You survived the chop holding your bag in BTC
Now you are hearing about BTCfi and want some that yield
You are seeing different yield markets for BTC on @pendle_fi , but how do you choose? Lambro got you here
Also you might have some free airdrop. ๐ find out
๐งต covering
๐What is the difference between LBTC ( @use_corn) and eBTC
๐Which one is better for you? TLDR Lambro likes both but a bit more bullish on LBTC (corn)
๐Are you getting free @use_corn airdrop? TLDR you probably are
๐LBTC ( @use_corn) vs eBTC
Firstly both eBTC and corn LBTC are underpinned by @Lombard_Finance LBTC, effectively an LST for Bitcorn staked on @babylonlabs_io
They are one of the top Babylon LST out there with $23m TVL liq on Uniswap
But I will cover this more on another ๐งต
1๏ธโฃ eBTC is LBTC that gets restaked through Etherfi, which allows you to earn yield on both staking and restaking yield as well as a bunch of different points from various protocol
Doesn't look like staking yield is live yet tho but it still earns you points from 5 different protocols
2๏ธโฃ LBTC (corn) is LBTC deposited on @use_corn, a new Eth L2 designed to tokenised BTC and use it as gas
Right now yield on LBTC (corn) is also coming from points speculation with no underlying staking yield
LBTC (corn) is running early access airdrop program right now. So buying YT or LP LBTC (corn) will earn your points for their airdrop +(Babylon + Lombard pts)
โ BTW even if you don't LP or buy YT, you might still be able to eligible for their airdrop, but more on that later
๐Which one to choose (if you LP)
Neither has underlying yield and points differences are:
1๏ธโฃ both earn same Babylon pts
2๏ธโฃ eBTC earns less Lombard pts than LBTC
3๏ธโฃ Only LBTC (corn) earns Corn pts
4๏ธโฃ Only eBTC earns eigen, Etherfi and Veda points
As a BTCfi bull, I am more interested in LBTC (corn) LP to speculate on more BTCfi centric airdrop (i.e. more Lombard points and earn Corn)
eBTC is cool but the headliners Eigen and ETHFI have already done 2 rounds of airdrop so S3 yield should be much lower
Also Lombard and Corn is seems much less overfarmed than Eigen, ETHFI and VEDA, so for me LBTC (corn) LP is a better bet
In fact, I might buy some LBTC (corn) YT since it looks underpriced according to my thesis above (only valued at 1.3% higher implied APY)
๐Which one to choose (if you PT)
For fixed yield LBTC (corn) PT pays a little more but also if you don't like waiting to exit your position then LBTC has liquidity on Uniswap to swap back to WBTC. Whereas you need to queue for withdrawal on ETHFI for eBTC
But the wait is not the long so they are kinda the same to me
๐Are you getting @use_corn airdrop for free?
If you have been following me for a while, good chance you are getting a drop without having farm it now
This is because eligible address gets a sign on bonus if they meet any of the following criteria
So chances are you would have at least farmed ETHFI, ENA or Kelp through LP or YT, which makes you qualify for the airdrop
YT will also make you qualify under Pendle partner through trading and if you locked up vePendle you will qualify for more as well
One of my address of 4.5m corn pts
By my calculation this is probably the same as farming points with 1 weETH for 200 days
1 weETH = 870pts per hours = 20,880 pts per day (someone check my maths)
Anyway check your addy on usecorn.com/app and see if you have any points! twitter.com/155919319860577485...
That's a wrap!
I hope u find this insightful or valuable somehow. Feel free to support me in my substack, use my referral link or just come chat with me in medium rare!
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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