Posts

Did last week SPIRIT bribes just yield me a net c.5%?

avatar of @vlemon
25
Mr. Crypto Lemon 🍋
@vlemon
·
·
0 views
·
3 min read

Hi HODLers and DeFi Degens,

This has been probably the first week where I clearly thought about what to vote in order to maximize my bribes.

  • I play bribes with inSpirit locked tokens (locked for 4Y to maximize voting power).
  • I also have most of my assets in $rainSpirit where they vote for the different pairs with bribes and then create one pool for each different type of rewards. You then just have to stake your rainSpirit in the pool that gives you the best yield / favorite asset.

This time let's talk about my past week bribes for $inSpirit

Previous week bribes

Summary of which gauges are offer bribes and the bribe amount.

  • Growth DeFi : GRO - FTM gauge: $5000 worth of $GROtokens
  • Beefy Finance: beFTM - FTM gauge: $10,000 worth of $BIFI tokens : Paid
  • OneRing: RING - FTM gauge 15,000 RING tokens worth $15,000 : Paid
  • Midas Investments: MIDAS - FTM gauge: $30,000 USDC
  • Terra Money: UST - FTM gauge: $30,000 UST : Paid
  • Comb Finance: COMB - FTM gauge: $42,069 worth of COMB : Paid

Total value of bribes: $132,069 USD!

My previous week votes:

I have personally voted for 4 of them:

  • beFTM - FTM gauge
  • COMB - FTM
  • UST - FTM
  • MIDAS - FTM (Not paid yet)

The total yield that I got from this week is currently 3.75%! I am still missing one bribe.

Isn't this crazy getting such a high yield not even paid in the native cryptocurrency therefore not inflating the supply. No additional sell pressure from these bribes, this is what I love about it. I am mostly reinvesting these rewards into $SPIRIT in order to gain more bribes in the coming weeks :D.

At some point, I might cash out these bribes into Blue Chips such as BTC or ETH, but now now.

The Beefy example

They finally did not pay their bribe in $BIFI but in $USDC, it does not change much but I must say I do not like these last minute changes.

Here is the list of accounts receiving directly these bribes (the following snapshot is taken from ftmscan).

FtmScan Link

Additional Native $SPIRIT APR

Even if the yield is very impressive, this is not all ! By locking your $SPIRIT into inSpirit, you receive weekly $SPIRIT.

These $SPIRIT tokens are claimable weekly.

My voting plan for this week:

First, let's see the current bribe count for this week:

1️⃣ $UNIDX - $FTM $5,000 $UNIDX 2️⃣ $GRO - $FTM $5,000 $GRO 3️⃣ $beFTM - $FTM $10,000 $BIFI 4️⃣ $SCARAB - $GSCARAB $15,000 $SCARAB 5️⃣ $ORKAN - $FTM $25,000 $WBTC 6️⃣ $UST - $FTM $30,000 $UST 7️⃣ $RING - $FTM $1500 /1% $RING 8️⃣ $ATLAS- $FTM $2000 / 1% $USDC

It definitely looks great with also $RING and $ATLAS paying a $/% of votes! This is new to me.

I am probably going to vote again 4 different pools to diversify: My current plan is to vote the following: 5️⃣ $ORKAN - $FTM $25,000 $WBTC 6️⃣ $UST - $FTM $30,000 $UST 8️⃣ $ATLAS- $FTM $2000 / 1% $USDC 3️⃣ $beFTM - $FTM $10,000 $BIFI

Let's not forget that there is c.20 hours left and we have seen last minute bribes pop-up many times.

Not Financial Advice.

Stay safe out there,

Latest Analysis

Posted Using LeoFinance Beta