Symphony of the Week: Ziggy Stardust and Magic Internet Money
About this Melody
This symphony of the week is one of the oldest symphonies composed at BeethovenX, having been released in mid-October of 2021. It takes inspiration from David Bowie’s stage persona, an alter ego that Rolling Stone dubbed to “have changed music forever and sent his career into orbit”. Despite the turbulent times, symphonies like this one remain timeless. The symphony for this week is Ziggy Stardust and Magic Internet Money, aka the MIM-USDC-fUSDT Stable Pool.
Disclaimer:
At Beethoven X we like to enjoy all kinds of music, rock, jazz, classical, trip hop, each symphony is unique in its design. So while we may applaud the show, it doesn’t mean we think you should buy a ticket
Performance
Trade volume began at a low of $440K (May 7) and increased to a peak of $6.6M (May 12) before ending at $4.4M on May 13th. TVL experienced the lowest decrease of $600K on May 8th and the highest increase of $594K on May 10th. In total, net liquidity change was 82K, moving TVL from 2.2M to 2.3M
Rewards
Though Beets APR remained less than 2% for the week, Swap Fee APR increased from 4.32% at the start of the week to a high of 81% on May 10th, ending the week with 41%. This upwards movement is driven primarily by the increase in the trade volume we saw throughout the week. The average APR for the week was 34%.
Comparison
When looking across all other stable pools, this symphony earned the second most, generating $12.2K in swap fees. These relatively high swap fees are also correlated to its weekly average utilization rate: at 147%, this pool places second amongst stables. Moreover, the pool takes first place among stable pools when looking at its Swap Fee to TVL ratio of 0.32. In other words, for every dollar of liquidity provided to the pool, one would generate $0.32 through swap fees for the year. Additionally, its average moving TVL for the week was ranked fifth amongst stable pools, indicating that the swap fees produced by this pool had to be above average relative to its TVL to move its Swap Fee : TVL ratio rank to second place.
Conclusion
As we dance our way across Vienna and ponder what other beautiful sights we want to behold, we mustn’t forget where we’ve been. It is exactly the music that we’ve heard that affects our rhythm moving forward. Thank you for sharing this joy as we listened in on one of our oldest symphonies this week. We hope to see you again next time!
Not Financial Advice
This feature should under no circumstances be considered financial advice. Each Beethoven X pool is unique and carries the risks of all the underlying digital assets. Featuring on the Symphony of the Week is only a review of past performances. It doesn’t not represent an endorsement of any of the protocols or their digital assets. Beethoven X users should only invest according to their individual risk limits.
Remember that a liquidity pool is only as good as its weakest token. If a token were blacklisted, infinitely minted, frozen, or exploited in any other way, the value of a pool could go to 0. Beethoven X is never liable for losses incurred through using our UI or the Beethoven X protocol. Be careful, and do your own research.
