Might be related to PIP 11: Yield Farming++
Background
Currently, to do yield farming it takes loads of transactions.
I will use $SUSHI as an example, the same is true for $UNI.
5 transactions to get in:
- get the $SUSHI by sending ETH
- approve $SUSHI
- provide liquidity, receive LP (liquidity provider) tokens
- approve LP
- stake LP
2 or more transactions to get out:
- unstake LP (sometimes need to approve LP again)
- withdraw liquidity (depending on the platform can get proportional or single asset)
Goal
I would like to minimize the number of transactions.
I would like to automatically harvest and reinvest the profits, just like https://yearn.finance
Asset allocation?
There are some notable dashboards
- https://www.coingecko.com/en/yield-farming
- https://coinmarketcap.com/yield-farming/
- https://etherscan.io/yieldfarms
Ideally, a couple of different farms to minimize the risk of smart contracts and rug pulling.
- $SUSHI / ETH on SushiSwap comes to mind as a sure-fire candidate for the spot number 1
- TBDā¦
- TBDā¦
- TBDā¦
This is because I believe in the power of dominant networks. Bitcoin: dominant monetary network, Ethereum: dominant smart contracts network, SushiSwap: one of the two dominant swapping networks (the other one is Uniswap but not yielding $UNI tokens anymore)
The overall allocation of assets would be 50% ETH and the remainder 50% of various tokensā¦
Next steps
Reality check: does it make sense?
Maybe it already exists, is already proposed, discussed, someone else is doing it alreadyā¦
Once there is some positive feedback we can evaluate what is the optimal flow, allocation, ratios.
If the idea is crap: even better, scrape it, fall forward.