🤌Intro & Disclaimers
I am not a financial advisor, and nothing I say in this substack is financial advice.
This is all educational content you can use as a starting off point for your own research initiatives. I’m just another random individual who started a substack ‘cause I think/hope/know… that I have something to share with you all’. 🤷
That said, if you’d like to know a bit about me and are wondering why you should listen to me, read this intro post I wrote 🙌
🌊Let’s dive in:
This wallet review is a recurring post. The aim is to post an official update every Monday and see how far I can grow this little stash by week 52.
As of October 3rd, 16:00 UTC this tiny stash of mine sits at a modest value of $441USD, dubbed week 1 closing balance & week 2 opening balance. (Down -$9.00 from last week).
For illustration purposes, I’ve dropped a screen-cap of my wallet, accessed via DeBank.
📣 Weekly Highlights: This was already set to be a down week. Fundamentals and technicals had remained weak, and later in the week news about Credit Suisse’s CDS (Credit Default Swaps) spike started surfacing. The Banks’ Credit Default Insurance Nears 2008 Levels.
So last week, I mostly stayed put and didn’t trade significantly. While i could’ve shorted, I’m glad I didn’t because, at-least in the crypto space, everything was extremely choppy last week (A.K.A insignificant price swing UP and insignificant price swing DOWN).On the daily;
BTC traded tightly between $18700 to $19500,
ETH did the same between $1250 to $1350.I’m inclined to think there’s strong accumulation going on behind the scenes. Most currencies have been falling against the dollar and the average citizen is much more economically aware today. Check out this twitter thread I’ve linked below by @dunleavy89 to understand more about Record/Largest Euro and Pound Inflows to BTC.
(1/6) If your currency was rapidly depreciating what would you buy to protect your purchasing power? The answer for Euro and Pound holders has overwhelmingly been #Bitcoin This is notable because we did not see the same trend in previous crises in 2020 or 2021 A brief 🧵I’m expecting perhaps one last move to the downside if the macro backdrop worsens, flushing out the remainder of the leverage. Perhaps then we’ll begin our slow grind up. Let’s see what happens over the next few weeks. I’ll keep you guys posted every Monday Bull/Bear.
As of October 3rd, 16:00 UTC, my wallet has active interactions with these projects:
🌐🔗Mycelium (Formerly Tracer),
🌐🔗Thales (options trading),
🌐🔗GMX,
🌐🔗🦄Uniswap (OP/PERP Liquidity Pool),
🌐🔗Aurora Plus (Read up my review on AUROA+),
🌐🔗Aurigami Finance (Money-Market/Lending-borrowing),
🌐🔗Trisolaris (DEX),
🌐🔗Treasure.lol,
🌐🔗Chain Link,
🌐🔗Livepeer,
🌐🔗JonesDAO,
🌐🔗Sperax,
🌐🔗Hop.exchange (WETH/HETH LP) (How to Add Liquidity on HOP),
🌐🔗PlutusDAO,
🌐🔗Vesta,
🌐🔗⚖️Balancer Pool
🪙 Assets I'm holding in my wallet (Unchanged):
🎖️ With my Top 3 idle holdings being:
ETH (On Optimism, Arbitrum, Aurora) (.029|$34)
LINK (.77|$6),
JONES (1|$0.97),
That’s just what I’m holding and not actively trading at the moment. The remaining vast majority is just crypto dust. Crypto dust is simply a trace amount of cryptocurrency that’s leftover after a trade or transaction (Gemini, 2022).
🕵️ Now let’s look into some DeFi strategies I have on the go.
🔗Uniswap
Below is an overview of Uniswap LP positions as of October 3rd, 06:00 UTC their combined value is approx $40.
Last week I had about $75 in Uniswap Liquidity pools on Arbitrum and Optimism.
However, this week I decided to close my ETH/USDC LP position to open a ETH Long Position on Mycelium, leaving only the OP/PERP & THALES/USDC LP positions active on Optimism.
🫗 ETH/USDC Position
I closed my ETH/USDC LP position on Sep-27-2022 09:29:08 AM +UTC. Here’s the transaction on Arbiscan to open a ETH Long on Mycelium
As mentioned in my previous week’s update, the plan was to wait and collect fees until a better opportunity seemed likely.
🫗 OP/PERP Position
Last week I had a OP/PERP position on Uniswap which was trailing at $23USD. Last week was a down week in the market and despite that the price has remained steady between $21-$23 (The AMM is doing a fine job).
I don’t plan on liquidating this LP position anytime soon. Below’s a screencap of the price range they are trading in:
🫗 THALES/USDC Position
I also had approx. $25 sUSD (my profits on Thales markets from previous weeks). So, the week, I had decided to use up to 75% of that $25 sUSD to open a THALES/USDC LP position instead of buying any options for ranged markets.
I don’t plan on liquidating this LP anytime soon either. If/when I feel more confident I will liquidate this LP position and use those funds to buy options. Below is a screencap of the price range they are trading in:
🔗Mycelium (Formerly Tracer DAO)
As mentioned earlier, I decided to open a long position on ETH (Opened on Sep-27-2022 09:30:37 AM +UTC. Here’s the transaction on Arbiscan).
But, I believe I got suckered in! I saw the price ticking up and figured the market was ready to reverse and I was feeling massive FOMO! So, just like that, I made a market buy and an hour later the price had started falling.
As you can see in the screenshot above, the position size is 0.20ETH ($277.04). Leverage is at 8.00x (max leverage one can take is 30x) with my underlying collateral being $34.62 worth of ETH (.03).
My entry price is $1,364.84 and liquidation price of $1,219.33.
As it stands now, if I were to close this position today, I would be booking approx. $10 or 27% loss. My current hypothesis is: we’ve been accumulating in this range for a while and the MACD, RSI, STOCHRSI, Williams Alligator are all oversold and are indicating a momentum change/trend shift, albeit a bear market rally but, none the less, I sense a trend shift so, I am trying to build a position accordingly.
I’m determined to watch this trade through as opening a short doesn’t seem ideal to me at this phase of the downturn.
While I am convinced there is strong accumulation happening in this price range and upside seems likely, it’s wise to point out that it’s no easy task to call a bottom. Based on how the next few days pan out, I’ll either add more to the trade or close and cut my losses.
I’d recommend you checkout Mycelium’s analytics and try to make sense of the protocol, how it’s generating revenue and what the trading volume is like, etc… Not many(if-any) traditional centralized exchanges give you the transparency these Defi Protocols are providing.
Some context for you:
Mycelium was formerly know as tracer. Not gonna lie, this new version looks a lot like GMXs UI (perhaps it’s “Heavily Inspired”). Regardless, I love the initiative. I have 100 Tracer tokens sitting in my wallet that had to be swapped 1:1 for MYC tokens as part of the migration.
🔗GMX
My GLP & GMX positions are still my largest positions (3 weeks in a row).
As you can see, I’ve got some GLP (162.48|$145) & GMX (2.53|$98) tokens staked that are earning me 15.54% & 23.15% respectively.
I encourage you to read up a bit more about the GLP Index Composition. It’s essentially an index fund containing Bitcoin, Ethereum, ChainLink, Uniswap, USDC, Tether, Dai, and Frax.
Simply speaking, buying this one index gives you exposure to 4 cryptocurrency assets and 4 different stable coins.
Also, here’s some more in-depth details from my personal GMX dashboard:
This screenshot above gives a breakdown of GMX I have staked, how much it’s yielding me, and how much rewards I have ready and available to claim.
Here’s similar details for my GLP & esGMX:
🖼️ NFTs
I realized recently that I never showed you all my NFTs.
Since my trading activity was a little light this week, I reckoned I’d share two bits on my NFT collection.
Just FYI: If you have been using DeBank to track my wallet, you can just hit the NFTs tab right beside the portfolio tab, which is usually located in the top left area, underneath your profile picture and name. You’ll be able to see the NFTs I hold in my wallet, as illustrated in the image below.
NFT Marketplaces:
Opensea, LooksRare & MagicEden are the most popular NFT market places. Lately I find myself frequenting Quix on Optimism.
However, I urge you to check out Dapp Radar and research a bit about NFT market places. You’ll find information on traders, average price, trading volume etc…
Try to find out which one is making the most popular, has the most number of traders, largest buy/sell volume, etc. This will help you better understand the landscape and value that is exchanging hands.
🍱 Here’s a Breakdown of my collection:
🔗 GoblinTownHero
GoblinTownHero is a collection of 3333 ERC-721 NFTs. All proceeds will go towards funding public goods on optimism.
The collection is super alpha and their website literally has a single image with a coming soon message. I am not saying buy it cause I have it, I’m merely speculating/taking-a-gamble on something “in-the-works” and these 4 combined costed me less than $20, which is still quite cheap for some cool digital art (I love my little goblins).
🔗 Optimistic Explorer:
These were handed out to pretty much any optimism explorer. Each NFT represents 1 of 5 buildings in the city of Optimism which corresponds to a selected interest. I ended up buying all 5 of them cause i feel like there’s going to be some utility for these NFTs down the line! If not, no harm no foul again, as all 5 of theses NFTs combined didn’t cost me more than $5.
Those are the two collections I cherish the most. I’ll let you look around at the rest of them. Feel free to check them out here:
Outro
Of course, it goes without saying but bears repeating that nothing I say or share here is financial advice. I’m just another random individual starting a substack ‘cause I think I have something to share with you all’. 🤷
Also, like many individuals who are doing this for a living I also am a humble penniless fool. So, if you are a kind, bountiful, and gifted individual who has benefited from this S#!t Postery and wish to buy this S#!t Poster of yours a coffee, Some drip money would definitely be appreciated and will help to keep my fingers going on this mechanical keyboard of mine.
You can donate whatever you think is right at this address: shitcoinornot.eth :)
👛 My Debank Wallet (shitcoinornot.eth)
If you are interested in tracking my wallet and seeing what I’m doing and how I am navigating in this “Web3 World” feel free to follow me on debank.com.
It’s the best portfolio tracker (in addition to Zapper & Zerion) to track crypto portfolios. Think of it like a summary of your holdings and investments.
Every Monday, I’ll do an update on my “Holdings” documenting my decision making and rationale behind the projects that are in my wallet so be sure to come back next monday!