Is SBF really bullish on AVAX? Check out his on-chain operations

Original title: "Is SBF really optimistic about the AVAX ecology? What are his actual actions?"

Original author: 0xMaxi

SBF's recent statement

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SBF, the founder of Alameda Research and FTX, is undoubtedly a successful investor. He has accumulated more than 22.5 billion US dollars of wealth in 4 years from 2017-2021, and was selected as the Forbes 30 rich list under the age of 30 one.

SBF said in an interview with the Decrypt blog on January 18, 2022 that he is optimistic about the three sectors Solona chain, Avax chain, asset cross-chain tools, mainly The reasons are as follows:

Solona’s scalability can reach the level of the industrial revolution

· Avax is a real blockchain with a professional team and has the potential to become a huge field

· Asset cross-chain: BTC is still the core of the cryptocurrency ecology. The synthesis of mainstream Tokens such as BTC and ETH, and the cheap and fast transfer between various blockchain networks require more and more in-depth research

Everyone knows that SBF has always been He is a supporter of the  Solana ecology. He not only co-founded Serum, but also gave the green light to launch the FTX trading platform for the Solona ecology project.

At the same time, in SBF's many public statements in 2020 and 2021, he also spoke positively of the AVAX team's capabilities, products, and ecological prospects. The AVAX ecology is often compared as the "Ethereum killer" with the Solona ecology.

So, is SBF really optimistic about the AVAX ecology, or is it short-term speculation? Let's first take a look at the Defi projects that SBF has participated in in Avax in the past year.

SBF’s participation in the AVAX ecosystem

Although in AVAX Token Before the launch in September 2020, SBF has clearly stated that it is optimistic about the AVAX network, but the SBF related team (Alameda/FTX) has not been seen in the public information of AVAX's multiple rounds of financing.

Through the data on the chain, it can be found that SBF is very active in participating in the Defi mining project of the AVAX ecosystem.

· In February 2021, participate in the liquidity mining of the decentralized trading platform Pangolin

·At the end of September 2021, participate in the mining of the cross-chain bridge project Synapase

· January 2022, Participate Stablecoins Mining of exchange protocol Platypus

As of January 22, 2022, the total assets of the two wallets marked by Nansen as Alameda in the AVAX ecosystem are 1.04 billion US dollars, and the two The funds of each wallet are as follows:

Wallet 1: total assets of 1.398 billion US dollars, avax network assets of 940 million US dollars, accounting for 68%;

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Wallet 2: total assets of 946 million US dollars, avax network assets of 100 million US dollars, accounting for about 11%

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It can be seen that the Defi project of the AVAX network has become the focus of SBF's current mining.

SBF is currently participating in the Defi project, the current funds are as follows:

· BenQi, lending Agreement, $256M

· Aave, Lending Agreement, $231M

· TraderJoe , Decentralized Exchange (DEX) Liquidity Pool, $80.3M

TraderJoe, Lending Services, $64M

·Blizz, Lending Protocol, $84M

·Synapse, Asset Cross-Chain Bridge, $59M

· Platypus, Stablecoin swap protocol, $195 million

Summary of the SBF team’s work on these mining pools mining behavior, it is not difficult to find the following characteristics:

Intervene in the first mine at the first time:Because the mining pool opened

Practice the principle of "digging, withdrawing and selling": After the stable currency production, the SBF team has almost It means that the harvested platform currency will be converted into value currency every 1-2 days or Stablecoins .

Whoever can do it for free will do it for nothing: The above-mentioned Avax ecological SBF participates in the mining project. According to the public information, only Alameda participates in the investment Aave. The advantage of the mining pool of other institutional investment projects is: since there is no investment Token There is no burden of smashing the market even if you lock the position and "digging, withdrawing and selling".

No additional investment: Although SBF invested $195 million in mining on the Platypus platform, it did not buy $PTP in the market Token To pledge to help APR, but to harvest and dig out every day Token Increase yield with restaking.

Risk Control: The SBF team carries a large amount of funds to mine on various platforms. The biggest risk is being donated, so the security of the platform Need to be assessed.

Use as many Stablecoin  Mining:Since SBF holds a large proportion of USDC, USDT, DAI, etc. on each platform Stablecoins Liquidity mining is carried out, so the impact on the recent market crash is limited.

So what is the income of SBF in these projects? Take the recently participated Platypus project as an example:

Boost pool Token The total number of rewards is 60 million, and the SBF investment accounted for about 32% of the TVL of the project. With the TVL remaining stable, the SBF harvested at the end of one year of mining Token The number is about 19 million pieces, according to the current currency price of 3.5 US dollars, it is estimated that Token Worth $66.8 million; 34% annualized return. Of course, this is only a theoretical estimate. With the change of TVL and currency price, the rate of return will change greatly.

Due to the mechanism design of Platypus, PTP needs to be pledged Token To obtain the APR boost, so SBF keeps reinvesting the mined PTP to get the high APR boosted, and has not yet sold the mined PTP Token .

However, it is a matter of time before investment profits are made, which is determined by the investment behavior itself; it can be seen from the previous investment behavior of SBF.

Short Defi Token The SBF

At the beginning of September 2020, SushiSwap founder Chef Nomi was angered by SBF after donating money and ran away. Nomi simply transferred Sushiswap management rights to SBF. Soon, the excited SBF fans were slapped in the face by the heroes in their hearts, and SBF "digged and sold" all the way to lower the price of SUSHI.

2020 In October 2019, SBF was reported to have mortgaged FTT, SUSHI and SRM on the decentralized lending platform Cream Finance, and at the same time lent ETH and USDT worth 24.5 million US dollars, as well as various DeFi coins such as UNI, MTA, CREAM, LINK, etc. Profit from shorting on the trading platform.

He explained: Defi mining on Ethereum has a big bubble, he shorted some coins, and It's not malicious, it's just that the value is overestimated. When the market crashes, he will buy from panic sellers what he thinks is undervalued, so he is complained by many people.

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The SBF of "Excavation and Sale"

According to relevant reports, SBF will be launched in May 2021 , once carried 4.3 billion US dollars to mine on the BSC and Polygon chains, of which 2.5 billion US dollars bet on BSC chain Venus, PancakeBunny, Belf.fi, Mdex and other platforms, earning 2.3 million US dollars a day.

SBF’s consistent practice of “digging, withdrawing and selling” is considered to be an act of hollowing out the project, which makes the project’s currency price sluggish, and has caused dissatisfaction among many BSC ecological investors. SBF is digging down!"

After the project currency price was smashed through and the mining was almost over, SBF almost completely used all the funds previously participating in the liquidity pools of the BSC ecosystem withdraw.

Summary and inspiration

As a senior player in the Defi field, SBF’s investment behavior attracts the attention of many investors. On the one hand, people have greater confidence in the security of the projects that SBF participates in, and on the other hand, they are worried and complain about its smashing behavior, which makes the currency price plummet.

In the face of investment in the currency circle, everyone must be responsible for their own investment decisions. Although people have mixed opinions on SBF, giving others the expectation of heroism, or imagining that big players will be merciful when they make profits, is itself a manifestation of immature thinking.

Ordinary Defi players can participate in some high-quality projects early by paying attention to and learning from the investment behavior of big players like SBF, and timely Profit withdrawal.

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