Welcome to the monthly review of my token portfolio, I started tracking this portfolio now 33 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 November 2022.

Crypto interests

The portfolio earnings reached $3876 this month, that's a 6% 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:

• 6651 MON from Defi Franc as rewards from providing liquidity to the DCHF/3crv pool 
• 1414645 LFT from Lend Flare as rewards for supplying ETH and WBTC
• 0.3170 ETH from GMX and from Redacted as reward from respectively staking my GMX tokens and staking my BTRFLY tokens
• 336 CRV from Convex Finance as reward to my participation to the cvxFXS/FXS, LINK/sLINK, FRAX/FPI liquidity pools, staking cvxCRV and locking CVX
• 44 FXS from Convex Finance as reward to my shares of the FXS/cvxFXS, FRAX/FPI liquidity pools and CVX locking. I also received my brides from Votium as FXS thanks to Lama Airforce.
• 1.87 GMX from GMX.io as staking interest.
• 86 OSMO from Osmosis as rewards from my share of the ATOM/OSMO and BTC/OSMO liquidity pools.
• 11.9 CVX from Convex Finance as interest on my shares of the LINK/sLINK, FRAX/FPI, FXS/cvxFXS liquidity pools, cvxCRV staking pool and CVX locking.
• 28.12 LUNA from Terra as staking rewards.
• 44 USDC from Convex Finance(3Crv). 
• 0.18 BTRFLY from Redacted as reward from staking my BTRFLY tokens.
• 3.36 HNT from my Helium access points.
• 3.617 JUNO from my JUNO staking.
• 1.91 AURA from Aura and from Hidden Hand as respectively rewards on my participation to the wstETH/WETH liquidity pool and bribes from locking my AURA.
• 0.51 BAL from Aura as rewards on my participation to the wstETH/WETH liquidity poll.
• 0.27 ATOM as staking reward from my ATOM.
• 1424 VELO from Velodrome as interest on my shares of the sUSD/LUSD liquidity pools
• 0.07 auraBAL from Aura as rewards from locking my AURA.

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

Regarding the interest composition  MON(40%), LFT(28.5%), ETH(10.5%), CRV(5.8%) and FXS(5.6%) are the top contributors. The remaining 13 sources are around 9.6%.  

Transactions realized

Beginning of the month,

• I compounded my GMX rewards.
• I claimed my Aura rewards.
• I claimed and reinvested my Convex Finance rewards.
• I claimed my Velodrome rewards and reinvested it into the sUSD/LUSD liquidity pool.
• I claimed my LFT rewards from Lend Flare and reinvested it into aUSD liquidity pool on Aura

Middle of the month,

• I claimed my Velodrome rewards and reinvested it into the sUSD/LUSD liquidity pool for around 15% APY.
• As I noticed the price of LUSD was 2-3% cheaper on Optimism than on Ethereum, I did a manual arbitrage by removing all my liquidity from the sUSD/LUSD as LUSD, used the default slow bridge to go back on Ethereum (it takes one week!!), then sold the LUSD for USDC on Ethereum and immediately go back to Optimism, to do a second loop.
• I claimed my LFT rewards from Lend Flare and reinvested into DCHF/3crv pool from Defi Franc for around 40% APY. This project is fairly new and is a fork of LUSD offering a decentralized swiss franc.
• As the FTX mess started to appear, I decided to change my initial strategy which was to keep a large part of WBTC/ETH and reinvest the interest in stable coin. I changed it to keep a large part of my capital in stable coins and reinvest the interest in WBTC/ETH. To do so, I removed my WBTC from Lend Flare, then sell them for stable coins and move them also in the DCHF/3crv liquidity pools.
• I claimed my MON rewards from Defi Franc and reinvested them as WBTC supplied on Lend Flare.
• I also moved ETH out of wstETH/WETH liquidity pool of Aura, sold them for WBTC and supplied them on Lend Flare. The difference of interest was really significant.

End of the month,

• I finished my second loop of LUSD manual arbitrage and noticed that the opportunity had disappear. So I moved this coins in the DCHF/3crv pool from Defi Franc.
• I claimed my MON rewards from Defi Franc and reinvested them as WBTC supplied on Lend Flare.

Evolution of the portfolio value

• The portfolio finished the month with a loss of $23K which is -7.5%.
• If we look at the performance of the main components of the portfolio: BTC(-17%), ETH(-19%), GMX(+22%)

• The stable coin allocation is now 63% which is more than the double I had planned initially. I plan to keep that allocation high until the FTX cascading effects are all known.
• The ETH/BTC allocation is now around 22%, which is half of my original target.
• CRV/CVX/FXS/GMX allocation is around 10.6%, inline than my target of 10-15%.

The portfolio value compared to the value invested + earnings received decreased a bit again this month.

The portfolio performance of -7.5% this month, lower to the average monthly performance of +7.10%

Things to look forward in December

In December, I'm looking forward to the evolution of the macro situation and see if I need to go back to my initial strategy or if I changed correctly. I anyway sleep much better having most of my capital in stables and reinvesting in crypto than the opposite...