Hi guys, so I thought I should give an update on my LP position in Thorswap, it’s been a while I did and time really does fly when you’re printing RUNE. Speaking of printing RUNE, it’s my 280th day in the liquidity pool today and I’m down in dollar value but up in RUNE.
280 days ago, I entered the pool with 164 RUNE, at the time of writing this post, I have a little bit more than double that amount if I wanted to withdraw my position. Yup, I have printed over 164 more redeemable RUNE sitting in the liquidity pool. How interesting.
When I entered the pool my speculation was that Bitcoin was going to outperform RUNE as $100k Bitcoin was pretty much on the horizon at that time, if that happened, in theory, it meant I’ll turn up with lesser units but more expensive RUNE, however, the markets decided to act otherwise and Bitcoin has been trading far below its ATH at $68k.
As a result of this, I’ve ended up with over double the amount of units of RUNE I pooled but cheaper in value. At the time of writing this post, the price of RUNE is $4.9, who could have thought it’ll go this low? But if you were to ask me, I’ll actually choose to have more cheap units of RUNE than a few expensive RUNE.
The catch is that, over time, price will catch up with development and I’ll end up having much more than what I even envisioned in dollar value. Just imagine that RUNE gets back to its ATH🤩, whereas many of us Thorchain bulls know that $25 RUNE is FUD, RUNE is a $100 coin, now do you get my point?
At this juncture, I’m super tempted to exit the liquidity pool with all 330 Rune and just hold till it moons because right now, if Bitcoin starts to sporadically moon, I’ll loose a ton of the RUNE I have accumulated to impermanent loss due to the fact that my RUNE is asymmetrically pooled against BTC , but I’ll be up in dollar value, leaving now makes some sense, but what will be the fun in that?
Moreover, we really don’t know how much longer Bitcoin will keep up with this sideways action, if this same pattern goes on for another 6 months, that’s more RUNE for me, like I said, I’ll choose to have more RUNE, low priced maybe, over having less but more expensive RUNE, knowing for sure that the price will still go up in the future.
So whatsup with Thorchain these days anyway? Well, in my opinion, development is still going strong, the network has been stable since the integration of Doge coin and Terra integration is on the test net.
THORChain is the only place you can programmatically enter and exit trade positions direct from L1 without using multi-sigs or custodians or wrapped assets.
THORChain will gain adoption through wallets and businesses invisibly using it to process swaps & accept currencies other than the native chain of the app. It enables new revenue streams for web3 projects and democratizes profits to $RUNE holders and $BTC rent seekers. Invisible.
From a Thorchain user on Twitter
Ultimately, If you must know, I’m still extremely bullish on Thorchain, I love that I’m in the pool so that I don’t have to worry myself about buying more RUNE, I’m printing it anyway.
So what’s cooking on Thorchain?
THORFi:
- vertically integrated savings, lending, stablecoin accruing value to RUNE.
ThorSynths
Cross-chain composability
- <any chain, any asset> to <any chain, any asset>
And finally mainnet.
Need any more reasons to state my bullish interests for Thorchain?
Thanks for reading.
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