YouSaid · the spoken record

Aaron Lammer

lines on the record: 63
first: 2021-05-20
most recent: 2021-05-20
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Ethereum being worth $3,800 per coin. So you really wouldn't want to be moving these multiple times a day. I try to do as little as possible now. There's a site that you can go to and log in with your wallet called fees.wtf, and it tells you the lifetime value of all the fees, all the gas you've paid on the Ethereum network. And when I looked at mine, it like ruined like a month of my life. I've lost a lot of money to gas fees.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, crypto in general, I think, takes up a lot of time, but that's more of a brain disease than an actual need to do anything. Could potentially just deposit in a pool and leave it there for a year and you would just get a rolling average of whatever the APY was over that time. The more you want to maximize yield, the more you would do, I think. But every time you deposit into one of these pools, you pay gas. And if you're doing this on the Ethereum network, gas is very expensive right now because it's scaled by”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“And therefore, I'm looking for places where I can either own a lot of the pool or there's massive volume on the pool and my little share is valuable. And these are swinging in real time because everyone's out chasing this yield. So today's yield is not tomorrow's yield at all. I've seen the pool I'm in go from 80% APY to under 10% APY in the course of 24 hours because people are pulling their illiquidity in and out of the pool.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So you can actually see in Uniswap how much of the pool you own. So there's a pool for, this is going to get a little complex, but there's a pool for F2X. F2x is a token that basically tracks the price of Ethereum with 2x leverage. So I happen to hold that token and the Ethereum token. So I put them into that pool. I now own currently about 0.1%. So I own one one thousandth of that pool. 1,000th of all the money in that pool is money I put in. And therefore, each fee that gets paid, I get 1,000th of that fee.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the best pools for me to be in are the pools where people are trading the most and where there's the least liquidity relative to how much trading there is. So this is why you're seeing things swing wildly in terms of these APIs.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this isn't actually the only way to get yield, and I think this is one thing that's confusing about farming there's actually like. Dairy farming and like pig farming, and each of them are a little different. But this kind of yield basically you're taking a pair of two coins. So, I'm going to say, for example, Ethereum and DAI, which is a stable coin, right? A lot of people are trading DAI for Ethereum all the time So I can supply equal amounts Ethereum and Dye into the pool, and then that will be used to facilitate trades. Each of those trades pays a fee, and I get a portion of that fee relative to how much of the pool I own.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“Protocol recognizes it. So I was trading this way for a while, and I started to see these incredible yields that you could get by providing liquidity for these pairs of coins, many of which I happened to already have. So I would say, wow, this pair is paying 70, 80% APY. And when I say 70, 80% APY, that would mean If I kept my coins in the liquidity pool for one year and that rate was stable through that year, which it's unlikely to be, I would earn 70 to 80% on top of the coins I already had, which is a pretty appealing idea.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“Called ERC 20, and I consider it like a varietal of Ethereum. Like, you know, there's different wines that come from different regions. These are all takes on the basic Ethereum coin. And they are all interoperable and the protocol can recognize all of them. So basically, any ERC-20 can be traded on Uniswap or any DEX. This is a pretty powerful idea. It means that anyone can just come out with a project. If people put a little liquidity into Uniswap, you can trade it. Sometimes I've found coins that are so small that they won't even be recognized by Uniswap. You have to copy and paste in the smart contract. And then Uniswap goes, okay, yeah, I know what that is. Yeah, you can trade it. Go ahead. You might not have a logo for it, but like.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“Automated market maker. Don't quote me if I got that acronym wrong. And basically, instead of having a central order book, it uses a big liquidity pool to create trades. And it uses algorithmic arbitrage basically to figure out a price within that. So I started trading there primarily because I find centralized exchanges pretty sketchy and have had some sketchy experiences. I didn't lose money in Quadriga, but I used to trade shitcoins on a exchange called Cryptopia that went down. So I've been burnt before by Sketchy Exchanges. But if you like trading these tiny small cap coins, it's unlikely they're going to be on somewhere like Coinbase or Gemini. So you kind of have to find a place where you can trade them. And the really incredible thing about Uniswap and other DEXs is there's this kind of coin.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“And all of these Ethereum products, what they have in common is that you log in with a wallet. Most people may use MetaMask, I think is probably the most popular one. And this is both an Ethereum wallet that holds your coins and it's a form of pseudonymous identity. It's basically all any of these services know about you is this person uses this wallet and they have access to the private keys. I started getting into the yield stuff when I started trading on DEXs. And a DEX is exactly what Hayden Adam, who is on this show makes. He makes the biggest, most famous one. I would say that if you're familiar at all with a DEX, it's probably Uniswap. Uniswap, when I first started using it, I didn't even really know what was so different about it than, say, trading on Coinbase. I understand a lot better now. But Uniswap is what's called a”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I think we sort of have to rewind through Ethereum history a little bit. I didn't start off wanting to become a farmer. And I should say that my farming is like. Can actually look at other people's wallets in Ethereum because it's all open. So, I'm looking, there's a really big farmer named Ox 0XB1, and he's farming hundreds of millions of dollars. And in your wallet, you can just watch him farming. So if you're interested in farming visuals, you can actually add them to your own wallet. I'm a small farmer and I kind of backed my way into it. I was interested in Bitcoin, interested in Ethereum. I've always believed that to really understand this stuff, you actually have to do it. Like you have to try the products with real coins and play live. So I've always tried all the weird Ethereum world things that existed. Like I used to make markets on this thing called Augur, which was a decentralized prediction market. I think that was the first Ethereum product that I actually used.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, the reason I DM'd Joe in the first place was to test whether he was open to farming a little bit with me. And I still, I think I'm going to flip him eventually.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source
“100%. When you were saying that the market had crashed, I was thinking not really for me because I don't have any Bitcoin and I'm deep in Ethereum world. Ethereum appears to be where it was at an all-time high earlier this week. So I'm not worried. I'm just saying I'm not worried.”
2021-05-20 · Odd Lots · Aaron Lammer on Yield Farming and Trading in the World of DeFi · IDENTIFIED FROM THE TRANSCRIPT · source