per cent of projected total distributions of around $60,000 for 2020-21.

From forecasts last month, the set of upcoming distributions which are due in July appear likely to continue these trends, and the separate regular portfolio income reports will continue to provide more analysis of longer-term directions in portfolio distribution levels and composition.

Assessing changes in risk and volatility in the portfolio

The portfolio’s increasing size – together with shifts in its composition – has also led to significant changes in its experienced and potential future volatility.

This is most evident in the pattern of monthly movements in portfolio value through the history of the record in the chart below.

[Chart]

This chart highlights the increased dispersion of absolute portfolio movements, positive and negative, over the past four years.

Tracing the sources of increased volatility: growth, Bitcoin and markets

The portfolio has grown in size by two and a half times in the period covered in the chart above.

Absent any other change this would naturally increase the magnitude of expected monthly fluctuations in the portfolio by the same amount. The rising level of the portfolio affecting volatility in dollar terms has of course mathematically been a factor since the earliest commencement of portfolio investments.

Due to the compounding nature of the journey, however, it has come into focus only more recently. Put simply, natural and average movements in markets can now produce higher levels of fluctuation, or ‘noise’, measured in simple dollar terms than ever before.

What has added to this, however, is the the growth in the value of Bitcoin holdings. This has mostly occurred in the last 2.5 years.

[Chart]

From making up around one per cent of the portfolio in early 2017, through price appreciation since Bitcoin currently represents around 20 per cent of the total portfolio.

Bitcoin is one of the most volatile assets that can be held, its volatility leaving other traditional investment classes in its wake. Thus as the absolute dollar value of Bitcoin holdings has appreciated (itself representing upward volatility), the relative capacity of Bitcoin to affect the overall volatility of the portfolio is also increased.

The final remaining source of volatility is the day-to-day movements of asset markets themselves. In particular, as the portfolio grows the nominal dollar value exposure to such market movements obviously increases.

Measuring volatility in the portfolio: deviations from the course

The graph below examines the rolling 12-month standard deviation of the portfolio, over the past 30 months.

It reflects all three of these factors discussed – growing portfolio size, the impact of increased Bitcoin exposure, and market movements over that time.

[Chart]

In the chart the blue line tracks the rolling average standard deviation of monthly movements in the portfolio. The red line represents the same standard deviation measure, but expressed as a percentage of the monthly portfolio value.

The way to consider these are as two measures where approximately two-thirds of the time, the experienced level of portfolio volatility is equal or less than the level indicated by the lines.

What the chart shows is that:

  • There is a clear ‘before’ and an ‘after’ March 2020 story of volatility – generally, in the lead up to the market events of March 2020 associated with COVID-19 and global lockdowns, most months saw variations in portfolio value of around $40,000 or less – or between 2 and 3 per cent of the portfolio value.

  • After March 2020 portfolio peaked – the March 2020 period saw a doubling in volatility, leading to rolling average monthly volatility of approximately $90,000, or about 5 per cent of the portfolio value.

  • On some measures volatility is slowly reducing – as equity markets have recovered and advanced, and Bitcoin has simultaneously increased in value, portfolio volatility as a percentage of the portfolio has gradually reduced, but not returned to pre-March 2020 levels.

  • Dollar volatility in the portfolio, however, has not reduced – the increase in the value of Bitcoin holdings, and sustained price volatility since October 2020, has led to volatility in nominal dollar terms continuing to generally increase, to around $120,000 per month.

In turn this may suggest that while volatility in the overall level of the portfolio might gradually reduce with more stable conditions, the portfolio is likely to continue experiencing relatively high volatility in dollar terms, simply from its larger size.

Without a radical revision to asset allocation inconsistent with the overall portfolio plan, this will remain an immutable fact.

Yet part of the journey’s learning has been an advancing sense of detachment with the specific dollar volatility of the portfolio over any short period. This is perhaps as much due to gradual exposure, and a process of acclimatisation, as any particular philosophical achievement or feat of stoicism.

A short history of change in portfolio investment fees

The fees on the earliest investment in what would become the financial independence portfolio were punishingly high, in retrospect.

My first managed fund investments with Colonial First State had management expense ratios of around 2 per cent or more. This effectively resulted in fees consuming a high proportion of long-term expected equity returns.

From March 2001, directing regular investing through Vanguard retail funds provided some relief to this situation.

These funds then operated a tiered fee structure of charging 0.9 per cent for the first invested increment of $50,000. Progressively lower fees applied to amounts over this initial threshold. Heavy investment in these funds increasingly meant that the average investment fee paid fell closer to around 0.3 per cent, from 2001 to 2017. Vanguard has since revised its retail fund fee arrangements to a flatter and more competitive structure.

From 2017, new investments increasingly were directed into exchange traded funds, with Betashare’s A200 and Vanguard’s VAS each offering the opportunity to substantially reduce fees. A200 has an expense ratio of 0.07 per cent, and VAS fees were recently lowered to 0.1 per cent.

As a result of this, the average expense ratio for the entire traditional investment portfolio has fallen to around 0.22 per cent. This falls to around 0.17 per cent if Bitcoin holdings are included.

The growth in the size of the portfolio, however, makes this relatively low expense fee a significant expense item, when taken as a whole.

At the current portfolio level, annual fees of around $4,500 are effectively deducted from investment returns, the equivalent of about $86 per week. Had the earliest managed fund fees I encountered continued to apply, it is worth noting that this would have led to annual fees of northwards of $40,000 per annum.

Observations on a history of portfolio change

As the journey has progressed, and the force of compounding has started to tell upon the portfolio, I have found that the nature of the expected and experienced journey has diverged. The history of portfolio change is in some senses a history of different, and in some cases unanticipated, questions and answers arising.

Once, the challenge was how distant and – thanks to inflation – seemingly ever receding the portfolio goal seemed. At present, at least, the portfolio changes have meant that the challenge is that the intended goal fells pressing. This poses insistent questions such as: what does the achievement of the goal mean in practical terms, and what comes next?

As time goes on, with the signal exception of Bitcoin, I find myself less interested than previously in exploring each new individual investment product or service. Taken as a whole, once a low cost diversified passive investment vehicle with an appropriate asset allocation is selected, there is little to be gained through any one new offering.

This has seen the portfolio re-concentrate around several low cost ETFs and remaining Vanguard funds. These now make up nearly 75 per cent of the portfolio by value and drive the overall equity performance of the portfolio.

The growth of distributions with the size of the portfolio has been the most tangible regular measure of progress to assert itself each quarter. This has gradually brought about changes in how ongoing reinvestment occurs, and a need to provision for material tax liabilities. So far, these changes have been gradual enough in nature to allow a trialling of different approaches, and adjustment.

The portfolio is likely to continue to change, with an emphasis on simplicity of management, and tax efficient simplification of the number of holdings over the next 3 to 5 years.

Following this period, I anticipate a largely ETF centred portfolio will be maintained. A key focus will be maximising geographic, industry, and currency-based diversification which is highly liquid, while maximising real (after tax and inflation) returns.

In the current highly uncertain geopolitical and global asset and investment environment, this has never seemed a more challenging task. After all, tomorrow is a river which has not yet been stepped in.

The post, links and full charts can be seen here.


Sending BTC from another country to Canada, taxable event? (x-post from /r/Bitcoin)

https://www.reddit.com/r/Bitcoin/comments/nz3di1/sending_btc_from_another_country_to_canada/

Curve.Finance (CRV) is massively undervalued. CRV is the SECOND largest ETH token by Total Locked Value (10B) after AAVE (12B). CRV has had a 5x TLV increase since 1/2021 and 2x growth since the May liquidation Event! Great tokenomics; high Staking APY and only $2. Massive DD w/Sources. TDLR.

https://preview.redd.it/gx7xwspd73571.png?width=584&format=png&auto=webp&s=df626ebc0ac82907dce8fedbe3974bfe562eb144

What is Curve Finance?

CRV Finance is one of the most paradoxical and innovative new DeFi protocols on the crypto market today. It launched in January 2020 with subsequent launch of a decentralized autonomous organization (DAO) in August 2002. CRV is the in-house token of the DAO. The DAO uses the Ethereum-based creation tool, Aragon, to connect multiple smart contracts used for users’ deposited liquidity.

CRV is the token of Curve Finance. It is a stable coin-only (DAI, USDT, and USDC) decentralized exchange (DEX) which (like Uniswap) uses an automated market maker (AMM) to manage liquidity.

Curve Finance has experience exponential growth since the second half of 2020 with month over month user growth. On June 12th, 2020, Coinmarketcap noted that Curve>Fi was the largest DEX in terms of TLV, exceeding both AAVE and Compound with 8.3B in locked value. Of note, LTV of the two two platforms is noted to fluctuate and rankings may change from day to day until one of these two platforms furthers it's net growth enough to pull away as the leader.

Source: https://twitter.com/CurveFinance/status/1403371959937912837?s=20

Why is CRV undervalued in regards to Market Cap to TVL ?

First, we have to understand some fundamentals regarding defi metrics. The total value locked measures the total amount of funds that are locked into a DeFi platform. On a platform that does borrowing and lending, the TVL would represent the amount of funds that users have deposited onto the platform, which other users can then borrow. TVL is also being used as a metric to measure growth. If the TVL of a platform increases it generally means more money is flowing into the platform, which shows it is growing.

Like market caps, the TVL can also be used to represent the total value locked for the entire DeFi space. On www.defipulse.com, you can view the TVL for the total DeFi space as well as individual platforms.

The market cap to TVL ratio measures the ratio of the market cap to the amount of funds locked on the platform. It can be easily found on www.coinmarketcap.com. Since the TVL can be a guide for how well the platform is doing it can be compared to the market cap to judge whether it is valued correctly. To calculate the market cap to TVL ratio simply divide the market cap by the TVL. Any value less than 1 means that a platform’s TVL is higher than their market cap. CRV has a ratio of less than 1. Specifically, their Market Cap to LVL Ratio demonstrates an ultra low ratio of .07572 as of 6/12/21.

Source: https://coinmarketcap.com/currencies/curve-dao-token/

Notable Events in CRV History:

-Launch in Jan 2020

-Launch of DAO with CRV token in Aug 2020

-Partnership with Fantom on Feburary 25th, 2021

-Coinbase listing in March 23rd of 2021.

-Partnership with Polygon to provide an L2 solution for deep stable coin liquidity on April 20

-Curve V2 went live in Paraswap on June 10th, 2021

Understanding DeFi Risks and Impermanent Losses:

Defi is at the cutting edge of blockchain technology. As with all new technology, risks are inherent and cannot be completely eliminated. Curve Finance has attempted to mitigate risk with code and platform audits to promote transparency. Audit partners noted on their website include Trail of Bits, Quantstamp, and Mix Bytes.

Bug Bounties and Frequent Audits support Protocol Security

If you have ever provided liquidity to a liquidity pool just to realise that some of your coins have gone missing, then you have experienced impermanent loss. In essence, impermanent loss is a temporary loss of funds occurring when providing liquidity. It’s very often explained as a difference between holding an asset versus providing liquidity in that asset. Impermanent loss is usually observed in standard liquidity pools where the liquidity provider (LP) has to provide both assets in a correct ratio, and one of the assets is volatile in relation to the other. Although impermanent loss is lessened significantly in a stable coin pool, it is still present and should be accounted for when providing liquidty because Curve Finance (like Uniswap) uses a constant product market maker to maintain a correct ratio of tokens in the pool.

You can estimate potential losses and returns by using the Baller App, https://baller.netlify.app/, a nifty program which is designed to estimate impermeant losses when providing pool liquidity.

Network Usage & Sentiment:

Curiously, most retail users are not talking about the Curve.Fi DEX despite the fact that CRV contains more stablecoins than any other exchange except Binance AND it has had month over month user growth with an exponential increase in total locked volume (TLV).

Credit: https://twitter.com/TheShual/status/1401482416523550722?s=20

I suspect the reason for CRV flying under the radar to date is that it’s user interface has the appearance of a 1990s era Windows 3.1 platform. The UI does not engender confidence in the system or provider for a user-friendly experience.

Fortunately, this is expected to soon change with unofficial discord confirmation that an alternative UI is in the works; ETA not specified at this point.

Curve Finance V2

The V1 version of Curve carved a niche for itself as a place to trade stablecoins by creating a new automated trading model with extremely low slippage, even on very large trades.

On June 10th, 2021, Curve Finance launched v2 on ETH Polygon; it reflects a model in which greater liquidity could be achieved on a pool of volatile assets by using a dynamic peg.

The V2 version of Curve.Fi is built on Ethereum layer 2 Polygon. The Ethereum version contains $USDT, $WBTC, $WETH, and the Polygon version contains am3Crv, $WBTC, $WETH.

Curve V2 is analogous to a more automated version of Uni v3. To wit: under Uniswap v3, liquidity providers were able to define the prices at which they were willing to trade. This was powerful because it allowed the AMM to have much more funds available within the prices people were likely to want to trade. Previously, a large trade could move an AMM so far out of line with the market that traders might trade less than they wanted.

This Uniswap v3 approach requires very active management on the part of LPs. Curve v2 proposes automating roughly the same system. Basically, it identifies an internal price peg based on trading on Curve and concentrates the liquidity around that peg. The peg can move, but it will only do so if moving doesn’t cause liquidity providers to incur too much loss. Stable coin trading pools will remain the same from V1 to v2.

Defi Dividends noted an example of how Curve performs against Uni V3 in stable coin trading pairs of varying amounts. Notably, CRV performed better in ALL ranges for every stablecoin tested.

Credit: https://twitter.com/DefiDividends/status/1402458978504691716?s=20

Locked Value and Defi Metrics:

Curve has $7.2 billion in total value locked on it now versus $6.4 billion on Uniswap, according to DeFi Pulse. It should be noted that Curve has an active liquidity mining program to incentivize participation and Uniswap does not.

Curve has had $124 million in trade volume over the last 24 hours, according to CoinMarketCap. Meanwhile, Uniswap has seen $1.5 billion in trade volume over the same period between version 2 and version 3.

In terms of DEX, Curve Finance is the #1 provider of liquidity and locked value with remarkable staying power on the Defi Pulse Index.

Source: https://defipulse.com

As of June 9th, Curve Finance reported that DefiPulse Volume was underreporting. https://twitter.com/CurveFinance/status/1401832224161423363?s=20

They noted that they had 10 billion in total pool deposits plus daily volume with another 900million on Polygon. The platform sees an average daily trading volume of +$166,000,000. Compare this to Uniswap V2 on the same day with total liquidity of 4.8 billion and 599 million

Source 6/9/21: https://twitter.com/CurveFinance/status/1401822062575030273?s=20

Source: 6/9/21 Uniswap V2 analytics at https://v2.info.uniswap.org/home

https://preview.redd.it/6yhq4s4v73571.png?width=1216&format=png&auto=webp&s=f9808cf99b992ab0e2950a50fead2c7cd7cccaf7

Comparison of other Defi Platforms and DEXs:

Source: Coinmarketcap data compiled by myself

Tokenomics:

There are a total of 3.03b CRV to be entered into circulation. The distribution is as such:

· 62% to community liquidity providers

· 30% to shareholders (team and investors) with 2-4 years vesting

· 3% to employees with 2 years vesting

· 5% to the community reserve

The initial supply of around 1.3b (~43%) is distributed as such:

· 5% to pre-CRV liquidity providers with 1 year vesting

· 30% to shareholders (team and investors) with 2-4 years vesting

· 3% to employees with 2 years vesting

· 5% to the community reserve

Full info: https://resources.curve.fi/base-features/understanding-tokenomics

Current Staking/Yield Farming: 4%-24% depending on platform; YFI yield aggregation seems best

Current DAO cumulative revenue: 26M to be distributed as admin fees to staked token hodlers

https://preview.redd.it/cbzgso8383571.png?width=496&format=png&auto=webp&s=7cd1dc7bcbf2bf4a4e98c5ec1e11e69297412192

Future Plans:

-Expected 1inch integration (not yet announced)

https://twitter.com/CurveFinance/status/1400383165647278084?s=20

-An alternative user interface is planned to launch in the near future per Discord (unofficial)

-Plans to port to additional side chains and L2, other than Polygon and Fantom

https://gov.curve.fi/t/cip-62-63-multi-chain-gauges-to-spread-the-crv-love-on-side-chains-and-l2s/1747

--EquilibriumDeFi intends to port the Curve algorithm to Substrate with Polkadot support

https://twitter.com/CurveFinance/status/1359212321630015488?s=20

Month on Month TLV Growth for 2021 on ETH /Polygon:

All stats pulled from Curve.fi analytics; can be confirmed by official Twitter account record of deposits/volume stats as well

All stats pulled from Curve.fi analytics; can be confirmed by official Twitter account record of deposits/volume stats as well

TDLR Curve.Fi Summary:

-Curve.Fi is a highly profitable and growing stablecoin DEX with low slippage and automated market makers

-Curve.Fi has more stablecoins than Coinbase, or another other DEX/centralized exchange, except Binance

-CRV has 10B in locked value (more than sushi AND uni combined). This makes CRV the second most valuable ETH token by total locked value after AAVE

-High yields can be generated using the CRV token for staking and liquidity/yield farming

- Market Cap to TVL ratio is an incredible .07 at present!

- Curve.Fi.v2 launched 2 days ago and permits pooled use of non-stablecoin crypto with more automation than uni v3 with better value, especially on large (>10M) volume

- Late '90s JAVA style UI may have limited retail awareness to date. It is being replaced in the near future with an alternative UI

- Polygon, 1inch, Fantom support. May be ported on equilibrium when PolkaDot launches after Kusama's first 5 parachain auctions

- Unprecedented month over month exponential growth despite the recent slump in crypto. The current price of CRV does not reflect its recent 5x TVL since Jan 2021 and 2x growth in TVL since the May 19th liquidity collapse (unlike most other currently stagnant DEXs).

Note: I am not a financial advisor and this is not financial advice. Invest at your own risk.


The cryptocurrency market in 2021 is much different than the market of 2017

There is no need to fear: The cryptocurrency market in 2021 is much different than the market of 2017.

Challenges stimulate progress. Technology, pretty much like life itself, cannot be static. Only dynamics stimulate positive changes. Amid the collapse of the cryptocurrency market in mid-May, many retail and institutional investors began to lose faith in the bright future of cryptocurrencies in general and Bitcoin (BTC) in particular. Corporations and institutions, whales, and early adopters converged in a single impulse — the internet was overwhelmed by a wave of mistrust towards “cryptocurrency number one” as the best defensive asset, superior to gold and everything else that had been invented prior.

One needs to see the full picture here to realize what’s happening. The last time the market suffered more or less comparable and significant losses was a year ago, in March 2020. This year, the panic sell-offs caused by a series of negative events — Elon Musk’s Twitter crusade against BTC, the rumoured court case against Binance and the latest crackdown on crypto from the Chinese government — bring to mind the tremendous collapse of digital assets at the peak of many asset rates in December 2017 and the succeeding “crypto winter”. However, many people who have little understanding of how the cryptocurrency market functions do not realize the depth of changes that the space has been through in recent years. Emotions are the worst enemy of an investor or trader in a rapidly growing digital asset ecosystem. It is worthwhile to look dispassionately at the facts and analyze the changes to understand the true value of ecosystems growing on the fertile soil of the blockchain.The investment mindset has changed in recent years. Even though it continues to be dominated by a highly speculative component, there is also a practical application for the settlement. Investors switched from short-term speculations to the long game. The number of Bitcoin ATMs has doubled since 2020. This dramatic rise clearly demonstrates a growing demand for the world’s largest crypto assets. From a niche, the cryptocurrency industry has evolved into a multi-billion dollar industry.

Stablecoins — tokens pegged to their corresponding fiat asset such as the U.S. dollar, euro, etc. — have gained significant weight in 2020-2021. With the emergence of new platforms known as decentralized finance, or DeFi, protocols, opportunities appeared to offer profit without risks of the principal asset, for example. Such platforms are nothing more than distributed programs that provide clearing, custody and settlement services. Every year they take a larger piece of the pie from traditional financial institutions. The surge in activity in the environment of decentralized trading platforms also occurred because they do not have the same common vulnerabilities as centralized trading platforms in their infrastructure.

Decentralized exchanges outperform centralized exchanges in terms of trading volume, demonstrating a thousandfold growth in trading volumes in the last year alone. Interfaces for interacting with DeFi can be created by any programmer anywhere globally, and the essence of this interaction is the development of a financial ecosystem running on the global blockchain. By now, DeFi’s market capitalization has reached over $100 billion, and this trend will undoubtedly continue soon.

Related: The rise of DEX robots: AMMs push for an industrial revolution in trading

Speaking of examples, we can outline that even large companies like Deutsche Telekom have abandoned ​​private blockchains and are studying public infrastructure, supporting nodes in networks such as Ethereum, Solana, Algorand, Celo, etc. This fact suggests that the world of decentralized finance is gaining ground in the global market for clearing, custody and settlement services — just as Bitcoin had previously secured the status of a shielding asset, removing gold from its throne.

We observe that corporate demand accelerated when real rates on dollar deposits turned negative (central bank rate minus inflation). Inflationary expectations have intensified over the past year, fueling demand for long-term capital preservation. Today, Bitcoin is successfully winning the hearts and minds of not only speculators and hedge funds who, realizing the inevitability of the devaluation of dollar balances, vote with their money and transfer some of the treasury liquidity into digital assets.


BKing - DeFi Memecoin

BKING is a community driven DeFi project built on Ethereum platform with simple Allocation & Distribution :

Built-in ARF - Automated Rewards Farming - 2% of each transaction is automatically distributed to all holders.

Fair Launch - 100% of Supply was added to Liquidity Pool.

Liquidity Pool - 10 ETH locked for 1 year

NO Pre-Sell, NO Private Sell.

50& of total Supply Burned Forever

No dev team tokens, full transparency to the investors.

The future outlook is into launching a Game and NFT Art Platform. The funds that will be received will contribute to the charity events.

We will unite people from all over the world in humanitarian actions to save the environment, like planting trees, volunteer for cleanups in your community, donate to animal shelters, donate to environmental organizations and non profits for a sustainable future.

➡️Website

https://www.kingarthurdefi.com

🔗 Social Links :

➜EtherScan : https://bit.ly/3xfMOez

➜CoinGecko : https://bit.ly/3ze64L7

➜DexTools : https://bit.ly/3wcCoMq

➜UniSwap : https://bit.ly/3pEcWNk

➜Facebook : https://bit.ly/3vglcog

➜Twitter : https://bit.ly/2TQZzh3

➜Instagram : https://bit.ly/3pCsnWz

➜Medium: https://bit.ly/3cu7CXu

➜Reddit : https://bit.ly/3wnGnpP

➜BitcoinTalk : https://bit.ly/3vbHKGm

$BKING #BKING #DeFi #MemeCoin


$MUNCH - unique charity token with a promising roadmap - available both on pancakeswap and uniswap.

$MUNCH ongoing $35k Giveaway event To Celebrate the Pancake swap launch.🤑

Info on twitter. https://twitter.com/MunchToken

Here are some nice details below. Thanks for reading!

🍩 $MUNCH 🍩

🌍 https://munchproject.io/

🚨🚨 Pancake Swap (via bsc bridge) Launch Date: JUNE 9 🚨🚨

✅ ~8k Holders

✅ Low Market Cap 12M

✅ Locked Liquidity

✅ Audited

✅ Fully Doxxed Dev Team

✅ Bi-Weekly Community Lottery

✅ BASED Website

✅ 50 days old and raised over $2.2+ Million dollars for charity.

Listed on:

$MUNCH is only 50 days old and has already established itself as the premier charity token. They were able to raise over $2.2+ million dollars for the GiveWell Charity in its first 4 weeks! This was also confirmed by GiveWell on Twitter.

$MUNCH’s main advantage is its 100% trustless tokenomics.

🚫 No Team Controlled Charity Wallet

🚫 No Token Manipulation

❤️ 5% of each transaction is converted to ETH automatically and then sent directly to the charity’s wallet address. The charity has full control over donations.

❤️ 5% of each transaction is distributed amongst holders

The community decides which causes to support each month, and is decided through $MUNCH’s own voting portal. Currently $MUNCH is raising money for the Yellow Brick Road Project to help find a cure for children born with a rare genetic mutation, HNRNPH2.

The Munch team is also developing a charity launchpad platform to support social causes, individual causes, and aspiring entrepreneurs.

There are other exciting developments planned for Q3 2021:

  • Register legal entity
  • Launch governance system and charity voting webapp
  • Launch several marketing campaigns
  • Corporate partnerships
  • Influencer collabs and cameo
  • Listing on a top 10 crypto exchange
  • Strategic partnerships with major investment channels
  • Charity NFT partnerships
  • New staking rewards

$MUNCH has already been featured on:

📰 Bitcoin.news

📰 CoinTelegraph

📰 Yahoo Finance

📰 CNBC

📰 Marketwatch

And many others!

With a thriving community of over 5,000+ Telegram members and over 15,000+ following on Twitter, $MUNCH has already made an impact on hundreds of lives. They also have an absolutely based dev team with long term visions for the project. Check the website for more details!


$MUNCH - unique charity token with a promising roadmap - available both on pancakeswap and uniswap.

$MUNCH ongoing $35k Giveaway event To Celebrate the Pancake swap launch.🤑

Info on twitter. https://twitter.com/MunchToken

Here are some nice details below. Thanks for reading!

🍩 $MUNCH 🍩

🌍 https://munchproject.io/

🚨🚨 Pancake Swap (via bsc bridge) Launch Date: JUNE 9 🚨🚨

✅ ~8k Holders

✅ Low Market Cap 12M

✅ Locked Liquidity

✅ Audited

✅ Fully Doxxed Dev Team

✅ Bi-Weekly Community Lottery

✅ BASED Website

✅ 50 days old and raised over $2.2+ Million dollars for charity.

Listed on:

$MUNCH is only 50 days old and has already established itself as the premier charity token. They were able to raise over $2.2+ million dollars for the GiveWell Charity in its first 4 weeks! This was also confirmed by GiveWell on Twitter.

$MUNCH’s main advantage is its 100% trustless tokenomics.

🚫 No Team Controlled Charity Wallet

🚫 No Token Manipulation

❤️ 5% of each transaction is converted to ETH automatically and then sent directly to the charity’s wallet address. The charity has full control over donations.

❤️ 5% of each transaction is distributed amongst holders

The community decides which causes to support each month, and is decided through $MUNCH’s own voting portal. Currently $MUNCH is raising money for the Yellow Brick Road Project to help find a cure for children born with a rare genetic mutation, HNRNPH2.

The Munch team is also developing a charity launchpad platform to support social causes, individual causes, and aspiring entrepreneurs.

There are other exciting developments planned for Q3 2021:

  • Register legal entity
  • Launch governance system and charity voting webapp
  • Launch several marketing campaigns
  • Corporate partnerships
  • Influencer collabs and cameo
  • Listing on a top 10 crypto exchange
  • Strategic partnerships with major investment channels
  • Charity NFT partnerships
  • New staking rewards

$MUNCH has already been featured on:

📰 Bitcoin.news

📰 CoinTelegraph

📰 Yahoo Finance

📰 CNBC

📰 Marketwatch

And many others!

With a thriving community of over 5,000+ Telegram members and over 15,000+ following on Twitter, $MUNCH has already made an impact on hundreds of lives. They also have an absolutely based dev team with long term visions for the project. Check the website for more details!


$MUNCH - unique charity token with a promising roadmap - available both on pancakeswap and uniswap.

$MUNCH ongoing $35k Giveaway event To Celebrate the Pancake swap launch.🤑

Info on twitter. https://twitter.com/MunchToken

Here are some nice details below. Thanks for reading!

🍩 $MUNCH 🍩

🌍 https://munchproject.io/

🚨🚨 Pancake Swap (via bsc bridge) Launch Date: JUNE 9 🚨🚨

✅ ~8k Holders

✅ Low Market Cap 12M

✅ Locked Liquidity

✅ Audited

✅ Fully Doxxed Dev Team

✅ Bi-Weekly Community Lottery

✅ BASED Website

✅ 50 days old and raised over $2.2+ Million dollars for charity.

Listed on:

$MUNCH is only 50 days old and has already established itself as the premier charity token. They were able to raise over $2.2+ million dollars for the GiveWell Charity in its first 4 weeks! This was also confirmed by GiveWell on Twitter.

$MUNCH’s main advantage is its 100% trustless tokenomics.

🚫 No Team Controlled Charity Wallet

🚫 No Token Manipulation

❤️ 5% of each transaction is converted to ETH automatically and then sent directly to the charity’s wallet address. The charity has full control over donations.

❤️ 5% of each transaction is distributed amongst holders

The community decides which causes to support each month, and is decided through $MUNCH’s own voting portal. Currently $MUNCH is raising money for the Yellow Brick Road Project to help find a cure for children born with a rare genetic mutation, HNRNPH2.

The Munch team is also developing a charity launchpad platform to support social causes, individual causes, and aspiring entrepreneurs.

There are other exciting developments planned for Q3 2021:

  • Register legal entity
  • Launch governance system and charity voting webapp
  • Launch several marketing campaigns
  • Corporate partnerships
  • Influencer collabs and cameo
  • Listing on a top 10 crypto exchange
  • Strategic partnerships with major investment channels
  • Charity NFT partnerships
  • New staking rewards

$MUNCH has already been featured on:

📰 Bitcoin.news

📰 CoinTelegraph

📰 Yahoo Finance

📰 CNBC

📰 Marketwatch

And many others!

With a thriving community of over 5,000+ Telegram members and over 15,000+ following on Twitter, $MUNCH has already made an impact on hundreds of lives. They also have an absolutely based dev team with long term visions for the project. Check the website for more details!


$MUNCH - unique charity token with a promising roadmap - available both on pancakeswap and uniswap.

$MUNCH ongoing $35k Giveaway event To Celebrate the Pancake swap launch.🤑

Info on twitter. https://twitter.com/MunchToken

Here are some nice details below. Thanks for reading!

🍩 $MUNCH 🍩

🌍 https://munchproject.io/

🚨🚨 Pancake Swap (via bsc bridge) Launch Date: JUNE 9 🚨🚨

✅ ~8k Holders

✅ Low Market Cap 12M

✅ Locked Liquidity

✅ Audited

✅ Fully Doxxed Dev Team

✅ Bi-Weekly Community Lottery

✅ BASED Website

✅ 50 days old and raised over $2.2+ Million dollars for charity.

Listed on:

$MUNCH is only 50 days old and has already established itself as the premier charity token. They were able to raise over $2.2+ million dollars for the GiveWell Charity in its first 4 weeks! This was also confirmed by GiveWell on Twitter.

$MUNCH’s main advantage is its 100% trustless tokenomics.

🚫 No Team Controlled Charity Wallet

🚫 No Token Manipulation

❤️ 5% of each transaction is converted to ETH automatically and then sent directly to the charity’s wallet address. The charity has full control over donations.

❤️ 5% of each transaction is distributed amongst holders

The community decides which causes to support each month, and is decided through $MUNCH’s own voting portal. Currently $MUNCH is raising money for the Yellow Brick Road Project to help find a cure for children born with a rare genetic mutation, HNRNPH2.

The Munch team is also developing a charity launchpad platform to support social causes, individual causes, and aspiring entrepreneurs.

There are other exciting developments planned for Q3 2021:

  • Register legal entity
  • Launch governance system and charity voting webapp
  • Launch several marketing campaigns
  • Corporate partnerships
  • Influencer collabs and cameo
  • Listing on a top 10 crypto exchange
  • Strategic partnerships with major investment channels
  • Charity NFT partnerships
  • New staking rewards

$MUNCH has already been featured on:

📰 Bitcoin.news

📰 CoinTelegraph

📰 Yahoo Finance

📰 CNBC

📰 Marketwatch

And many others!

With a thriving community of over 5,000+ Telegram members and over 15,000+ following on Twitter, $MUNCH has already made an impact on hundreds of lives. They also have an absolutely based dev team with long term visions for the project. Check the website for more details!


$MUNCH - unique charity token with a promising roadmap - available both on pancakeswap and uniswap.

$MUNCH ongoing $35k Giveaway event To Celebrate the Pancake swap launch.🤑

Info on twitter. https://twitter.com/MunchToken

Here are some nice details below. Thanks for reading!

🍩 $MUNCH 🍩

🌍 https://munchproject.io/

🚨🚨 Pancake Swap (via bsc bridge) Launch Date: JUNE 9 🚨🚨

✅ ~8k Holders

✅ Low Market Cap 12M

✅ Locked Liquidity

✅ Audited

✅ Fully Doxxed Dev Team

✅ Bi-Weekly Community Lottery

✅ BASED Website

✅ 50 days old and raised over $2.2+ Million dollars for charity.

Listed on:

$MUNCH is only 50 days old and has already established itself as the premier charity token. They were able to raise over $2.2+ million dollars for the GiveWell Charity in its first 4 weeks! This was also confirmed by GiveWell on Twitter.

$MUNCH’s main advantage is its 100% trustless tokenomics.

🚫 No Team Controlled Charity Wallet

🚫 No Token Manipulation

❤️ 5% of each transaction is converted to ETH automatically and then sent directly to the charity’s wallet address. The charity has full control over donations.

❤️ 5% of each transaction is distributed amongst holders

The community decides which causes to support each month, and is decided through $MUNCH’s own voting portal. Currently $MUNCH is raising money for the Yellow Brick Road Project to help find a cure for children born with a rare genetic mutation, HNRNPH2.

The Munch team is also developing a charity launchpad platform to support social causes, individual causes, and aspiring entrepreneurs.

There are other exciting developments planned for Q3 2021:

  • Register legal entity
  • Launch governance system and charity voting webapp
  • Launch several marketing campaigns
  • Corporate partnerships
  • Influencer collabs and cameo
  • Listing on a top 10 crypto exchange
  • Strategic partnerships with major investment channels
  • Charity NFT partnerships
  • New staking rewards

$MUNCH has already been featured on:

📰 Bitcoin.news

📰 CoinTelegraph

📰 Yahoo Finance

📰 CNBC

📰 Marketwatch

And many others!

With a thriving community of over 5,000+ Telegram members and over 15,000+ following on Twitter, $MUNCH has already made an impact on hundreds of lives. They also have an absolutely based dev team with long term visions for the project. Check the website for more details!


$MUNCH - unique charity token with a promising roadmap - available both on pancakeswap and uniswap.

$MUNCH ongoing $35k Giveaway event To Celebrate the Pancake swap launch.🤑

Info on twitter. https://twitter.com/MunchToken

Here are some nice details below. Thanks for reading!

🍩 $MUNCH 🍩

🌍 https://munchproject.io/

🚨🚨 Pancake Swap (via bsc bridge) Launch Date: JUNE 9 🚨🚨

✅ ~8k Holders

✅ Low Market Cap 12M

✅ Locked Liquidity

✅ Audited

✅ Fully Doxxed Dev Team

✅ Bi-Weekly Community Lottery

✅ BASED Website

✅ 50 days old and raised over $2.2+ Million dollars for charity.

Listed on:

$MUNCH is only 50 days old and has already established itself as the premier charity token. They were able to raise over $2.2+ million dollars for the GiveWell Charity in its first 4 weeks! This was also confirmed by GiveWell on Twitter.

$MUNCH’s main advantage is its 100% trustless tokenomics.

🚫 No Team Controlled Charity Wallet

🚫 No Token Manipulation

❤️ 5% of each transaction is converted to ETH automatically and then sent directly to the charity’s wallet address. The charity has full control over donations.

❤️ 5% of each transaction is distributed amongst holders

The community decides which causes to support each month, and is decided through $MUNCH’s own voting portal. Currently $MUNCH is raising money for the Yellow Brick Road Project to help find a cure for children born with a rare genetic mutation, HNRNPH2.

The Munch team is also developing a charity launchpad platform to support social causes, individual causes, and aspiring entrepreneurs.

There are other exciting developments planned for Q3 2021:

  • Register legal entity
  • Launch governance system and charity voting webapp
  • Launch several marketing campaigns
  • Corporate partnerships
  • Influencer collabs and cameo
  • Listing on a top 10 crypto exchange
  • Strategic partnerships with major investment channels
  • Charity NFT partnerships
  • New staking rewards

$MUNCH has already been featured on:

📰 Bitcoin.news

📰 CoinTelegraph

📰 Yahoo Finance

📰 CNBC

📰 Marketwatch

And many others!

With a thriving community of over 5,000+ Telegram members and over 15,000+ following on Twitter, $MUNCH has already made an impact on hundreds of lives. They also have an absolutely based dev team with long term visions for the project. Check the website for more details!


$MUNCH - unique charity token with a promising roadmap - available both on pancakeswap and uniswap. [Ongoing $35k Giveaway event To Celebrate the Pancake swap launch.]

$MUNCH ongoing $35k Giveaway event To Celebrate the Pancake swap launch.🤑

Info on twitter. https://twitter.com/MunchToken

Here are some nice details below. Thanks for reading!

🍩 $MUNCH 🍩

🌍 https://munchproject.io/

🚨🚨 Pancake Swap (via bsc bridge) Launch Date: JUNE 9 🚨🚨

✅ ~8k Holders

✅ Low Market Cap 12M

✅ Locked Liquidity

✅ Audited

✅ Fully Doxxed Dev Team

✅ Bi-Weekly Community Lottery

✅ BASED Website

✅ 50 days old and raised over $2.2+ Million dollars for charity.

Listed on:

$MUNCH is only 50 days old and has already established itself as the premier charity token. They were able to raise over $2.2+ million dollars for the GiveWell Charity in its first 4 weeks! This was also confirmed by GiveWell on Twitter.

$MUNCH’s main advantage is its 100% trustless tokenomics.

🚫 No Team Controlled Charity Wallet

🚫 No Token Manipulation

❤️ 5% of each transaction is converted to ETH automatically and then sent directly to the charity’s wallet address. The charity has full control over donations.

❤️ 5% of each transaction is distributed amongst holders

The community decides which causes to support each month, and is decided through $MUNCH’s own voting portal. Currently $MUNCH is raising money for the Yellow Brick Road Project to help find a cure for children born with a rare genetic mutation, HNRNPH2.

The Munch team is also developing a charity launchpad platform to support social causes, individual causes, and aspiring entrepreneurs.

There are other exciting developments planned for Q3 2021:

  • Register legal entity
  • Launch governance system and charity voting webapp
  • Launch several marketing campaigns
  • Corporate partnerships
  • Influencer collabs and cameo
  • Listing on a top 10 crypto exchange
  • Strategic partnerships with major investment channels
  • Charity NFT partnerships
  • New staking rewards

$MUNCH has already been featured on:

📰 Bitcoin.news

📰 CoinTelegraph

📰 Yahoo Finance

📰 CNBC

📰 Marketwatch

And many others!

With a thriving community of over 5,000+ Telegram members and over 15,000+ following on Twitter, $MUNCH has already made an impact on hundreds of lives. They also have an absolutely based dev team with long term visions for the project. Check the website for more details!


Questions about use and offline, breaking away from robinhood

I know this post is going to get hate, but I am wanting to own some but want to own it like I do money what's the best steps to owning it like having it like cash, is this possible or do I have to trust someone to always hold it like Robinhood does, in the unlikely event the internet is down how would I be able to buy or sell anything? I'm mostly curious about how to use Bitcoin for offline or is this not a thing?


Curve.Finance (CRV) is massively undervalued. CRV is the second largest ETH token by Total Locked Value (10B) after AAVE (12B). CRV has had a 5x TLV increase since 1/2021 and 2x growth since the May liquidation Event! Great tokenomics; high APY and only $2. Massive DD w/Sources. TDLR.

https://preview.redd.it/rwb8a89d60571.png?width=584&format=png&auto=webp&s=9ec8caa4e795078f3266230a0c1365a5090174a5

What is Curve Finance?

CRV Finance is one of the most paradoxical and innovative new DeFi protocols on the crypto market today. It launched in January 2020 with subsequent launch of a decentralized autonomous organization (DAO) in August 2002. CRV is the in-house token of the DAO. The DAO uses the Ethereum-based creation tool, Aragon, to connect multiple smart contracts used for users’ deposited liquidity.

CRV is the token of Curve Finance. It is a stable coin-only (DAI, USDT, and USDC) decentralized exchange (DEX) which (like Uniswap) uses an automated market maker (AMM) to manage liquidity.

Curve Finance has experience exponential growth since the second half of 2020 with month over month user growth. As of June 12th, 2020, it has become the largest DEX in terms of TLV, exceeding both AAVE and Compound with 8.3B in locked value.

Source: https://twitter.com/CurveFinance/status/1403371959937912837?s=20

Why is CRV undervalued in regards to Market Cap to TVL ?

First, we have to understand some fundamentals regarding defi metrics. The total value locked measures the total amount of funds that are locked into a DeFi platform. On a platform that does borrowing and lending, the TVL would represent the amount of funds that users have deposited onto the platform, which other users can then borrow. TVL is also being used as a metric to measure growth. If the TVL of a platform increases it generally means more money is flowing into the platform, which shows it is growing.

Like market caps, the TVL can also be used to represent the total value locked for the entire DeFi space. On www.defipulse.com, you can view the TVL for the total DeFi space as well as individual platforms.

The market cap to TVL ratio measures the ratio of the market cap to the amount of funds locked on the platform. It can be easily found on www.coinmarketcap.com. Since the TVL can be a guide for how well the platform is doing it can be compared to the market cap to judge whether it is valued correctly. To calculate the market cap to TVL ratio simply divide the market cap by the TVL. Any value less than 1 means that a platform’s TVL is higher than their market cap. CRV has a ratio of less than 1. Specifically, their Market Cap to LVL Ratio demonstrates an ultra low ratio of .07572 as of 6/12/21.

Source: https://coinmarketcap.com/currencies/curve-dao-token/

Notable Events in CRV History:

-Launch in Jan 2020

-Launch of DAO with CRV token in Aug 2020

-Partnership with Fantom on Feburary 25th, 2021

-Coinbase listing in March 23rd of 2021.

-Partnership with Polygon to provide an L2 solution for deep stable coin liquidity on April 20

-Curve V2 went live in Paraswap on June 10th, 2021

Understanding DeFi Risks and Impermanent Losses:

Defi is at the cutting edge of blockchain technology. As with all new technology, risks are inherent and cannot be completely eliminated. Curve Finance has attempted to mitigate risk with code and platform audits to promote transparency. Audit partners noted on their website include Trail of Bits, Quantstamp, and Mix Bytes.

Bug Bounties and Frequent Audits support Protocol Security

If you have ever provided liquidity to a liquidity pool just to realise that some of your coins have gone missing, then you have experience impermanent loss. In essence, impermanent loss is a temporary loss of funds occurring when providing liquidity. It’s very often explained as a difference between holding an asset versus providing liquidity in that asset. Impermanent loss is usually observed in standard liquidity pools where the liquidity provider (LP) has to provide both assets in a correct ratio, and one of the assets is volatile in relation to the other. Although impermanent loss is lessened significantly in a stable coin pool, it is still present and should be accounted for when providing liquidty because Curve Finance (like Uniswap) uses a constant product market maker to maintain a correct ratio of tokens in the pool.

You can estimate potential losses and returns by using the Baller App, https://baller.netlify.app/, a nifty program which is designed to estimate impermeant losses when providing pool liquidity.

Network Usage & Sentiment:

Curiously, most retail users are not talking about the Curve.Fi DEX despite the fact that CRV contains more stablecoins than any other exchange except Binance AND it has had month over month user growth with an exponential increase in total locked volume (TLV).

Credit: https://twitter.com/TheShual/status/1401482416523550722?s=20

I suspect the reason for CRV flying under the radar to date is that it’s user interface has the appearance of a 1990s era Windows 3.1 platform. The UI does not engender confidence in the system or provider for a user-friendly experience.

Fortunately, this is expected to soon change with unofficial discord confirmation that an alternative UI is in the works; ETA not specified at this point.

Curve Finance V2

The V1 version of Curve carved a niche for itself as a place to trade stablecoins by creating a new automated trading model with extremely low slippage, even on very large trades.

On June 10th, 2021, Curve Finance launched v2 on ETH Polygon; it reflects a model in which greater liquidity could be achieved on a pool of volatile assets by using a dynamic peg.

The V2 version of Curve.Fi is built on Ethereum layer 2 Polygon. The Ethereum version contains $USDT, $WBTC, $WETH, and the Polygon version contains am3Crv, $WBTC, $WETH.

Curve V2 is analogous to a more automated version of Uni v3. To wit: under Uniswap v3, liquidity providers were able to define the prices at which they were willing to trade. This was powerful because it allowed the AMM to have much more funds available within the prices people were likely to want to trade. Previously, a large trade could move an AMM so far out of line with the market that traders might trade less than they wanted.

This Uniswap v3 approach requires very active management on the part of LPs. Curve v2 proposes automating roughly the same system. Basically, it identifies an internal price peg based on trading on Curve and concentrates the liquidity around that peg. The peg can move, but it will only do so if moving doesn’t cause liquidity providers to incur too much loss. Stable coin trading pools will remain the same from V1 to v2.

Defi Dividends noted an example of how Curve performs against Uni V3 in stable coin trading pairs of varying amounts. Notably, CRV performed better in ALL ranges for every stablecoin tested.

Credit: https://twitter.com/DefiDividends/status/1402458978504691716?s=20

Locked Value and Defi Metrics:

Curve has $7.2 billion in total value locked on it now versus $6.4 billion on Uniswap, according to DeFi Pulse. It should be noted that Curve has an active liquidity mining program to incentivize participation and Uniswap does not.

Curve has had $124 million in trade volume over the last 24 hours, according to CoinMarketCap. Meanwhile, Uniswap has seen $1.5 billion in trade volume over the same period between version 2 and version 3.

In terms of DEX, Curve Finance is the #1 provider of liquidity and locked value with remarkable staying power on the Defi Pulse Index.

Source: https://defipulse.com

As of June 9th, Curve Finance reported that DefiPulse Volume was underreporting. https://twitter.com/CurveFinance/status/1401832224161423363?s=20

They noted that they had 10 billion in total pool deposits plus daily volume with another 900million on Polygon. The platform sees an average daily trading volume of +$166,000,000. Compare this to Uniswap V2 on the same day with total liquidity of 4.8 billion and 599 million

Source 6/9/21: https://twitter.com/CurveFinance/status/1401822062575030273?s=20

Source: 6/9/21 Uniswap V2 analytics at https://v2.info.uniswap.org/home

https://preview.redd.it/g17yhhccb0571.png?width=1216&format=png&auto=webp&s=dbb79aa3309ff195e5172e69f9de7756aff8f6b5

Comparison of other Defi Platforms and DEXs:

Source: Coinmarketcap data compiled by myself

Tokenomics:

There are a total of 3.03b CRV to be entered into circulation. The distribution is as such:

· 62% to community liquidity providers

· 30% to shareholders (team and investors) with 2-4 years vesting

· 3% to employees with 2 years vesting

· 5% to the community reserve

The initial supply of around 1.3b (~43%) is distributed as such:

· 5% to pre-CRV liquidity providers with 1 year vesting

· 30% to shareholders (team and investors) with 2-4 years vesting

· 3% to employees with 2 years vesting

· 5% to the community reserve

Full info: https://resources.curve.fi/base-features/understanding-tokenomics

Current Staking/Yield Farming: 4%-24% depending on platform; YFI yield aggregation seems best

Current DAO cumulative revenue: 25M

https://preview.redd.it/dvbdar8r90571.png?width=496&format=png&auto=webp&s=fcdd0901b04ed3f43557a9c1fc3a0be38c4a8c8d

Future Plans:

-Expected 1inch integration (not yet announced)

https://twitter.com/CurveFinance/status/1400383165647278084?s=20

-An alternative user interface is planned to launch in the near future per Discord (unofficial)

-Plans to port to additional side chains and L2, other than Polygon and Fantom

https://gov.curve.fi/t/cip-62-63-multi-chain-gauges-to-spread-the-crv-love-on-side-chains-and-l2s/1747

--EquilibriumDeFi intends to port the Curve algorithm to Substrate with Polkadot support

https://twitter.com/CurveFinance/status/1359212321630015488?s=20

Month on Month TLV Growth for 2021 on ETH /Polygon:

All stats used from Curve.fi analytics with permission; can be confirmed by Twitter tweeted deposits/volume stats as well

All stats used from Curve.fi analytics with permission; can be confirmed by Twitter tweeted deposits/volume stats as well

TDLR Curve.Fi Summary:

-Curve.Fi is a highly profitable and growing stablecoin DEX with low slippage and automated market makers

-Curve.Fi has more stablecoins than Coinbase, or another other DEX/centralized exchange, except Binance

-CRV has 10B in locked value (more than sushi AND uni combined). This makes CRV the second most valuable ETH token by total locked value after AAVE

-High yields can be generated using the CRV token for staking and liquidity/yield farming

- Market Cap to TVL ratio is an incredible .07 at present!

- Curve.Fi.v2 launched 2 days ago and permits pooled use of non-stablecoin crypto with more automation than uni v3 with better value, especially on large (>10M) volume

- Late '90s JAVA style UI may have limited retail awareness to date. It is being replaced in the near future with an alternative UI

- Polygon, 1inch, Fanton support. May be ported on equilibrium when PolkaDot launches after Kusama's first 5 parachain auctions

- Unprecedented month over month exponential growth despite the recent slump in crypto. The current price of CRV does not reflect its recent 5x TVL since Jan 2021 and 2x growth in TVL since the May 19th liquidity collapse (unlike most other currently stagnant DEXs).

Note: I am not a financial advisor and this is not financial advise. Invest at your own risk.


PORTFOLIO Portfolio Token is more than a quick 100x, PTF is a long term investment gem, with huge potential and a new innovation within the crypto space. The first tangible Token.

What is Portfolio Token?
-PORTFOLIO is a token on the Binance Smart Chain (BSC). It’s the first of its kind utility token that invest into promising assets such as real estate, promising crypto coins, stock and others to back its value, stability, and overall worth, all while increasing it’s holders’ profits.

How does this make Portfolio different?

All crypto is still crypto but when you break into something that actually exists that's when it becomes interesting and a long term play. What would actually happen if some tokens just disappear? Nothing non virtual people would lose money and some websites would go down but business will go on as usual. When you have something tangible it can't just disappear.
Portfolio will be a tangible token even when crypto crashes.

How does the investor benefit?
The investor will get 3X reflections when holding the coin.
- Every time someone buys/sells of PTF token.
- Every time someone An asset gets bought
- Every time someone the profit goes into the LP pool

While inflating the LP we create a more stable market for the Token to grow in.
Once we hit the exchange all the profit of the assets will get distributed among the holders according to their holding share benefitting all those who have been holding.

How does PORTFOLIO invest?
- PORTFOLIO has a 10% transaction fee for every trade. 5% is awarded to each holder automatically
while the other 5% is put into a separate investment wallet. This wallet is publicly displayed on our
assets page of the website. Every week 60% of the investment wallet will be converted to BNB to
invest into assets. This transaction will generate another 5% payout to the holders. Of the leftover
40% we will then burn 5% of the token and the remaining 35% will be paired with profits from our
investments and put into the liquidity pool.

How often do investments and payouts occur?
-Investments will take place weekly. Profits gained from investments will be distributed bi-weekly.

Can the community invest in upcoming investments?
-Absolutely, we encourage the community to
engage in the voting for investments. More announcements to come.

In the event of a loss or no profit of an investment, what would happen?
-The best part about this token is that the holders assume no risk but only stand to gain when an
investment gains a profit. For example: If Portfolio purchases 1 Bitcoin at 40K and it increases to 60K,
we will be able to pay out 20K to holders. If we purchased bitcoin at 40K and then it dropped to 30K,
we would just hold the asset with no loss to the holders. Once the asset surpasses its purchase price,
all profits will then be paid out.

What platforms can PORTFOLIO be purchased on?
-As of now, Pancakeswap is the only exchange that the token is available on.

Devs are doxxed full names + Linkedin will be posted on the website once it's updated.

Contract: 0x307204863f3bc29D1a874E38aCe62114a8990c4e

Tokenomics:

  • 5% distribution to Holders - > 5% of every transaction is distributed directly into your wallet.
  • 5% goes into a separate investment wallet.
    This wallet is publicly displayed on our assets page of the website.
  • Locked liquidity
  • Assets profit goes into the LP to inflate it and create a more stable token.

- Telegram:
- Discord: discord.com/invite/bB2xS9AWZf

Portfoliotoken.net


Selling Crypto and Tax

I am relatively new to the Cryptovurrency space (joined last month) and I only found out recently that crypto trading is a taxable event. My question is, hypothetically if I bought 1 Bitcoin at 20k and the price goes up to 70k and I think it's has gone high enough to be able to get my initial investment back, would I be taxed for selling 20k worth of Bitcoin? I'm confused because it's not actually a gain, it's just the initial amount of money and I assume I won't need to pay tax on it? Just like trading at a loss.