[DEFI YOLOs] Grim.Finance + Spooky Swap = 3OMB-FTM LP
Gabe here, Our first DEFI YOLO on this blog. Pop some bottles yo, lets celebrate 🥂🍾
We’ve saw APY’s were looking tight at the recently hacked grim.finance with dailies at around 5.985% ! So YOLO, why not!
Bought 100 FTM on Binance for 2.25 a coin.
Withdrew to new Metamask account #
Went to sushi swap to get some BOO.
Then swapped fiddy FTM for 3OMB
After the swap, it finally showed up in Grim Finance and we had deposited it to earn Yield.
At 2:17PM this is what welcomed us:
Our investment and portfolio valued at $217.52 is now only $194.28
At 2:38PM our portfolio decreased even more to $190.37
What the fuck is going on?
Will check back later..
2/9/2022 10:47AM Update — funds decreased, the impermanent loss really affects this
Took out all the funds.
Ended up with 31.0552FTM and 27.289 3OMB worth $115 dollars.
What was the process to take out funds?
-Clicked on WITHDRAW ALL on Grim.Finance
-Was prompted to approve on Metamask the colleteral tokens (key) used to withdraw.
-In my metamask spLP showed up.
-Didn’t know wtf that is, had to google it. Turns out it’s Spook Swap’s POTION. Had to click on Liquidity on Spookyswap and then my potions to undo this sLP.
Upon approving, I received 3OMB and wFTM.
Had to unwrap the FTM.
And that’s how we ended up with our initial investment back, or did we?
We went in with 48 FTM and 10 TOMB
and we came out with 31.0552FTM and 27.289 3OMB.
So, why did this happen? Why did our $220 ish investment end up half of that rather than making us money?
3OMB went from $10 ish price to around $2 So the cause is major impermenant loss. That’s also why we have 27 3OMB instead of just 10 like we started out with. And we have less FTM than when we started.
Hope you liked this real life strategy study. We are sharing it as we go, so you can benefit from what we learn without having to get rekt and lose money like we do.
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