Opportunities on Solana, Boba and Katana

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avatar of @edb
2 years ago - 4 minutes read

Here's a quick list of DeFi and related opportunities on Solana and some of the more exotic blockchains, which I noticed on Crypto Twitter while you were at Hivefest in the 3D metaverse. Don't expect me to explain the details - if I had time to figure everything out, I'd be investing my own money instead of writing this. I put my money in Sol Invictus, Raydium and Spell, and I might try others later. This is not financial advice. Please do your own research.

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The first one launched on Solana last weekend. The Sol Invictus protocol promises an APY of over 9000% for staking its $IN token at the moment. It will go down over time, as rewards are spread among more participants. I'm actually surprised it's still an attractive number after a week. It's inspired by Olympus ($OHM) and its treasury management magic, which I don't fully understand. You'll need to use the Phantom wallet.

Phantom is closed source, so I wouldn't trust it with more money than you'd trust a centralized exchange. But it's the first user-friendly wallet for Solana, and using Phantom - especially the internal swap feature - now might qualify you for an airdrop later.

In an hour or two, the NFT project Degen Trash Pandas is launching on Solana. The images are just as ugly as any other generative animal art. What I like about it is the slow and fair launch, so that everybody gets a chance to mint, without creating overwhelming traffic at one moment. Fees are not a problem on Solana, but previous NFT launches have created traffic jams.

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Crypto is a big space these days, so I can't assume you're familiar with the basics of DeFi on Solana. Let me remind you that Raydium offers two-digit returns for relatively safe investments: over 20% for staking its $RAY token, and 43% to 77% for its yield farms. Personally, I avoid the two farms with the highest yield, since those are for pools of $RAY and a stablecoin, which have a high risk of impermanent loss.

Mango Markets is a decentralized protocol for leveraged trading on Solana. Today, they posted a tweet showing a juicy arbitrage opportunity. The numbers may have changed now, but anyway, there's money to be made when you're one of the first people to figure out how this works.


In the replies, others noted that the UXD stablecoin profits from such discrepancies in derivatives markets automatically. CMS is an investor. The founder Kento is an introverted nerd like you and me. I didn't realize you could make money from holding a stablecoin, but UXD does distribute profits to its holders.

Let's move on to some of the more exotic blockchains. The Boba network is a new Layer 2 network on top of Ethereum. Last week, OMG (formerly OmiseGo) took a snapshot for airdropping the Boba token to OMG holders. One Boba app I'm interested in is Senpaiswap, an AMM with the unique feature that it tries to own its liquidity instead of hoping that degenerate yield farmers will stick around (again, inspired by Olympus). There will be an airdrop of $SENPAI tokens soon for liquidity providers, on top of the regular distribution. I can't find any APY numbers, but someone noted an arbitrage opportunity.

If you're an Axie scholar, you may have noticed that playing to earn has become less profitable on Axie Infinity.


Well, if you saved a bit of your earnings, this is your opportunity to graduate to DeFi and earn more.


I remember seeing good APY numbers for these pools, but I can't find them now.

Back in Ethereumland, the XDEFI Wallet is doing an IDO for its governance token on November 15.

The next one is technically another opportunity, but in practice it's mostly a lesson that it's much harder to realize ridiculous profits at a larger scale. It's a quick response to a reply guy who suggested Yearn was either incompetent or holding back profits.


After the Ethereum Name Service airdropped its governance token, interest in airdrops for users flared up again. Here's a whole spreadsheet of possible upcoming airdrops, and how you'd qualify as a user, created by Jean Brasse (check out his Twitter account for more tips). It's pretty sure that a Metamask token is coming. We may have passed the cutoff date already. And in any case, the only way they'd register your address is by using the swap feature in the wallet, which is relatively expensive otherwise.

After giving you so much free alpha, please support me by buying my bags. Besides my long-term investments Hive, Monero, Ethereum, Solana and finance.vote ($FVT), my biggest trading positions at the moment are $FTT and $SPELL. FTT is always a safe bet - it'll go up when the market goes up, when trading volume goes up, and when FTX's market share grows. So it's surprising that it went down from $65 to $55 in the past seven days, while there were all-time-highs for BTC and ETH.

As for $SPELL, there's a whole ecosystem around its founder Daniele Sesta, who issued various tokens on different chains. There were rumors that a big VC investment was coming, but they haven't materialized. I'm down bad, friends, my SPELL-PERP long position is at -38%. But I'm not selling, only buying more. And he has many loyal supporters 🐸 who are doing the same. Please give us a hand. 😀