Sin Eater -> Virtue Nibbler AAVE Transition Experiment: Update 1

By Average Jo | Sin Eater | 2 May 2021

AAVE Day 2

I know I said weekly updates... but! One of those pesky credit cards requires a payment so I decided to break my LTV rule and send $1000 to start the paydown process (and get them off my back!) while the gas fees remain super low and ETH appears poised for a big run. ETH needs to tank to about $1200 before I risk liquidation, I can live with that. And if ETH goes up, my LTV goes down and I can definitely live with that!

Original post for deets on the experiment: Sin Eater -> Virtue Nibbler AAVE Transition Experiment

I'm borrowing $DAI for this credit card (so I can play in the stables), I figure it will be easier for my less plastic mind to keep track of the plan if I assign a different stablecoin to each of the 4 remaining debts. Canadian Tire MasterCard gets the DAI! 

Payment flow in a nutshell: Borrow 800 DAI (~$1,000 CAD) -> swap to renBTC -> renBridge BTC -> -> MasterCard payment (CAD fiat)

Total fees: 0.02 ETH and 0.001 BTC = ~$114 US


So the gas price is way down in the mid-20's (WOOT!) however... many actions on AAVE are still costing a TON because the gas limit is pushing 1,000,000!!! I don't really understand this but in terms of fees/costs, it certainly keeps it higher than I would like and requires things to be done in large chunks, not small ones. And that kinda sucks but whatever. Obviously I cancelled this transaction......

gas limit

Sin Eater financial profile update (fiat in CAD):

  • INCOME: Salary $65,000/year
  • DEBT: Credit card #1 $9,000 (-$1000 using $DAI)
  • DEBT: Credit card #2 $15,000
  • DEBT: Credit card #3 $600
  • DEBT: Line of credit $10,000
  • DEBT remaining to be paid down: $34,600

Virtue Nibbler financial profile update (fiat in USD):

  • ASSET: 6 ETH ~$17,000
  • ASSET: 350 REN ~$340
  • ASSET: 5 RenFIL ~$825
  • ASSET: 1100 USDC ~$1000
  • DEBT: 5 RenFIL ~$825
  • DEBT: 4800 USDC =$4800
  • DEBT: 800 DAI =$800
  • LTV = 33.72% (target is 30%)
  • Health Factor = 2.43 

*For those with a keen eye, you'll note that both sides of the USDC went up by $100. I borrowed $100 to buy a call option on and it got away from me so I put it back. I'm impulsive sometimes, it's costly. I probably should have paid down the USDC debt instead of depositing it (cheaper fees to pay back from funds in the wallet than using collateral apparently), I'll know better next time.

Shower thought: I realized last night that this process is basically transferring my real world debts to virtual world debts while I continue to straddle both worlds. I have no idea if I'll end up doing the splits or if I'll end up standing tall in both (or at least less short) but it's definitely worth my time and effort to try and to share the results of those efforts, even if they fail. If I can get these debts down, I can start using disposable income to buy more ETH. Until then this is what I have to work with and I pray it's enough, cuz I'm tired of being prey.

Thanks to everyone following along, I am grateful for the support. :)

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Average Jo
Average Jo

Gen-X closet millennial with a husband, no kids. Everything else is just noise.

Sin Eater
Sin Eater

I'm a Sin Eater. The knowledge was passed down by an Ancestor who kept her trade a secret when she moved to the new world in the early 1800's. While she "quit" her "calling" when she left the Old World, her methods of movement, hiding and fabrication to protect her from the stigma of the life she left behind stayed with her and became part of her survival toolkit. These methods have been passed to me but I've altered them, to release the Sin back to the transgressor, it's Time they owned their shit.

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