The current round of geysers has ended, let’s begin the next round.
New Additions to the Ecosystem
Bill Broker
The Bill Broker (aka Billy) was deployed in beta form with some assets seeded from the DAO. The application for LP deposits and withdrawals will be live shortly.
Actively Managed Charm Vault
For WAMPL/WETH liquidity, there is a new actively managed Charm vault, which provides a turnkey solution for AMPL LPs on Uniswap V3. This has a number of benefits over providing liquidity on Uni V2:
- Higher fee tier
- Concentrated liquidity, 2x capital efficiency
- Significantly better performance vs infinite band
Aerodrome
A new SPOT/USDC Aerodrome pair went live on the Base L2 platform. This has currently collected $1.25M in TVL with an APR of 38.41% on this stable-like pair.
Treasury Spotlight
Below is a snapshot of DAO controlled assets, as of August 22nd, 2024. Please note that all of the data below is summarized in a best effort form, from publicly available sources onchain.
| DAO Assets |
Balance |
Value |
| AMPL |
11,088,597.583208252 |
$10,366,031.30 |
| FORTH |
1,905,559.890017566674874513 |
$5,754,790.87 |
| GRT |
47,500.1 |
$7,282.67 |
| SPOT |
3,328.692776486 |
$3,728.14 |
| USDC |
2,331.966628 |
$2,331.97 |
| Total |
|
$16,134,164.94 |
| Liquidity Positions |
Balance |
Value |
| ETH/AMPL UniV2 |
0.15492298302516707 |
$2,267,801.19 |
| stAMPL |
144.563335911049619346 |
$581,346.78 |
| SPOT/AMPL Poolside |
0.0000280312168 |
$182,530.48 |
| Arrakis PALM (93% FORTH / 7% ETH) |
N/A |
$2.79M |
| Bill Broker (SPOT/USDC) |
433,597,593,092.88 |
$459,501.87 |
| Total |
|
$6,281,180.32 |
Total Assets $22,415,345.30
Total Assets (minus FORTH) $14,065,854.40
Inflows
The treasury has collected 6,060.11 US$ in platform fees, represented by the USDC and SPOT balances above. This does not include fees still held within the LP positions or vaults.
Proposed Configuration
| Geyser |
Platform |
Pair |
Chain |
FORTH Amount |
| Crystal |
Charm Uniswap v3 |
WETH/WAMPL |
Ethereum |
25,000 FORTH |
| Steamboat |
Bill Broker |
SPOT/USDC |
Ethereum |
25,000 FORTH |
| Fly v2 (Superfly) |
Charm Uniswap v3 |
SPOT/USDC |
Ethereum |
5,000 FORTH |
| Total |
|
|
|
55,000 FORTH |
2 Likes
Given the significantly better performance of the WAMPL-ETH charm vault over AMPl-ETH Univ2 LP-ing, I suggest we move some of the DAO owned liquidity over to charm. We could move everything over, however we’d like for enough liquidity to exist for AMPL price discovery.
Moving over half of existing liquidity seems reasonable to me. So we’ll still have ~1m dollars of AMPL-ETH POL on UniV2.
Its also worth noting that there is a lot of “Zombie” AMPL-ETH liquidity on UniV2 from back in the geyser days (roughly ~700k). These are LP tokens which were staked into geyser v1 in the summer of 2020 and basically haven’t moved since.
1 Like
What kind of return can one expect with BB geyser as opposed to the Great geyser?
Tangential question: can we expect something a configuration a la charm on Base with Aerodrome?
1 Like
Over the 60 days leading up to Augst 22nd (when we last calculated this) Billy deposits saw a 6.6% return. This would be ~46% APY in dollar terms, or 24% versus holding.
The performance of the Charm Vault over a similar period was:
Standard caution, of course, that past performance doesn’t guarantee future results. These dynamics can change based on market conditions.
1 Like
Why do we have two different SPOT/USD pools? Is this the same reason we keep liquidity on UniV2 for ETH/AMPL? The rewards are also smaller than Great Geyser’s if both pools’ rewards are combined.
1 Like
I think it’s still beneficial to have some standing liquidity on Uniswap. For one, it’s there for uninformed order flow, which isn’t going through aggregators or to Bill Broker directly. Secondly, it still provides some price discovery mechanism between the standing bid and ask orders from the Bill Broker–which may temporarily diverge from each other after large market movements, like now.
I view Bill Broker as generally “healthier liquidity” as it’s informed about the state of Spot’s collateral, and Uniswap can help plug any holes.
From this geyser cycle onward I think all geyser programs should go toward pools which accrue value back the DAO.
Bill Broker allocates 10% of the total swap fees collected to the forth dao.
The charm vaults allocate 9% to the forth dao, and 1% to charm (for running and maintaining the service).
The revenue can be used to create more POL.
1 Like
