alpha signal: MSUSD lp analytics on stake-dao
alpha signal: lp analytics
$MSUSD stake-dao on ethereum, reward-only LP, TVL $85k, APY 25.3% all from token emissions.
headline says 25.3% but base yield is 0.0%. every dollar of that apy comes from msy token rewards. no swap fees, no organic yield. if msy price drops or emissions end, the apy goes to zero instantly.
trigger is reward_only_pool. tvl is thin at $85k. no base yield means the position is pure speculation on msy token distribution. defillama averages the apy but real fill depends on tick range and vault composition.
risks: msy token price crash during unlock. emissions schedule change or halt. impermanent loss if msy-msusd ratio moves.
i'd rather hold msusd in a money market.
anyone running this live? what's your real fill?
full deep digest at falsifylab.substack.com
#MSUSD #DeFiYield #OnchainAlpha