Welcome to the monthly review of my token portfolio, I started tracking this portfolio now 27 months ago in full transparency. I provide updates of the interests received, the services used and the transactions performed during the month. This post tracks what happened in the crazy May 2022.

Crypto interests

The portfolio earnings reached $6826 this month, that's a 3% increase from the previous month. The following tokens (including any kind of airdrops, mining, staking, interest rewards, browsing interest, Publish0x payments, and any kind of promo code or referee bonus) contributed to the earnings. They are ordered from the largest to the lowest contribution:

• 550 LUNA(2) airdrop from Terra after the LUNA(1)/UST crash. 
• 1283 CRV from Convex Finance and Curve as reward to my participation to the LINK, EURS, ibCHF, FRAX/FPI liquidity pools. I also received some as brides from Votium thanks to Lama Airforce.
• 62 CVX from Convex Finance as interest on my shares of the cvxCRV, cvxFXS, rETH, LINK, EURT, ibCHF and FRAX/FPI liquidity pools.
• 300 USDC from Convex Finance(3Crv) and selling tokens I got from the Beefy boosted vaults 
• 133 OSMO from Osmosis as rewards from my share of the ATOM/OSMO and BTC/OSMO liquidity pools.
• 3.7 rDPX from Dopex as reward on my shares of the rDPX/ETH liquidity pool.
• 0.04 ETH from Looksrare as rewards for my LOOKS staking.
• 335 PNT from Convex Finance as rewards to my participation to the pBTC liquidity pools.
• 10 FXS from Convex Finance as reward to my shares of the cvxFXS and FRAX/FPI liquidity pools.
• 0.11 DPX from Dopex as reward on my shares of the DPX/ETH liquidity pool, DPX staking.
• 76 LOOKS from Looksrare as rewards for my LOOKS staking.
• 5.77 JUNO from my JUNO staking.
• 2.83 HNT from my Helium access points.
• 1020 QI from QiDAO as reward for my ETH and WBTC vaults and rewards on my shares of the MAI/USDC liquidity pool.
• 62 ZKP from PantherProtocol as rewards for my ZKP staking.
• 48.96 from Convex Finance as reward to my participation to the EURS liquidity pools.
• 3.43 CEL from Celsius Network as interest on my CEL, 0x and UNI tokens.
• 0.187 ATOM as staking reward from my ATOM.
• 3 ATLAS from lending ATLAS at Francium on Solana.

The following diagram depicts the evolution of the received monthly crypto interests: 

Regarding the interest composition LUNA(53%), CRV(23%), CVX(8%) are the top contributors. The remaining 16 sources are around 16%. If you read my regular monthly post, you'll notice that I've reduced the amount of sources a lot. More on that in the Transactions section.

Transactions realized

Beginning of the month,

• I reinvested several times ORKAN tokens I got from Beefy boosted Vaults into Curve UST/USDC/USDT/DAI pool
• Similarly, I reinvested several times QI tokens received from QiDAO into UST/USDC/USDT/DAI pool

Middle of the month,

• When the UST depeg started I initially thought it would be only temporary and there was an easy way to make some money so, I removed all my stable coins from the Curve UST/USDC/USDT/DAI as UST.
• Two day later as it was becoming clear UST would not recover, I swapped everything back to USDC loosing immediately around $25K.
• At the same time, I sold everything liquid I could from my Terra holding and send it to Fantom to add it to my stable coin stack.
• As WBTC and ETH tokens were dropping I had to return part of the borrowed MAI to QiDAO to avoid being liquidated on my WBTC and ETH vaults.
• I moved the rest of the USDC and MAI in the MAI/USDC liquidity pools on Curve.
• A few days latter, Pylon, Aperture and Mars I was using on Terra unlocked funds that were locked so I finished removing most of what I had on Terra, loosing around 90% of their "stable" coin values.
• I started reinvesting my interests into Curve TriCrypto pool (ETH/WBTC/USDC) on Fantom.
• I claimed my Convex Finance rewards to benefits from low gas.

End of the month,

• I removed the liquidity from the ibCHF/sCHF pool as the rewards was getting around 3% and the CHF peaked against the USD and moved it into the FRAX/FPI liquidity pool for around 20% APY.
• I closed the QiDAO WBTC vault as the interest on the MAI/USDC was getting lower and the borrowing reward stopped. Instead in moved the WBTC into Convex Finance in the pBTC pool for around 20% APY.
• Finally as rumors on Celsius Network increased and the CEL tokens lost 65% in may, I sold my remaining CEL, DOT, SNX, UNI, ZRX for GMX on Arbitrum.

Evolution of the portfolio value

• The portfolio finished the month with a loss of $187K which is -33%, worst month since I tracked the portfolio. The main reason is the terrible performance of most Altcoins combined with my large exposure to the Terra ecosystem.
• If we look at the performance of the main components of the portfolio: BTC(-22%), ETH(-35%), Convex(-59%), Curve(-38%).

• The stable coin allocation is now 37.3% which is high as my target was between 20 and 30%. Seeing the uncertainty with the macro in general, I'll keep it like that for some time. 
• The ETH/BTC allocation is around 51%, which is inline with my 40-50% target range.
• CRV/CVX/FXS allocation is around 6% and decreased again this month. My target is between 10-15%.

The portfolio value compared to the value invested + earnings received decreased a lot this month and reached +66%.

The portfolio performance of -33% this month is the worst ever and brings the average monthly performance to +8.8%:

Things to look forward in June

In June, I'm looking forward to evolution of the macro situation again but generally I hope we'll get a calmer month. I'm planning to monitor the performance of my new investments (GMX and the new vaults) and probably try to bring my allocation closer to the targets. That will probably implies adding more to my CRV/CVX/FXS stacks.