Wallet
Wallet
Welcome to the Stay on-chain wallet!👾
This is your go-to spot for diving into the world of DeFi. Our goal? To give you a real-time peek into DeFi strategies at work while we grow our capital and, more importantly, help you get savvy with on-chain operations.
The Stay on-chain wallet is open for everyone to track. Check out our wallet stats on our Google Sheet and see our positions in real-time on the wallets below:
Ethereum and EVM blockchains: 0xadFAfBb2032B44b369648d565d7052419f325AA4
On this page, you'll find a detailed breakdown of every move we've made with the wallet, leading to our current results. Consider this your insider guide to our operations, complete with insights and the thought process behind each decision. We hope it'll be a valuable resource for you. Let's dive in!
Please note: this wallet is intended for educational and entertainment purposes only, and in no way constitutes financial advice. Do not attempt to replicate our operations.
Move #1 - Wallet deployment and ETH exposure
Date: 22nd December 2023
We kicked things off by contributing $1000 as initial capital. We split it, with 500 USDC going into a multi-sig wallet on Arbitrum and 0.21 ETH (worth $500) landing in another multi-sig on Base. This was our way of allocating half our stash to ETH, the most important DeFi asset and a general exposure to the crypto market.
Multi-sig wallet addresses:
ARB - 0x45a7694b047EC1e604eFd5efA1222BCf8597dC04
BASE - 0x20F0E53e309f1043a66B2aA20f34163DC441f617
Date: 11th January 2024
Turns out, the multisig setup was a bit of a drag for what we needed. So, we switched to a standard wallet setup for better simplicity of tracking and flexibility, introducing both an EVM and a Cosmos wallet.
New standard wallet addresses:
EVM - 0xadFAfBb2032B44b369648d565d7052419f325AA4
Cosmos - cosmos10rswyq6smpsn6j7nku2jrk09k4us87sqv2ewd8
Celestia - celestia10rswyq6smpsn6j7nku2jrk09k4us87sqaqg7h2
Move #2 - The Arbitrum cauldron
Date: 24th December 2023
Next up, we invested 200 USDC into ARB at $1.35. This move allocated 20% of our funds to ARB, positioning us for the Layer 2 narrative. We opted for ARB over OP due to its lower market cap and higher TVL, suggesting the potential for stronger performance.
Date: 11th January 2024
We deposited 150 ARB into Dolomite.io, a protocol on Arbitrum for lending and borrowing that caught our eye. It offered a 9% yield, had solid backing, and didn't have its own token, which we liked because of the chance of getting a protocol airdrop.
Date: 21st January 2024
ARB performed well, so we decided to take some profits, selling 80 ARB at $1.82 each. This gave us $146 in USDC and reduced our ARB holding to about 12%.
Date: 24th January 2024
With an ARB unlock event looming, we decided to hedge our remaining ARB by shorting 72.7 ARB on Hyperliquid, a decentralized perpetual protocol. This move was strategic, aiming to keep us in line for a potential Dolomite airdrop, keep the yields coming, and earn points on Hyperliquid that might just land us another airdrop.
Move #3 - Delve into Cosmos: ATOM & TIA staking
Date: December 28, 2023
With airdrop season kicking off, we decided it was prime time to position ourselves for airdrop farming; with ATOM and TIA as our picks. We chose TIA with Celestia, known for its data availability solutions for new chains, and ATOM, the powerhouse behind Cosmos, famous for its Cosmos SDK and IBC tech that empowers new chains. We allocated about 25% of our funds to snap up 10.25 ATOM and 10.31 TIA.
Date: 5 February 2024
After buying the coins back in December, we initially staked the coins on multi-sig wallets — but as we realized we needed more flexibility, we unstaked them and waited out 21 days. As we set up the new standard wallet, we then staked both assets with five different validators each.
While staking ATOM brings in an APR of around 13%, TIA yields about 14%.
This move isn't just about chasing airdrops and staking yield; we're also positioning on TIA's potential for strong price performance. We're in it for the long haul and we're even open to upping our stake if things look promising. Although we're a bit skeptical about ATOM's performance due to its inflation and lack of value accrual, we still believe it's a smart hold for airdrop farming.
Move #4 - The Mantle Journey
Date: 12/1/2024
Mantle is a thriving Layer-2 built on top of Ethereum — which we deemed worth a peek considering its strong ties with the ByBit exchange (offering fast & free withdrawals on the chain, incentivizing adoption), and the huge treasury funding their operations.
Layer-2s are seemingly everywhere, and most do about the same stuff — you have to search for outliers, and we believe Mantle is one of them, prone to over-perform.
We started off this journey by bridging 300 USDC over from Base to Mantle, using the Stargate bridge, powered by LayerZero — protocol worth using, considering it’s token-less and their airdrop is one of the most anticipated in the space.
We then exchanged 210 USDC for 0.08 mETH, Mantle’s liquid staking token for Ethereum. To incentivize its usage, Mantle doubled the yield on it to 7.2% subsidizing the amount via their treasury. For reference, other LSTs don’t get over 4%.
Furthermore, we exchanged the rest of our USDC for normal ETH — so that we could pair these ETH with some of our mETH in a Liquidity Pool on Merchant Moe, a decentralized exchange that mirrors Trader Joe on Avalanche. You can see the LP transaction here. Whilst LPing makes you vulnerable to impermanent loss (even though it’s almost inexistent for the ETH/mETH pair), the MOE incentives for liquidity providers more than make up for it, making LPing a net positive in terms of returns compared to simply holding mETH or ETH.
Date: 30/1/2024
Besides this, we attempted to supply our tokens on Minterest, a newly launched money market built on Mantle; but we quickly pulled our coins out as the incentives for lenders and borrowers quickly collapsed (due to the TVL increasing) making the operation not enough profitable to bear the smart contract risks introduced by using such a novel platform with no track record.