This week's yield chart is literally just empty space. Exactly $0.00 fees farmed across every single LP pool. First time since this DeFi journey started. And the thing is, nothing dramatic happened on-chain, with markets drifting further out of range at the exact moment you need it for fee generation. The tractor did not slow down this week. It died.
Every Single Pair Moved Lower. Again.
Here are the Week 39 holdings. I am not going to dress them up.
CL100 - WETH/USDC (Base, 0.05%)
- Deposited: $2,207.00
- Current Value: $1,434.26
- Total Fees: $76.40
- Combined P/L: -$696.34 (-31.55%)
ETH spent another week below the lower bound. The pool just sits there reflecting ETH's weakness versus the original entry.
CL200 - AVNT/USDC (Base, 1%)
- Deposited: $2,277.11
- Current Value: $660.12
- Total Fees: $369.87
- Combined P/L: -$1,247.12 (-54.77%)
AVNT continued drifting deeper below range. The earlier fee generation is now completely overshadowed by the price collapse.
CL200 - USDT/STBL (BSC, 1%)
- Deposited: $2,379.34
- Current Value: $424.63
- Total Fees: $653.48
- Combined P/L: -$1,301.23 (-54.69%)
STBL's structural token changes helped long-term confidence but did nothing for short-term price. With STBL trading far below the LP range, fee generation, which had been strong for months dropped to zero this week.
CL50 - ASTER/USDT (BSC, 0.25%)
- Deposited: $1,802.50
- Current Value: $999.06
- Total Fees: $112.58
- Combined P/L: -$690.86 (-38.33%)
ASTER lost momentum after Season 3 buyback ended and liquidity rotated out. For months this was the only position generating consistent yield. Not this week.
CL200 - 4/USDT (BSC, 1%)
- Deposited: $328.01
- Current Value: $93.19
- Total Fees: $33.46
- Combined P/L: -$201.36 (-61.39%)
Memecoins behave predictably when liquidity dries up. They go to zero and 4 is no exception.
Here's Exactly How Bad It Is
This table shows current price versus the LP range for each asset:
ETH is over $600 below its lower bound. STBL is trading at six cents versus a nine-cent floor. AVNT is 35% below range. With everything this far underwater, yield naturally collapses to zero. And this is why rebalancing feels impossible right now. Because rebalancing here means locking in deep impermanent loss during market extremes (extreme fear). You basically have two options: lock in a 40--60% realized loss by rebalancing into new ranges or hold the out-of-range position and pray price eventually returns. Neither option feels good. Rationally, rebalancing might be cleaner. You cut the loss, reset at current prices, start earning fees again when volatility returns. Emotionally, taking a 40--60% realized loss on positions you have held for months is something I simply cannot do. So, I sit here and watch the yield disappear.
You Thought October Was the Bottom. Wrong.
November closed with $135.10 in total yield but even larger drops in underlying token value. Nearly every pair drifted further out of range. I expected October to be the worst month. November ended up being worse. Worse in the kind of grinding way that is harder to stomach than a single liquidation event. Slow bleeds just feel like you are doing something wrong every single day.
Meanwhile the broader crypto outlook looks worse. No December rate cut on the horizon. No major catalyst to push BTC up. We have Bitcoin OGs selling after 15 years and Crypto Twitter morale at cycle lows. If this is not the bear market, then I do not know what it is.
Also, Since Trump Took Office, BTC Is Down ~20% and Majors Are Down 50--80%. This does not match the crypto president slogan he and his comrades widely circulate everywhere. The worst part is not even the drawdown itself. It is watching other people buy the dip while you sit completely illiquid in out-of-range LP positions that generate nothing. You cannot rotate. You cannot rebalance without taking massive losses. You cannot enter new positions because your capital is trapped underwater. I am not having fun.
Final Thoughts
The LP ranges stay where they are. I will let the positions ride until price action returns (if it returns) and will continue to not rebalance. In the meantime, I will do some further reading, and studying, about crypto markets and DeFi. These are the only productive paths I have control over while the DeFi yield farming tractor is in the workshop. I can only prepare for when it comes back, eventually.
Thank you for reading, and hope you have a good rest of the day!
Follow me on these other platforms where I also post my content: Publish0x || Hive || Medium || Twitter || Substack
Posted Using INLEO