Painvember | DeFi Journey #37
Do you know that feeling when you open your dashboard and just... pause for a second? Not because something crazy happened. Because nothing moved the way you hoped it would. That was Week 37. Slow. Heavy. A little uncomfortable. And that sums up painvember in the crypto world, which does feel like the start of the crypto bear market.
Week 37 Portfolio TLDR
- Weekly fees: $20.20 (lowest in recent months)
- Positions closed: 0
- New positions: 0
- Fear & Greed Index: 10 (extreme fear)
The yield farmed this week is the lowest in months, but in a week where everything dipped, earning some yield has been a bright spot. It is not a lot. But it is something at the very least.
This is the part that really framed everything: the Fear & Greed Index hit 10. That is not that people are nervous, this is people capitulating. BTC broke below $100k twice in a month, landed just under $96k and dragged the rest of the crypto market with it. The market does not know what direction it wants, so it is defaulting to down. And in this kind of environment? DeFi LP positions go out of range quickly and results in no yields being earned if you are not locking impermanent loss and rebalancing constantly.
Week 37 holdings
Sometimes the smartest decision is the one you do not make. I continue my stance from last week, where I continue to sit still and do nothing. Here is the real takeaway: This portfolio is not struggling because of bad decisions. My portfolio is struggling because the entire market hit a wall of fear. This is exactly the kind of week where people question whether DeFi is worth the grind. And still... we stay in. But here is what most people forget: weeks like this usually set up the next good rotation. Fear at 10 does not last forever. We are in the survival part of the cycle, not the reward part.
- CL200-AVNT/USDC (Base). Generated $12.81 this week, which is the only meaningful yield contributor this week. I am down 42.72% with $369.87 in total fees at a 103.71% yearly APR. The past week, AVNT had some positive momentum with it trading now on Robinhood, but there is a major unlocking coming, which added a lot more fud.
- CL50-ASTER/USDT (BSC). Yielded $4.35 this week, but I am down 38.80% with $112.58 in total fees at a 40.73% yearly APR. ASTER had a lot going on this week with Harvest Stage 4, and it is continuing to do well with daily fees of $2M--$3M. In a week where everything capitulated, it managed to remain stable and even showed some aliveness.
- CL200-USDT/STBL (BSC). Yielded $3.03 this week, but I am down 51.74% with $653.48 in total fees at a 177.69% yearly APR. STBL is showing some positivity in the past week, and in comparison to its counterpart ENA, the sentiment is bullish.
- CL100-WETH/USDC (Base). Generated $0.00 this week, and I am down 20.98% with $76.40 in total fees at a 19.93% yearly APR. ETH capitulated this week by following BTC's suit.
- CL200-4/USDT (BSC). Generated $0.00 this week, and I am down 38.50% with $33.46 in total fees at a 105.80% yearly APR. This is the position that feels like dead weight right now, and it is consolidating at new lows around 43.76M market cap.
The bottom line
Week 37 was one of those stretches where you keep showing up anyway. $20.20 in weekly fees during extreme fear is not impressive, but it proves the strategy still functions even when everything else feels dead. Sometimes the smartest decision is the one you do not make. Forcing plays in these kinds of weeks would probably result in more pain.
Thank you for reading, and hope you have a good rest of the day!
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