hey Bay Bojans is it? it's boyan boyan sorry to no problem
usually people say boyan so that's not angry yeah it's like a Spanish based
language name that's basically no one it's a Slavic name Eastern European ah
yeah nice to hear from you Evan your voice since we started
working together yeah so I think yeah today will be just a simple chat to kind
of introduce each of our protocols to each of our communities I'll be sharing
to my our telegram group in a while trying to copy the link and post to them
and we'll be having this recorded as well so hopefully anybody that's
interested to understand more about like liquidity or what LUSD is about I think
we could use this to help them understand why they should be using LUSD
yep yeah and I think we'll also be introducing on how our equipters
strategies are working to help LUSD vaults LUSD liquidity basically because
we actually built on the v3 liquidity for IUSD and I think it's been having
pretty good use all this well so I think a lot of users there's actually
been a lot of questions asking us like what's this stablecoin about and I think
users would be interested to learn more from you guys as well yeah happy to
share and from our side I think how the vaults work would be very interesting
because you see like 17% single-sided on a stablecoin so you would you would
really want to know more yep yep yeah so I think we don't really need to wait
for listeners or such it'll be recorded so I think boy and you want to give a
rough intro about maybe yourself or even just about equity what it's all about
yeah so myself a joint liquidity almost four years by now I mainly work on well
everything which is not coding related to be honest and maybe shift to the
liquidity side of things so liquidity launched in April of 2021 so it's gonna
be three years panel on ethereum mainnet there have been no issues and
everything has been working since then exactly as as envisioned liquidity is a
borrowing protocol meaning a CDP protocol like like maker for example
where you deposit collateral and then can mint a stablecoin against it for
whenever you might need liquidity be it to farm something on within defy or to
off-ramp and buy a car bar a house buy a house whatever which is something that
our users do quite often and we're happy to see and liquidity is probably
most famous for the stablecoin itself which is definitely the most
decentralized the most resilient stablecoin in all of defy for several
reasons one is that it only takes Eve as collateral nothing else the second is
that the contracts are immutable since day one so neither us nor anyone else
can change them there is no governance there is no upgrade ability and nothing
and it works totally algorithmically so the code is low and whenever it is above
pack or below pack in stress situations which of there have been many so far it
performed very well went below pack maybe 1% the max so very resilient
stablecoin which is also adopted by many dows by many people who hold it for
those characteristics and are happy to do so also in the future thanks thanks
for the nice and true and it definitely sounds like it's a quite resilient it's
been for three years three or four years I think what you mentioned 20 years so
yeah I think it's a really quite interesting when people are choosing
stablecoins right there's so many different types of issues that happens
to stables and even large super large stable coins have been going off-pack
like like I believe there have been issues of going off-pack on your side as
well like to these years how how did you all overcome those periods so you
mentioned big stablecoins going below pack so this is the biggest thought was
in March last year I believe when USDC and everything else depict because
because circle had funds in I believe Silicon Valley Bank and people panicked
around that I think they had three billion there long story short there was
thought USDC the pact and everything else the pact I had a I had a look into
the numbers and I think that die and USDC the pact to 89 cents it was not for
a long time for a couple of hours but still but LUSD the pack just to ninety
five cents there really was no reason to to the pack for LUSD because it has no
ties to USDC or to traditional finance anyway as I said it's back only by Eve
but it was a Kneejerk reaction because of everything else that was
going on but actually the fastest stablecoin to repack to one out of all of
them was LUSD after 15 hours I know that because I looked into it so LUSD at 15
hours and then die I think something like two days USDC was a few a day day
and a half too so that was really an example a real life example of how
resilient LUSD is and how well liquidity works and this gained us a lot of
attention within DeFi and the wider crypto ecosystem but what LUSD is known
for is that it often is above peg so one two three cents above the peg just
because of the demand so people especially during the bear market people
wanted to hold their value in a in a safe asset end of the day and they chose
often LUSD and the demand was just so big that it was constantly hovering above
above one two cents above peg so yeah but I mean there are sometimes deviations
one percent down or two percent above peg but that's really it nothing nothing
else but that in all of the three years since the protocols live yeah that's
definitely nice to know I do remember when you mentioned about the circle issue
and how all the stablecoins were like suddenly all going off peg yeah that
that was a I'd say exciting few days or even a week for a lot of stablecoins and I
really didn't know that you guys recovered in such a short time I think
that's a really important factor to consider and yeah I think with so many
stablecoins that there's a in consideration right now I guess liquidity
needs a lot more has a lot of room for growth and explosion in the users and
market value for ourselves in our and I think we have been trying to promote to
get our users to put in more in our stable votes because that's actually one
of our stronger strategies so far all our stablecoin votes are performing
very well though I think the only issue that people are not putting that in is
that they don't really understand what goes on behind the scenes on all the
different stable points so I think actually today this of intro to our
users is actually quite a good good type of education and understanding for for
them I think one question I would also because you mentioned is like equity
other than LUSD is mainly like a CDP like maker as you mentioned so if a new
user is to come to your protocol and they want to basically they get some
yields or to not to use liquidity what what would be a simple simple guide or
few steps that they should be doing when they go to your protocol it's pretty
straightforward to be honest all our user has to do is have Eve on mainnet now
unfortunately the gas costs on mainnet are rising again for better or worse but
that's that so you can borrow only LUSD on mainnet for now but yeah once you
have Eve on your wallet you just deposited the amount that you want to
deposit and then you can mint you can borrow some amount of LUSD against it of
course if you go very very high like 85% or 90% loan to value then you're already
very close to liquidation levels and that you would like to avoid with the
bull market starting to pick up really so but if you if you do like 50 60 70
which a lot of our users do then you should be pretty safe especially if you
monitor your position but that's pretty much it you just have to have Eve we
don't accept any other type of collateral deposited and mint LUSD
against it which is just one transaction and then you have the in my opinion best
stablecoin in all of DeFi
very cool very straightforward I think and I think once users have LUSD I
think yeah I can mention about how they can actually get additional yields on
top of this so as you say if someone has Eve and then they mint LUSD if they
bridge it over to right now we have vaults on top of Arbitrum and Optimism
so for Optimism we actually have the option of single token vaults on our
platform and for Arbitrum we have it's a CL concentrated liquidity manager on
Uniswap V3 so I think I can roughly mention about the single token vault
first on Optimism we are actually building on top of Sony Finance which is
lending market and as we know that LUSD is one of the collateral that can be
supplied and borrowed on top of Sony Finance in Optimism so I think if you
just normally supply on Sony what you get for AUSD is I'm just looking at
their website now it's around 12 to 13 percent A.P.Y. for AUSD
that's pretty good already by itself yeah for a stablecoin 13 percent is like I think it's
one of the better ones honestly and I would try to explain on what we do here
we kind of automate a process where users supply AUSD on the Sony Finance
market and then they borrow up to the maximum which I believe is 80% or I'm
trying to look on their site hold on AUSD is okay can't really see but I think it
might be 80% or so so we supply for example let's say the you can borrow up
to 80% if you supply 1000 you can borrow 800 and then we supply the 800 again
borrow 640 supply 640 and then borrow 80% of it it keeps on looping for a number
of times until we can leverage up to a high leverage figure of 7.6 times of the
original amount so through this whole process we actually achieve A.P.Y. of 17.2%
for AUSD right now so that's actually another 4% more than what you would
normally get if you just applied on Sony on its own so the whole process on our
side is fully automated once you deposit no other actions need to be done
by users because our rebalancing all is being triggered automatically and we do
have like a long-term average display on our site as well I think the average has
been like 16 to 17% depending on the market for quite a bit so yeah it's
pretty much a simple stick and forget kind of a step for users right now
TVR is a 130 over 1000 I think it can still support a lot more for TVL and yeah
I think if any of you holds AUSD this could be a good option and yeah the the
other thing that I mentioned this now is on Arbitrum which for AUSD there is
actually a V3 concentrated liquidly LP on top of Uniswap V3 right now so we do
have another strategy that is built on top of Uniswap V3 we also automate the
whole process generally I think for users that have been using V2
non-concentrated liquidy indexes all this well it's a simple you just supply
50% of LVSE 50% of USDC and then yeah you just earn whatever you
sort these or the farming token but right now I think a lot of our users when
they are faced with supplying for V3 concentrated liquidity they do fall
into an issue of not sure what is the range as opposed to set how of whether
they should be rebalancing all the positions there's so many factors that
needs to be done before they they are able to form an LP on a V3 decks so for
our automated CL manager it's a quite simple for users it's also just a one
click deposit they can either deposit into LUSD or deposit into USDC and then
the back end of our vault settles the whole thing it will keep on
rebalancing if it goes out of range let's say LUSD goes above peg or below
peg and there's a price difference between LUSD and USDC all the
rebalancing will go on behind the scenes so this has been of course there
there is always a factor of permanent loss happening with LPs as compared to
just now when we mentioned the single token vault but again with that risk
there is also the potential of getting higher yields as well so I think right
now I was just looking at my site right now the APY for LUSD USDC pair I'm
looking at the average over the past month it's around 17% or so so it isn't
it's a bit close to the single token staking so but sometimes it depends of
course this all depends on like swap rates or the volume that is going to
so sometimes we go higher sometimes we go lower but generally I do think that
this LP of LUSD and USDC is giving a bit of a higher APY than the
single token on optimism that we are mentioning just now so I think it's a
pretty good options for users to look into which ones they'd be interested to
stake in yeah I'm not sure about you have you have you tried any of these
these vaults for LUSD I personally have not because since a while I'm already
positioning myself into volatile tokens I'm not holding any any stablecoins
anymore but yeah if I would then I would yes but it's it's I'm out of stables
since probably by a year by now for a year by now but that what I wanted to
mention we we touched upon that you can mint LUSD on mainnet but obviously that
is rather expensive if you don't want to go at least five to ten thousand dollars
then it probably doesn't make sense with all the bridging and swapping and
whatever it might be involved but we do have good liquidity on optimism and
arbitrant both couple million dollars if not more so you can easily swap five
six figures around and shouldn't have too much slippage so if you want to be
active on on L2s mainly OP and RB of course then you can easily buy also you
don't have to you don't have to mint yeah that's a that's a good point I
think if anybody is voting stables it always makes sense to kind of diversify
among a few different stables and the balance of the risks and of course I
think many of the stables aren't actually getting such a high APY for
single token staking as well I think most of the USDT or USDC single token
generally a bit closer to the 10% or less than 10% range and I think yeah
LUSD is a pretty good option for getting 10 plus and even up to 20% APY for
stables yeah and that's about how that is basically how we at APYTOS is
working with liquidity LUSD right now I think I'm too I think one main thing also
that that would serve liquidity benefit is that if more users actually stick in
this LUSD, USDC pair on Arbitrum it would actually help the slippage on
Arbitrum's decks as well because we what we do is we actually concentrate our
stable coin liquidity into a very tight range so all the swaps that are happening
within that tight range if you're able to concentrate there if you are swapping
four digits five digits the slippage would drop as well so I think it's a win-win
situation for both users and liquidity protocol as well. Yeah I agree I think
that's a great point another thing that you mentioned is diversification I do
agree that it's important and I think that if you are holding stable coins
then you should really look into into LUSD too not because I'm working at
liquidity but because objectively it is as I said at the beginning the most
resilient stable coin in existence what does that mean it pretty much means that
no one can take it from you some of you might not know but for example USDC and
USDC have blacklisted dresses this means that they can block transactions
USDC or USDC transactions from your from a wallet so you can't transact those
tokens at all anymore or they can even burn the balance from within your wallet
so that's a possibility with with circle and tether and then everything else is
pretty much connected to USDC or to real world assets so beat die beat
frocks beat whatever else it's significantly more centralized and LUSD
will ever be so is that the factor is that the risk I don't know maybe maybe
the chances are small but I just think that you should have in your portfolio
if you're holding stable coin also a bit of LUSD and and a lot of protocols
do have it like Olympus Dao synthetics shape-shift there are a couple dozen who
hold it in their treasury so it's definitely not a bad option yeah I think
it's a that's a good advice I mean of course coming from coming from you
mentioning that our liquidity is all good and good but I think it makes sense
to really spread out a bit on your tables and especially it's not just small
protocols that are holding it as you mentioned all the different bigger
protocols are having it in their portfolio so I think as a if you're a
generic user you could still trust what what other bigger protocols and with
their research in this well that's one thing to be considered yeah I think for
for one thing that I was mentioning about the arbitrum pair that we have it
is at this moment quite low TVL is actually even just like it says a 300
plus in TVL for the areas the USDC of course maybe some users will be
concerned about whether this would affect the safety on it but essentially
just to give an example on the other liquidity that I've been managing for
example on optimism we do have like a USDC USDT pair and it's around like a
250,000 TVL right now and essentially what we are doing is we actually hold
I'm looking at my graph right now we actually hold around 90% of the active
trading liquidity this means that any USDC and USDT trades that happen on
uniswap v3 optimism 90% of that actually goes through the TVL that is being
managed by our a cryptos automated manager so yeah that actually means that
we are getting like 90% of all the soft piece that happening on uniswap v3
between USDC and USDT and yeah I guess it's a good target for us to have a
USD on arbitrum be managed in this way as well where we actually are able to
automate a whole big portion of that liquidity and it becomes more
concentrated in that sense so yeah I guess we hopefully to all these
marketing activities and AMAs we're able to get more exposure and help users
understand what they're seeking and get into that open win situation yeah
anything you'd like to add from this side I mean about the management on
arbitrum this is then working similarly to what gamma are doing or we're doing
yeah yeah it's basically we are similar in what we are doing between let's say
gamma strategies is doing essentially what is different in the way we are
adjusting our strategies like how tight our range is or how we trigger the
rebalancing and so far I think one of our strengths have been in our stable
coin strategies if any user were to compare the same pairs that are being
managed by us and gamma I mean it's just a statistics saying right if you compare
the APY ours generally tend to be higher for our stable coin pairs so I
think it's one of the strongest selling points for our strategies right now so
we try to push out any any stable pairs I think most that are being managed by
us are performing really well so so what's the APR on RB I don't know if I
caught that we said OP 17 right now right and on RB on RB I was looking at
a one-month average is also almost 18 yeah that is based on the past month so
I haven't been zooming up to the past few months to get a whole average yeah
makes sense I mean that's still that's still excellent and I think that many
many people have no idea that that's even possible or that's in existence
because there are so many offerings so much war for attention on Twitter that
you you don't really even hear about a lot of things so yeah that's also to
promote a bit better and yes that's a really compelling offer because and also
quite a few whales who always have some LUSD just as a stable portion of their
portfolio so they're always keeping I don't know two five ten percent or
whatever in stables and they would appreciate some some decent youth on it
I think yeah I think I really do appreciate that you could help that
share to those that you know who LUSD I think as you mentioned it is very true
that Twitter is really full of so much attention war right and it really makes
sense to do what we've been doing for the past few years is really like all
these small more educational and more informative methods to try and like get
more engaged users and they will understand how it works and yeah I guess
all those big hype versions probably need a lot more let's say marketing funds
and such and yeah we try to find a balance between these and oh and I think
when you were asking about the APY on LUSD Arbitrum right I think one of the
strong points that that we want to emphasize is that all these are actually
coming from swap fees so this actually means that the sustainability is a lot
more stronger due to that for the optimism single tokens taking of course
it comes quite a bit also comes from the sauna farming token and that
as we know with farming tokens as time goes on it tends to fall a bit but yeah
if it's for let's say Uniswap V3 swap fees it's a I think it's a long term
long term solution where you can just take it and sometimes swap volume might
go higher sometimes it's lower but across the whole one year period as long
as our strategies are good it would definitely be using a good good APY for
the holders so for the sauna token you are compounding that back in into LUSD
then yep everything goes back to LUSD all right yeah I thought so just wanted
to clarify yeah so I think to a certain sense sauna miners don't don't like to
promote our votes that much yeah I can understand that yeah but for the beat
yeah sorry I was surprised to see that they have actually 60 million TVL which
is I mean quite a lot for example if you if you look at gearbox I think they are
I don't know at 50 or something or were and they they are all over Twitter right
now so nothing against gearbox I hope I didn't say anything wrong but I was
just surprised I was just surprised they saw sauna at 60 million pretty much so
really cool yeah they're doing pretty well actually yeah nice all right I
think it's really been nice talking to you hopefully we can do something
similar in the future or you could even jump into other ways discord or telegram
maybe even we could look into let's say posting some media articles to explain
about these and I just think that it's been quite an informative session
personally for our users they can understand more about IUSD and again for
usd holders you can see how they can get more APY and yeah we we can
hopefully get more TVL in them for the benefit of both agree thank you for
having me really cool that you broke down how the vaults work and that they
are actually sustainable so that's that's most important in my book and
yeah happy happy to tweet about it I think I really need to do that and always
happy to chat cool cool thanks love your time well thank you keep it in
touch thanks a lot all the best you around