Mojo Report #15

Finishing Strong

Author

Sexy Life
December 30, 2023

Mojo Report #15

Your weekly DeFi update. The good stuff, but not financial advice!

The year is coming to an end and I hope all of you made the gains you deserve in 2023!

In holiday season, it’s always good to reflect on what you did, what brought you closer to your goals and how you sabotaged yourself.

Be dead honest about your actions! It feels bad sometimes, but that’s what separates you from the crowd.

Thoughts on the current ETH is dead topic

Those kind of statements usually appear when assets underperform and clearly show how narrow and short-sighted people are. Attention and focus are on the price and not on the future and that’s why most people are such bad investors.

Same happened with SOL back then and now it’s going to flip ETH soon… yea, right…

Look at the numbers and you get a whole different picture. People don’t care about the high gas fees and if they do, they’re on L2s.

Also the tps (transactions per second) numbers are just a meme. For most cases Ethereum mainnet is sufficient with it’s low throughput. Sure, gaming and stuff like that needs more and they can be build on L2s.

The upcoming upgrade and the ETH ETF will bring the narrative back to Ethereum next year. Positioning before the masses do is always a smart move.

DeFi Updates

Currently you can earn double yield on $mETH. The extra percent are coming from the Mantle treasury as some kind of incentives.

I’m waiting for AureliusFinance to launch, so I can loop it and earn even more.

Currently, you can do that on Lendle, but you gotta pay some interest.

Manta seems like an easy play to get some rewards.

It’s an ETH L2 on Celestia, so it has a strong narrative paired with free money. In theory this should mean a flourishing eco in the next week. But I also thought Mantle is doing better in the early days (still think it’s going to be one of the top L2s).

To get a nice Airdrop, you need to bridge ETH or USDC from Mainnet and receive STONE or wUSDCm. This also as effect on the weekly Box pieces you receive. The more you bridge, the more pieces you get.

25 Box pieces = 1 Lucky Box

Keep in mind that you can only withdraw your bridged ETH/STONE and USDC/wUSDCm after 69 days of Manta token reward distribution. However, you can swap them on a DEX and bridge out of the eco.

Gearbox is undergoing a significant upgrade. You should pay attention to it, since PURE is bringing a completely different experience to decentralized trading.

It’s completely derivative-free and utilizes deep liquidity from DEXs like Uniswap.

That means no trading against someone else, no scam wicks and tiny slippage.

The Oath Foundation is killing it! With Ethos, Digit and the first Chaper on Mantle soon.

Aurelius will launch in the next 1-2 weeks on Mantle. AU airdrop in form of a call option to bOATH holders.

Perpetual Protocol has some damn cool arbitrage vaults!

Arbitrage usually is not as easy and it affords a lot of work, specialization or liquidity to make a good profit. But it’s very low risk and the Numbers look pretty good too.

Timeswap is also one of the projects, I use on a constant basis and I love how it’s developing.

Stella is in my top favorites as well and like Timeswap constantly shipping. So you should definitely pay attention to those.

Reflection and end of 2023 Portfolio

I’m quite happy with my overall performance in 2023. However, there’re some points I have to work on.

I was confident, that 2023 is a boring year and I’ve been right for the most part. The BTC ETF changed the whole sentiment very quickly, what I didn’t expect tbh. Nevertheless, I’ve positioned myself very well and I always said sidelining is very dangerous.

I also got it right, when to change my strategy in summer. Of course, this is a lot of cherry picking and I was wrong many times as well. But that’s my point! You don’t have to be right all the time, if you have a good strategy and don’t fall for your emotions.

I made a few mistakes during the year, which cost me a few thousands. In H1, I jumped into a few new projects, not realizing that we’re in a total P2P market.

This is very risky in a low liquidity market, but can be lucrative when there’s plenty of money flowing around.

I also held too many different token in the first half of the year. I’m a friend of diversification, but there’s also a time for that.

Holding mostly BTC, ETH and a few solid projects until liquidity comes back and rotate then would have been smarter. But once the gates open you can spread, because everything is going to run.

I held a big junk of my portfolio in ETH (40-50%), but more BTC would have been the smarter choice. However, I had my thesis why I didn’t do that (reportet in my Newsletter) and I expected ETH to perform better.

Portfolio

  1. ETH
    It’s not dead and it will perform well. Of course, not as well as others, but it’s kind of a safe bet. 3-5x is the target here and when you leverage it even more.

    For leveraging I use Liquity and Ethos, which both have the advantage of zero interest. Here I have still two positions open, from ~$1300 and ~$1700.

  2. TIA 
    I received a pretty dope airdrop and bought all the way up. With my front-page thesis, I’m very bullish on Celestia.

    I've staked half of my TIA and put some into a milkTIA/TIA pool on Osmosis. This should bring me some more airdrops during 2024.

  3. FXS
    I accumulated during the whole bear. The fundamentals are getting better and better, however, hype is still missing around Frax.

    Catalysts:
    • Halving
    • FraxChain
    • BAMM, which allows oracle free leverage for any token (only on FraxChain)

  4. SOL → RUNE
    It replaced SOL on position 4, because I sold half of my SOL. Yes, it can run further, but it overshot my target already and I think some firepower for other stuff is needed soon.

    As you know I also bought RUNE through the whole bear, with an average entry around $1.4.

  5. RNDR, PENDLE, BTC and ATOM
    They all take around 3-4% in my portfolio. I don’t think I have to say much about those.

  6. Others
    2-3%: SOL, OP, OATH (I plan to buy much more), SD, RDNT
    Under 2%: ARB, MNT, ANKR, MOZ, WINR, LINK, NEON

I didn’t include any short-term position here.

Macro

Yea, I know, I know… that recession topic again. Let’s see how BTC and crypto performs here.

But I also expect rigged numbers from the gov side and not calling a recession because of election year. But still assets can perform bad.

Stay Sexy!

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