In our attempts to drive NxM towards self-sustaining financial standing, we would like to begin using defi as a way to generate returns for our community for future project funding.
I propose a $500 budget to begin with. Given the current market conditions and downward trending volatility, I propose the w/NEAR-Pembrock farm since the payout is in USN, and gaining stable coins will help protect us from the current voaltility.
I have received access to the nxm-live.near wallet, and will use this to perform the required functions.
I request no payment fee for managing this function, and consider it a task a NxM council.
destination wallet will be nxm-live.near
Submitted by Bone Police
@Paul @Monish016 @williamx @rhymetaylor
July review for NxM Defi
Adjusted proposal for July to be for $500, and submitted to AstroDAO for payout voting on 6/22.
Received seed phrases to NxM wallet from Pawel Crans on 6/22
Swapped 500 USDT for 150.12 wNEAR
Swapped 75.06 wNEAR for 2631.759 Pembrock
Put 2631.759 PEM and 74.978 wNEAR into PEM-wNEAR LP for 0.070039 shares
Put 0.070039 shares into PEM-wNEAR farm (all steps taken 6/22)
Estimated ROI is ~$1.634 in USN per day
Farm closed 6/30, funds withdrawn 7/1
Swapped 72.8347 wNEAR for 243.767 USN
Placed 243.767 USN & 2717.2812 PEM into liquidity pool and subsequent farm (7/1)
.051162 shares total.
Current rewards as of 8/1 = 69.04 USN
In our first month of exploring defi for the NxM community, we earned $69.04 worth of USN. I currently have our resources remaining in the Pem-USN farm. If the council would like to continue this process, please let me know. And if there are resources from August that we would like to add to farming, please make me aware of the desired budget, and I will write a corresponding proposal and fund request for August.
@williamx @Monish016 @rhymetaylor