$30k to $1 million passively challenge: Update 2

$30k to $1 million passively challenge: Update 2

By MadMaxx | Crypto Fondue | 25 Jan 2021


Hey, and welcome to another update!

First off, I apologize for this late update. I however had a lot on my plate, buy updating this has basically become a priority for me.

If you're seeing this for the first time, basically all I'm trying to do is to turn $30k to $1 million without lifting a finger. (Ie passively) 

You can read these posts to better understand what I'm doing, and why I'm doing it.

Article 1

Article 2

If you like the article, be sure to leave me a tip so I can afford gas :)

 

That aside, let's jump right into the updates.

Uniswap LP

First off, Uniswap had an amazing day today, basically exceeding daily liquidity from everyday of this month. No better time to jump right into being an LP.

I had already provided liquidity into the ETH/USDC pool, so when ETH pumped, the fees went up as well. Solid choice.😎

In addition, impermanent loss is almost completely erased by the fact that I'm gaining such huge fees. The pool is very huge in size, but the fees I gain are still pretty decent, and at the end of the day, either my ETH or USDC would increase in size which I don't really mind much.

Yearn Finance

For some reason, adding my stablecoin to the yearn vault was asking for over $300 in gas, which made absolutely no sense. I jumped into their TG to ask why this was, and after battling the hoard of scammers that DM you first asking for you to invest in a weird product you've never heard of, I finally got my answer: Yearn V2 contracts are more complex than V1. I'm still waiting to see if fees would drop to about $80 or so, so I can use yearn, because the prospects are huge.

Compound

Supplying USDC to compound was extremely easy and only cost me $10 total. I have now started earning interest passively on my USDC, along with a free COMP allocation everyday! At the end of the month, I should have some decent COMP earned for free, which I would re-supply to get even more interest. That's how it is😎

 

Trading Bot

Whales were active all day jumping in and out of positions. I could see it from the whale monitor present in the bot's interface, as it sends updates for these positions.

There was one problem though: The bot just didn't work.

It didn't move with them, didn't buy what they bought or anything. What was happening was pretty strange: It was initiating transactions, but trying to save on slippage, leading to failed transactions in basically all the cases we tried. The bot has gone in for fixing now. 

 

Statera

Statera had a one time gas fee that started me out at a loss. It cost me a whopping $62 to get into the phoenix fund, which was not a nice taste at all. However, I've begun seeing the gains pile in, albeit extremely slowly. With time and compounding, it should pick up. This is the first day after all.

 

Tomorrow, I'd try my best to get some funds into Yearn V2. Hopefully it's worth it at the end.

Thanks for reading! If you enjoyed the post, kindly leave a like on it, and drop me a follow. Thanks for stopping by!

 

 


MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


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