In the end, I took a bite of SUSHI and burst into tears

半缘雅衾

特邀专栏作者

2020-09-09 11:12 (UTC+8)

This article is about 2157 words, reading the full article takes about 4 minutes

How much money did I earn from mining SUSHI for 9 days.

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How much money did I earn from mining SUSHI for 9 days.

basic concept

basic concept

In line with the consistent writing style, the beginning of the article is clear, and the basic concepts are introduced at the beginning of the article. First, for readers to understand better, and second, to reread this article for the future self, so as not to be confused

Defi: Decentralized finance, this wave takes Ethereum as the main battlefield, TRON as the secondary battlefield, and various second-tier exchanges as the vanguard. Essentially, DeFi projects provide financial services to participants through mortgage loans, aggregators, and lock-up liquidity. Use eth or trx to exchange defi tokens for investment or speculation
Liquidity mining: lock LP trading pairs (such as ETH-USDT) 1:1 in the defi project, and you can get the token of this project. This is an operation of exchanging time for space, which is extremely beneficial to early investors
Impermanence loss: This is an obscure but very important concept. During the lock-up period of LP (such as ETH-USDT), if the price of ETH plummets, when you remove this LP pair, you will find that the amount of ETH you get will drop sharply. The amount of USDT increases accordingly. However, the overall conversion into USDT is still a loss. So when most people remove liquidity, they will suddenly find themselves working for ETH miners these days
Code audit: This is a very interesting phenomenon. As long as the label of SlowMist approval is attached, investors will flock to it like a crucian carp in a river. This reminds me of the public blog rating of ancient coin collections. Although it is reassuring, top-notch items are basically not submitted for rating
SUSHI: The hottest project of liquidity mining, locked up 1 billion dollars of liquidity overnight, and the currency price quickly rose from 1.6 dollars to 13 dollars. Later, due to the founder's sell-off, the price fell sharply for 2 days to 2 knives

Revenue Details

1. Mining SUSHI

Judging from the data, the 9-day mining income is almost just above the handling fee + impermanent loss. Here, it is necessary to mention the impermanence loss again. Our strategy is to use stable LP for mining. The impermanence loss is not too large when it is removed, and we lost 600 SUSD. Those who use ETH-AMPL and other unstable LP mining must pay attention. If AMPL or other mortgage coins plummet (compared to when liquidity is locked at that time), they must end mining

In fact, from another perspective, mining is a positive income. Because if you hold ETH or other mainstream currencies, you will lose a lot in this 9.3 market, and liquidity mining plays a hedging role

In this wave of mining, two operations worthy of complacency

Mining with stable LP ETH-SUSD
Regardless of the high handling fees every day, mining, selling and withdrawing

2. The secondary market accepts SUSHI

To be honest, I should be regarded as a very veteran sushi fan. When it was $1.6, I knew it and bought it

first level title

think

1. Why am I still a leek

As an old man who has experienced ICO, IEO, EOS various spinach projects, VDS super node construction, joint curve auction, Dutch auction, Bitcoin halved short, block browser construction, etc., I think I am constantly learning, I keep writing article summaries, but why I am still a leek in the face of the new situation, this is a very heavy but meaningful topic

The more experience, the greater the desire. Before I played VDS, I couldn’t help but be overjoyed when I made a profit of several thousand yuan, but after the profit of less than 10,000 yuan, I didn’t want to sell it, so that in the end, it was nothing.
The mentality of always being afraid of being short will seriously affect your operation. Before buying, without thinking, subconsciously, you would rather bear a 30% loss than miss the future 30% profit. When the profit is 30%, it will fall into the vicious circle of 1 above. If the profit is insufficient, it will not come out, which will eventually lead to a strange phenomenon of both ups and downs. Maybe this has something to do with my being idle for the past two years and urgently needing a sense of accomplishment
Applying past experience to new projects does not turn out to be appropriate. The most typical example is salmon. After experiencing sushi analysis, it is more profitable to buy directly, so I bought salmon very quickly when the market opened at 3 o'clock in the morning. In the end, SAL plummeted 30 times, and the principal was lost
Not willing to pay for knowledge, the two most famous masters in the defi circle have opened monthly payment communities: Lao Lu ($88) and Ji Jige ($600). When defi was not so popular, I knew about the two, but I missed too many opportunities because I was not willing to give up this little money. Then one night, an old man who played IPFS and didn't know him at all, directly added my friend and called 188 and asked me to teach him how to dig pearls. When he woke up, he dug up 5 pearls with a market price of $2700 each

Through the above analysis, I have many problems, which is the root cause of the reason why I am still a leek. Self-learning is one aspect, and it is more important to communicate with powerful people

2. What is the general trend

The Chinese yin and yang have explained the law of the development of things very well, the dynamic changes of profit and loss, the loss when it is full, and the interest when it is empty

For example, this year's 312 currency circle earthquake, it can be clearly seen that some people have problems judging the general trend.

At this point (percentage is personal guess data, not accurate)

Some risk averse have run away and are not looking back (15%)
Some leeks are waiting to rise in currency, do not operate (30%)
Some speculators choose to increase their positions and buy bottoms (35%)
Some traders who are watching the market in real time are constantly shorting (10%)

Different operations are the judgments made by his personal underlying thinking model. So how to judge this general trend? I personally don’t have a good method. According to the K-line analysis, it is not stable, because the currency circle is not a completely efficient market. The power of news, the power of the community, and the power of funds are too strong, and they are all variables.

So, relatively speaking, listen more to the voices of the community

If the community is tepid at this time, it means that danger and opportunity coexist
If the community is extremely popular now, such as SUSHI before, even ordinary leeks will come to mine. This may be the last carnival, so you can make two-handed preparations: 1. Follow the trend 2. Must sell positions at high points and not look back
If the community is extremely panicked at this time, please do not buy bottoms. Panicked people are more irrational than excited and fanatical people, and a run is always easier than doubling. Then after the rebound after the first wave, you can consider shorting

Although I didn’t make money by playing digital currency, I got through three important cognitions