Larry Cermak, Director of Research at The Block, astutely pointed out that this token swap comes at the expense of early investors/token holders, as the product offered became significantly (~4x) more expensive and their holdings were therefore diluted. The current ratio aligns with the bonus conversion round (1:31.68), with MCO gaining 31% to close the gap. At the time of the announcement, the spot ratio was skewed (1:24.72), which gave rise to arbitrage.
The conversion rate was set at 1 MCO:27.6439 CRO, with a 20% bonus if converted before September 3rd (1:33.1726). /Monaco (CRO/MCO) announced an MCO to CRO token swap ahead of their mainnet to phase out their two token model in favor of a one token model.This is quite different from the Compound model, where liquidity miners recycle assets to mine COMP and then immediately sell COMP to offset their interest expense. In our view, exogenous cash flows are the key to long-term value accretion for token holders because they actually reduce the selling pressure on the native token and help bootstrap positive, reflexive behavior. less circulating tokens), and as more and more tokens are staked, the total value locked (TVL) of the network increases, making the protocol more secure and more visible to other DeFi users and investors). Re-investing exogenous flows not only creates buying pressure for the native token, it acts as a velocity sink (i.e. In AAVE’s model, participants can realize a return selling USDC/BAL/ETH without adding constant selling pressure to the underlying AAVE token, but they also have the option to reinvest/stake those returns in the Aave platform to effectively own a bigger part of the network (thereby entitling them to more future flows). Now IIRC there was several million CRV donated to the backscratcher vault by the treasury that I’m not sure whether to count as platform revenue because it would largely depend on whether the treasury can actually withdraw that deposit.įor the record, I calculate those fees to be 24M distributed to stakers in the boost vaults.With the exception of iv, all of these represent real yield to AAVE stakers. This is similar to the Convex Finance fee to Curve depositers. Instead they go to people who lock CRV in their boost vaults. Excluding the YFI and boost vaults from this you get a management fee of $2,523,059.49. That includes the CRV rewards which don’t have management fees but its an excellent resource for monitoring YFI adoption. Total Performance fee: $32,638,200.36 Management Feeīasically they siphon 2% of the total AUM annually from the normal vaults. Here’s a spreadsheet I collated from that data.
The APY listed is an average of the last 7 days which I know is short but I don’t have a dashboard to show historical trends of harvests YTD or something longer term. From there take the gross rate and apply the fees to it to get the investor rate shown. To get the breakdown you have to mouseover the rate. On yearn.finance the APY listed is after all fees. You can pull this data from yearn.fi or from yearn.finance. What I don’t have is a dashboard that shows historical income for each vault (let me know if you find one) so I just have to estimate this using the % yield on each vault and the vault AUM.
Half of these fees go to the treasury, the other half pay the strategy creator. These are the fees taken by the platform on each harvest. This revenue will go to 0 over time since it only applies to v1 vaults. Honestly I don’t even think it’ll get that much. This is over 196 days, so projected annual income from withdrawals of $3,282,471. These are fees applied when someone exits a vault if there aren’t enough idle funds to handle the withdrawal.
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