[INVESTMENT] USDC deployment - Saber + Port

See initial proposal here

Saber and Port currently have a very generous liquidity mining program through Quarry.
Currently Port rewards 2% USDC APY + 2% PORT APR for USDC deposits on their protocol. Those USDC can then be kept as collateral and an IOU can be withdrawn, pUSDC. pUSDC can be staked on Saber in the pUSDC-pUSDT LP and the LP tokens can be staked on Quarry for a ~11% APY in SBR + ~15% APY in additional Port rewards

Therefore I propose to

  1. deposit 400-500k USDC on Port
  2. withdraw pUSDC from Port and stake them in the pUSDC-pUSDT LP on Saber
  3. stake the LP tokens on Quarry
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ok for me seems juicy enough

very good idea! lets do it

so it looks like that Quarry was falsely adverting the PORT yields as the rewards ran out and the IOU tokens are currently worthless (SBR is still paid out). More info here
Given this I think we should withdraw and reallocate the USDC. Also until the teams do something to fix it we should be careful in using Quarry and double check that the yields advertised are actually paid out

Completely agree. This has not helped my sneaking feeling that all reward tokens are worthless, and just there to advertise higher APYs…


Agree - for most farming strategies actually it could make sense to get the higher APY emission in their base tokens and immediately sell them in the market for USDC

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Proposal for removing from the pool is up metaCOLLECTIVE Governance

Removal of LP tokens from Quarry was completed successfully. Right now we have the following options:

  1. redeem LP tokens and either
    a) withdraw from Port as well to go back to USDC/USDT, or
    b) leave USDC/USDT lent on Port (currently at 1.49% USDC + 1.49% PORT and 0.89% USDT + 1.89% PORT)
  2. stake LP tokens on sunny for current 3.7% APY in SBR + 12.8% APY in SUNNY

I would go for option 2, as seems better value

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agree for #2 as well

since they removed the SBR liquidty mining and the Sunny has been decreased, I suggest to move the whole position into Raydium

would suggest moving around 150k equivalent to crema finance which has concentrated liquidity for stables and around 2% native + 6% liquidity mining. Lifinity also has a very interesting approach a would consider putting some funds there once they are out of the beta / audited