Editors Note: This article comes fromChatting with Xiaozha (ID: xiaonazha88), reprinted by Odaily with authorization.
Editors Note: This article comes from
Chatting with Xiaozha (ID: xiaonazha88)
, reprinted by Odaily with authorization.
In the current era of farming in DeFi, whether it is digging sushi, cucumbers, pearls, etc., these all originate from digging sweet potatoes (YAM), which can be called the originator of farming.
Sweet potato (YAM), although the crazy 36 hours happened last month, it feels like a long time has passed. After all, many foods have been iterated in the farming era. At 4:00 am today, the corrected and audited sweet potatoes (YAM) started farming again.
Expect something a little different from the sweet potato.
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The originator of farming, YAM farms again
YAM is farmed again, this time there is only one pool, and the YAM/yUSD token pool on Uniswap v2 is used to mine YAM.
The Uniswap LP pool of YAM/yUSD will award a total of approximately 92,500 YAM tokens in the first week, with a weekly decrease of 10%. The mining pool will open at 8 PM UTC on September 19th.
The price of YAMV3 is currently back down to $29. There are currently 520,000 YAMV3 in the YAM/yUSD pool.
If all these 520,000 pieces are mined, how much is the mining profit? The daily yield of mining in the first week is: (9.25/7)/(52.4*2)*100%=1.26%.
The mining income is average.
The first rebase time of YAMV3 is 8PM on September 21st, UTC time, which is 4:00AM on September 22nd, Beijing time.
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Arbitrage between YAMV2 and YAMV3
Mining needs to worry about YAMV3 impermanence loss, what should I do? Theres a little arbitrage here.
The migration ratio from YAMv2 to YAMv3 is 1:1, 50% of which can be redeemed immediately, and the other 50% can be redeemed continuously within 30 days.
This leads to a price difference between YAMV2 and YAMV3. For example, at the time of writing, the price of YAMV3 is 29.5 US dollars, and the price of YAMV2 is 25.9 US dollars, a difference of 13.8%.
If you plan to hold YAMV3 for a long time, and you don’t want to mine impermanent losses, here is an arbitrage method to increase the total amount of YAMV3 in your hand.
Arbitrage method between YAM V2 and YAMV3:
1. Change yamv3 to yusd from the yamv3-yusd pool on uniswap, and then change yusd to eth;
3. Go to the yam.finance website and migrate yamv2 to yamV3;
4. Repeat the above steps
Each arbitrage has a profit margin of more than 10%. What are the disadvantages of this arbitrage method? After repeated arbitrage, the total amount of YAMV3 you hold has increased, but the flow of YAMV3 in your hand has decreased. Most of the YAMV3 locked needs 30 antennas to be released.
The above method is for reference only, not as an operation suggestion, and you can decide whether to adopt it according to your own situation.
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Difference between YAM and AMPL
YAM is a fork of AMPL and combines YFIs liquidity mining distribution mechanism without pre-mining. It is not only an elastic stable currency, but also a community-based stable currency. Its future will be governed by the community, which determines that its future development will have different characteristics from AMPL.
Both YAM and AMPL are rebase mechanisms. What is the difference between them? Here are 3 points.
1. On rebase, AMPL is adjusted every 24 hours, and YAM is adjusted every 12 hours.
