Blog 17 – February 2024 – Portfolio & Farming Recap

We are 5 months in, and I am already starting to lose track of exactly what I’m up to. Each day the number of bookmarks I’ve got of things I am trying to either farm, or use for information continues to grow. So I thought it would be beneficial to break the portfolio down into 3 key areas: High conviction holds, Farming operations (some will overlap), and Dust (through either stupid decisions, or airdrops I haven’t sold and am waiting for wenmoon?)

High conviction holds

Ethereum (ETH) – The original layer 1, most activity, Spot ETF potential, network upgrades, price action relatively lagging all other L1’s, a dedicated L2 space that builds on it, tradfi interest, list goes on… It also holds the top weighting in my portfolio to date given the Eigenlayer farming I am now doing (more on that below).

Akash Network (AKT) – Decentralised supercloud marketplace for computer resources ie GPUs, strong community, growing usage, cheapest option out there, a credible active and reliable leadership team out there with Greg building and growing, still outside the top 100 market cap with plenty of upside, my best investment to date (bought in at $1.07 and now $3.40), staking rewards and yield. Constantly gets thrown into the DEPIN & AI category, obviously it is DEPIN but I really have a feeling anything remotely linked with AI will explode once retail comes in.

Render (RNDR) – Decentralised GPUs marketplace for rendering solutions, connects suppliers and artists, partnership with Apple, DEPIN and AI play, often mentioned and coupled with Tao (which i actually think will struggle with retail investors at its current token price being so high c$600 now). I can see the AI and partnership with Apple which is something tangible for retail investors really causing significant price growth in the bull. It has been an OK performer, with investment doubling to date. I still think a lot of upside.

THORChain (RUNE) – Decentralised liquidity protocol which allows cross chain swaps, growing volume and a use case proposition that is easy to understand, very strong community who continued to build throughout the bear, will be an “obvious in hindsight” type thing when it shoots past its last all time high of $20 when we are next in peak bull.

Celestia (TIA) – Some call it the largest ponzi in crypto right now, with a valuation you couldn’t fathom based on fees generated. But modular seems here to stay, and this is purely an airdrop play. I missed the DYM airdrop by a month, but have qualified for the ALT airdrop this month. The plan is to convert these airdrops to TIA, get my position to over 50 staked, which I think may be a future requirement, and then cash out future TIA airdrops to cover my original position – which averages out at c$15 per TIA. This could really go tits up if the airdrops stop and market turns… completely prepared to be stuck unbonding at some stage down the line watching the price tank…. But we shall see and at the moment I am still bullish!

Rollbit (RLB) – Crypto online gambling platform that offers all casino, slots, sportsbetting, leverage trading, games for degens who want to gamble more than just regular crypto investment. The token is bought back and burned with a % of the fees generated, which continues to put buy pressure on the token and reduce overall supply. Very active marketing, strong team, appears to have a lot going for it. If you had of asked me 5 months ago what I think would have performed best, it would have been this. Its actually been the worst performer to date, buying in at $0.19, it is now $0.12. Its been rumoured there have been some large whales that just continue to dump the token into any positive momentum. I may have gotten in on the end of a big rise up on this one. In any case, its actually generating income, its an easy use case, and i can see it continuing to be popular moving into a bull market. What I should probably be doing, whilst sentiment is shaky, is double down and reduce the cost base. But I am happy to let this one ride.

Farming operations

Eigenlayer – with Etherfi, Swell, Kelp, Renzo & Puffer. Hoping for at least 6 airdrops here….

Linea : I’ve had 1,176 LXP added to my wallet for the voyage I completed. I bridge over every month and try and do a transaction to keep the wallet active. If you have heard about the starknet criteria, wallets without any eth on stark were not eligible – so I am maintaining a small balance of linea eth.

Orbiter finance: Bridge that I’ve spent a load of gas on to create NFTs and get points…. May this one please be large when it happens!

Layerbank / Manta – The disaster that new paradigm was, whilst I am waiting for my stone to be redeemable, I am lending it on LayerBank and then borrowing some wUSDM against it to generate points, which I hope will be for an airdrop. I am unsure if it will be manta tokens or layerbank tokens. All I can say is as soon as eligible I’ll be taking that shit out and converting it to ETH or USDC/onto the next thing.

MarginFi / Kamino / Parcl / Jupiter– I have a cpl of $100 USD in the first two lending/borrowing, and am providing $50 liquidity in Parcl… I probably need to re-evaluate these. I am getting a small number of points but am well down the list with my sizing. I had a $40 long on Parcl for Miami that was liquidated fairly early on… ouch. Jupiters first airdrop I missed by a couple of weeks, though I should have volume now for the next airdrop.

Celestia Tia Staking – Staking this on Keplr (have qualified for the Alt airdrop which is due 20th of Feb), also have 10 milkTIA, 5 in my wallet, 5 milkTIA I am lending on Demex, and last night I claimed the staking rewards for AKT, swapped it to 7 TIA and deposited these on Stride for stTIA which is another live airdrop opportunity.

AKT Staking – Yet to get any airdrops through this but it is a solid high conviction play as outlined above that was not intended for airdrops.

ATOM Staking – I have 11 staked here in hope it qualifies for something. It probably needs to be c50 balance, and to be honest, I think the next airdrops will be for the newer coins but you never know. ATOM has been an amazing airdrop hold for those in the past, so they may continue to reward stakers.

OSMO – I am staking 61 osmo – c$100, again in a hope that it qualifies for airdrops.

Debank – I’ve minted a couple of badges, linked my socials, deposited some money, tried to post a couple of thoughts in streams, although it all seems linked to buying the $100 web 3 ID…. not holding out much hope on this one.

So in summary, there are 18 things I am trying to ‘farm’, and then the cosmos ecosystem staking which I hope pays dividends.

DUST

Two sub categories within dust: things I’ve been airdropped and yet to exit or decide what to do with, and terrible decisions.

Wen – This is an airdrop. I could convert it to 0.5 of a sol now but that is not a lot to get excited about. It might have some growth during peak bull.

Brett – A memecoin – original investment has been taken out and letting this ride, albeit its 1/15th of where it was at ATH.

Farmbot – Hurts to write this but worst investment to date. It was a big risk at this marketcap and weighed heavily on being able to deliver what was promised. Developers have abandoned project though and I have all but lost 0.3 eth. I think very small glimmer of hope is if they do qualify for airdrops they may be able to market it and get some positive price movement – albeit with no devs now very unlikely and i cannot see why anyone new would buy in. The value would be eaten in gas if i sold this so it remains firmly at the bottom of the list…..

Cabal – A memecoin – 2 sol into it – now worth 1/20th and not worth selling. This combined with Farmbot is a $1,200 lesson on why you shouldn’t chase moonshots. A valuable lesson nonetheless.

Conclusion

That wraps up the portfolio summary. I am broadly happy, albeit I feel spread a little thin in some of the airdrop farming I am doing. A big gap in the portfolio is gaming. I would like to get into either Immutable IMX or some other exposure. I have a feeling there will be a big announcement that crypto will be part of the new GTA, or something like that, and it will add to the retail mania when it comes back. Pyth is another one on the radar, although I’ve already missed airdrops there, and the price has doubled recently. It is the same feeling I always get, and that is there is not enough capital to chase all of these opportunities, which at times seem obvious, and is perhaps why I need to review my strategy to make the most of the incoming Bull market.


Disclaimer

It goes without saying nothing on this site or anything associated with Happy Crypto Wanderer is or should be taken as financial advice. This site tracks the hopeful journey of one everyday punter just trying to live out a dream. Come back here every month so you can track the journey. Any and all feedback is much appreciated. If you feel so strongly that you’d like me to stop at any time, a large enough donation to this wallet so I can reach my goal could make all this disappear.

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