Hi guys,
Today, I made my first withdrawal from the Thorswap pool after 314 days. I withdrew 50 RUNE from my position. After being in the RUNE-BTC pool for 314 days, I’d grown the quantity of Rune I provided into the pool from 164 Rune to 267 Rune.
It’s interesting how the market turned out, I entered the Bitcoin-Rune pool with the bet that Bitcoin will outperform Rune thereby printing me more Rune, and my bet did work out, only just in a way that was slightly different than what I had in mind.
In my mind Bitcoin was primed for $100k, but it turned out that Bitcoin dipped all the way from 60k to 30-40k range, and Rune dipped further more, in anyway, Bitcoin outperformed Rune and I ended up almost doubling the amount of Rune I entered the pool with under 365 days.
Now, interesting things have been going on within the Thorchain ecosystem.
Synthetics(Synths) have been activated and has been doing around $10m in volume per day, this is super cool,
What is even more interesting is the number of swaps growth that has significantly increased since synths were activated. Technically, synths allow very fast and almost feeless trades and swaps. So if you want to exchange $10k worth of BTC, you can make it a synth and make your swap for a fraction of the fee you’d pay when normally swapping.
You can read more about synths here
This is huge for big time traders or large volume swaps, this is huge for the entire cryptospace, and it’s all decentralized.
It seems to me that the time has finally come for Rune to moon as Terra integration nears completion. Decentralized algorithmic stable coin UST meets decentralized exchange, this merging is so big that it has started to price in on Rune.
However, as Rune moons and Bitcoin remains stagnant, the implication on my position in liquidity pool means that the Rune side will start selling itself to balance out the Bitcoin side. Hence, the more the price of Rune rises, the more I loose Rune to the Bitcoin side, So Ill have a more expensive position but with fewer quantity of Rune.
This is unacceptable as all my effort over the months has been to capitalize on Runes dip to acquire more Rune not to loose them. The quantity of Rune I’d actually printed got to 330
it took me so long to realize that I should have gotten out of the pool with the many extra Rune I’d printed, now I feel I’ve slept on myself, small price to pay for being a noob💀
As majority of the market bleeds, Thorchain and its entire ecosystem bleed different, XRUNE, THOR, RUNE have seen over 91% gains between the last 14 days. If your favorite crypto Twitter account is not talking about Rune, are they even in crypto?
And things are just getting started, after the integration of Terra and UST, caps will be removed and everyone will be able to provide liquidity anytime. RUNE will rise fast to top 5 and Thorswap will become the most used DEx.
Privacy coins are coming to Thorchain
Thorfi is underway(Self paying loans)
More wallet integrations
In my opinion. The action is only getting started. So I withdrew 50 RUNE from the LP with the hope to capitalize on any x100% or x500% increase that may happen and to save them from going back into LP😏, my plan is to enter the pool back when the caps are completely removed.
Who knows what the 50Rune would have been worth by then, x100😫?lol. Fun to think about.
But by doing this, I’m essentially choosing to forgo the amount of fees I should be earning by being in the Liquidity pool, especially during these times when the number of trades are in an upward trend, that’s why I’m taking out just 50 Runes.
Eventually, we will see which would have been the better move.
Hey I’m still learning and it’s been an amazing experience.
This is no financial advice.
Look at me talking about DEFI stuff like some pro 😂, thanks to Leofinance for bringing me on!
Heh! Stuff you can’t learn in school!
Join Leofinance today. 👏