Welcome to this weeks LBI update post. Missed a report last week, so all comparisons are to the update post from two weeks agoLot's going on in the world of LBI, so here goes.
Token prices at report time:
ASSETS
wallet.
A new position has been opened up here. Hive's layer two projects are becoming increasingly difficult to find actively managed and growing projects to invest in. BRO/LGN had a melt-down, We exited BXT as it's founder is closing DCity and is very disillusioned by all things HIVE. One project has stood out for a while as pushing on with no signs of fading away, DUO. So I've bought an entry position, and set up a plan to buy more everyday.
We are back to the plan of building positions in a layered approach, to grow assets and eventually income. I've set up some HP delegations which both pay daily liquid HIVE income. This income does not go to our income wallet, instead it is used to buy DUO every day. The DUO then will produce income. So we expand our balance sheet by using one asset to grow a second asset, and then income will grow over time from that.
The other big change in the last two weeks is a decrease in our HBD savings. I pulled a chunk out and used those funds to buy TGLD from 
HP increased over the last two weeks by around 150, which is nice.
Value of this wallet is down over the two weeks from a combination of the HBD being re-deployed elsewhere, and HIVE's price drifting lower.
The changes here include a decrease in our staked LEO. We have finished our latest power-down, and hold 100,000 LEO staked and delegated to 
After all that, the total wallet value is up a little. LEO is down over the two week period, but the extra funds used to buy TGLD have made up for it.
Off-chain holdings.
I pulled our LSTR pool, and used those funds in our TGLD move. Values are down a lot here. Started to rebuild a little LEO stake position on Arbitrum, and had to re-do the LEO pool position as it had dropped out of range. Since this cut-off, I have added more funds back into the LEO pool, as I was having issues with Uniswap and not able to do anything. 
Yield has been ok from the pools, and they add to our weekly income despite the value declines. Next weeks update will give a clearer picture of how these positions are going.
The most boring wallet, it just does what it does every week. We are gaining lots of EDSI from the EDSD wallet while HIVE is low in value. Over the last two weeks we have gained 105 EDSI in total. Not much else to say.
Another wallet with nothing much happening. We grew by 50 DBOND, and 100 DAB over the last two weeks. That's 75 HIVE value growth per week, completely passively. Income has been a bit patchy, but any missed payments are always caught up.
I've ended the delegation from the
CENT has dropped a bit over the last two weeks. Our pools have lost value, and we are down a bit on this investment. As a reminder, we set this wallet up with 5000 HIVE, so as you can see it's struggling a bit. However, we spin out some income every day, and compound a bit each day back into the pools. Another position where time will tell if it was a good move, or bad. It's quite a small portion of our fund, with the whole wallet only being 1.36% of our assets, so I'm not too concerned.
Totals
Total fund is down around $4000 in value. The main cause is LEO's significant drop from it's recent highs.
A reminder that all the LSTR tokens (TTSLA, TGLD, SURGE) are counted in the LEO tally here, as they are all essentially "backed" by LEO tokens. The biggest shift here is the drop in USD asset share, mainly as a result of the HBD unstake.
Income report
The good news part of the report - we made more LEO this week than we have for a long time. 665 LEO income for the week. As you can see, our off chain pools brought in the most, despite the volume traded through these pools drifting, and the size of our positions decreasing. TGLD will however become our biggest source of income, as yield only started on Wednesday.
$17.88 worth of LEO has gone out as this weeks dividends to all LBI holders. The yield is still small, at a sub 2% APR, but we are a growth fund with some income. Nearly 300 LEO sent to the 
9.575 LBI burned this week, which is the highest single week burn I can remember. Thinking of changing the income split on a temporary basis to increase the burns while LBI is so cheap. What would you think of pulling 5% off the LP rewards to make the burn 7.5% (maybe do this whenever LBI is priced below it's asset backed value??)
Liquidity update.
A total of 21,256 LBI tokens are currently in liquidity pools provided by LBI holders. This represents around 10.88% of LBI's total supply. Volumes have been slower lately, and the prices for LBI across these pools have been trading consistently way below the asset backed values.
Check out our pools on Beeswap or Tribaldex to consider the options.
Conclusion.
I've been thinking a fair bit lately about the price, and value that LBI has in the Hive layer 2 marketplace. We are obviously valued currently by the market well below the asset backed value. I think the biggest weakness we have is that the LBI token is not really appealing to new investors. We have a big problem, in that our target market won't buy in for one reason or another.
HIVE people won't buy LBI, as many don't trust LEO and what
LEO people won't buy LBI as it's not LEO enough. By maintaining a sizeable asset base of HIVE related tokens, we alienate the LEO faithful as there is a prevailing view there that HIVE is in a downward spiral and LEO is the only way.
LBI is too LEO for HIVE people (I'd love a dollar for every time someone has said to me they would love to buy LBI, but won't because of the LEO exposure)
LBI is too HIVE for LEO people. A number have sold out or downsized to buy
LEO is so polarizing, I'm not sure how to navigate through this.
Anyway, thanks for checking out this weeks update. I know 
Cheers,
