The @spinvest-leo wallet, managed by @jk6276 has finally made a move and shifted some funds into the Cosmos eco-system. I say finally, because I have personally been focused on the Cosmos for ages, but have never pulled the trigger for this @spinvest wallet I run. But, after discussing with @silverstackeruk early in the week, I pulled the trigger, and moved our first $1,000 over to a fairly new chain called Dymension.
So, why DYM?
Dymension is a high profile addition to the Cosmos eco-system, building on the "modular blockchain" narrative by aiming to be the home to "Roll-Apps". A fusion of the Cosmos SDK stack, and EVM capabilities, with links to another high profile chain launched recently, Celestia.
RollApps are modular blockchains, instead of maintaining costly validators, RollApps leverage the Dymension Hub (layer 1) for securing their funds and Data Availability (DA) networks for publishing their transaction data.
Dymension replaces centralized and risky multi-sig bridges prevalent in Ethereum and L2 ecosystems with IBC-connected rollups. By building IBC for rollups, Dymension validates that all funds deposited into a RollApp are as secure as the Dymension Hub itself.
Source of quotes: Dymension Blog post
Launched with an airdrop to various communities, notably $ATOM and $TIA, $DYM has performed well since its launch, and is currently hovering around $1 billion market cap, and just outside the top 100 coins on Coingecko.
Liquidity
Aside from enabling Roll-Apps to easily connect to the highly successful IBC network (the internet of blockchains), Dymension is also aiming to be the liquidity and security hub for these projects. To that end, an incentivized Dex was just recently launched. Currently it is a pretty straightforward AMM, with 50/50 pools all with DYM as the base, and pairs like DYM/ATOM, DYM/USDC and DYM/TIA as its first offerings.
Incentives to add liquidity have just been added a few days ago, in the form of $DYM. Nothing new or groundbreaking in the model so far. The only slightly unusual thing is that rewards get streamed to your wallet, ever block. No need to claim, just refresh the wallet and watch number go up.
So, what have I done?
Firstly, I removed the full liquidity from the SPS/BNB pool we had on BSC. This amounted to around $1300 in value. I then swapped, using Simpleswap around $1000 of those funds across to a newly created wallet in the form of $DYM. I then split the funds up, and added half to the $DYM/ATOM pool, and the other half to the $DYM/stTIA pool.
So, now @spinvest has gained some exposure to $DYM, $ATOM and $TIA for the first time, and no longer has any funds on Binance Smart chain (pretty much for the first time).
Rewards have been streaming into the wallet, and with price gains over the last couple of days since making this move, we are already up. What I am working on next is taking profits occasionally out of the pool positions, to build a stake for $DYM. It is a proof of stake chain, with 21 day unstaking which is pretty standard for Cosmos chains. Staking APR is around 17% currently.
The long term plan.
For a while, this wallet will not sent funds back to HIVE, all income and earnings will get compounded. In the short run, the yield @spinvest-leo sends back to @spinvest each week will drop.
My goal is to build up the staked DYM to over 100 tokens (roughly $700 in value at current prices)
A goal for this wallet is to position for future airdrops. Many projects are planning to launch as roll-apps on Dymension, and will likely airdrop to DYM stakers (and maybe liquidity providers).
Once happy with the initial position size for DYM, then look at other Cosmos assets like ATOM (of course) TIA (another potential airdrop magnet), OSMO and AKT (my personal favorite.
Grow the wallet via yield farming on DYM, airdrop hunting and compounding staking rewards.
Current position, and wallet details:
Here is the link to view this wallet on the Dymension explorer
Dymension wallets have two addresses, and Ox EVM style, and a Cosmos style. Ours are:
- 0x108420da56791e083b9a12d87eb130bc03ef50d6
- dym1zzzzpkjk0y0qswu6ztv8avfshsp775xkhas935
So there you have it, @spinvest is finally invested in the Cosmos, via Dymension to begin with. Tomorrows weekly update from this account will outline the changes to the wallet holdings. Each week, this account puts out a weekly update, which you can follow along even if you don't hold any SPI tokens, to see how these funds are managed and maybe get a few ideas for your own wallet.
Thanks for reading,
JK
Post authored by @jk6276 for @spinvest-leo. 50% beneficiary set to @jk6276
Posted Using InLeo Alpha