Based on data analysis of 16 available flow pools on Demeter farm, interesting situations were found:
- There is a serious imbalance between the TVL scale and $SPA reward ratio between pools, with low TVL and high reward: USD/USDC, plsSPA/SPA, SPA/USD, fxUSD/USD, ARB/USD
The TVL of PLS/USD and VELA/USD accounts for 91.15%, holding USD accounts for 90%, and $SPA rewards account for 56.87%. The TVL of USD/GMX, BFR/USD, ROUL/USD, WETH/USD, USD/gDAI, SDL/USD, L2DAO/USD, PDB/USD accounts for 8.85%, holding USD accounts for 10%, and $SPA rewards account for 43.13%. For example, BFR/USD and ROUL/USD have a total TVL55762.50, with $SPA rewards accounting for 41.12%;
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Stable currency trading has a serious imbalance in rewards, such as USD/USDC and fxUSD/USD, which are currently ranked first and fourth in terms of TVL scale on Demeter farm. The total amount of USD accounted for 42.22% and 5.91% respectively, accounting for 1.94% of all $SPA emission rewards. Based on the unit price of $SPA of $0.0043, the annualized value of TVL is approximately 2.47% and 0.29%, respectively. Only the annualized value of USD is approximately 4.51% and 1.05%, respectively, with almost zero incentive effect.
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The value of TVL is not significant, and the key indicator depends on the scale of USD. USDs/USDC
SPA/USD, PLS/USD, ARB/USD, fxUSD/USD, USD/GMX, USD scale accounts for 91.29%, and $SPA rewards account for 32.7%. The proportion of USD/TVL in many pools is imbalanced, almost all of which are third-party tokens competing for $SPA token rewards. PDB/USD, PLS/USD, USD/gDAI, WETH/USD, USD/GMX, USD/USDC, SPA/USD, ARB/USD, VELA/USD, SDL/USD, fxUSD/USD, BFR/USD, L2DAO/USD, and ROUL/USD have USD/TVL values of 100.50%, 94.83%, 87.61%, and 83.03%, respectively. 63.67%, 54.71%, 52.00%, 48.07%, 37.78%, 28.23%, 27.91%, 23.78%, 16.19% 15.46%。 How high is the moisture content of visible TVL;
- Based on the $SPA reward APR of USD, the current pool yield analysis is calculated at the unit price of $SPA of 0.0043 US dollars as follows:
ROUL/USDs:4349.05%
BFR/USDs:1535.63%
VELA/USDs:381.50%
PLS/USDs:151.02%
SPA/USDs:72.67%
L2DAO/USDs:56.34%
WETH/USDs:43.63%
USDs/GMX:23.20%
SDL/USDs:7.13%
USDs/USDC:4.51%
fxUSD/USDs:1.05%
ARB/USDs:0.67%
USDs/gDAI:0.66%
PDB/USDs:0.00%
Suggestion 1: Considering the limitations of TVL and multiple reward combinations, it is recommended to cancel the APR indicator based on TVL, while considering the stabilizing effect of SPA and SPA derivative locking on the price system. It is recommended to introduce a calculation of $SPA reward APR based on USD and SPA value, that is, calculate the value and return rate based on USD and SPA in the pool.
Suggestion 1: Considering the limitations of TVL and multiple reward combinations, it is recommended to cancel the APR indicator based on TVL, while considering the stabilizing effect of SPA and SPA derivative locking on the price system. It is recommended to introduce a calculation of $SPA reward APR based on USD and SPA value, that is, calculate the value and return rate based on USD and SPA in the pool.
Suggestion 2: Develop a standard plan to optimize the existing reward allocation plan and avoid serious imbalances, such as using fixed interest rates for stable currency trading, and a linear decrease in the USD/TVL ratio imbalance reward.