Let's play a Degen Combo Bingo while I am explaining how to get 50% APY on delta neutral position with the help of @mirror_protocol @anchor_protocol @SpecProtocol on #Terra chain
Thread 🧵
Thread 🧵
1/ I've decided to check the rates on @mirror_protocol after a recent @rebel_defi YT video. I was a little surprised that you can still get 50% APY on a delta neutral position. Didn't try myself so verification from @DrCle4n @danku_r @Caleb_TWT_ @rebel_defi is required.
2/ @mirror_protocol allows you to borrow against $aUST so you can easily build a delta neutral strategy with borrowing mAsset (shorting) and then farming with it in LP (long exposure).
3/ Let's start with 1200 $UST. Deposit 800 $UST to the @anchor_protocol for 20% APY and you get $aUST in return as a receipt token.
4/ Deposit $aUST and borrow 400$ worth of $mSPY against it (shorting). Next proceed to the farm tab and provide $mSPY and $UST to LP for a long farm.
5/ Take your LP and deposit it to @SpecProtocol for 53.7% APY.
6/ So now you have equal short and long exposure to $mSPY while earning 800 $UST * 20% + 800$ worth of $mSPY-$UST LP *53.7% = 49.1% APY
6/ This strategy is very easy to manage if you have some "dry powder" in the anchor simply by reducing or increasing $aUST collateral in the @mirror_protocol to maintain equal short / long exposure.
7/ Please verify all the numbers and risks associated if you consider investing. Thank you and stay safe.
8/ If you liked this thread, I would love it if you could share it by retweeting the first tweet:
Thank you!
Thank you!
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