Live Yield Farming (Update #2)

th3cappy
4 min readJun 12, 2021

Day #5: PolyBunny is 100% dead. We lost money

Hello cappies. Today will be a doom and gloom article as we reflect on our “Live Yield Farming: Episode PolyBunny.” Though the title of the article sounds gloomy, there are so many fantastic lessons that played out which will put you in a better place as you begin your defi journey. GET YOUR NOTEPAD READY CAPPIES!

Price Update. Farm Update.
In the previous article, we estimated that it will take us 12 days to get our deposit fees back IF the price maintains at $18 levels.. Well the price of Polybunny plummeted big time, to a grand number of $4.. Rewards stood at a pathetic 0.057 which works out to be $0.20.. twenty cents..

Rewards for a day worth of farming = $0.20..
Price plummet..On its way to ZERO..

Track and be responsible for your farms. ALWAYS
This is a fantastic case study to highlight the importance of “being responsible for your farms.” I follow up in the PolyBunny’s telegram group quite regularly, checking up on the other members and also finding out if the developers have any updates for the community in general. Oh cappies, they did have an “UPDATE” for the community members..

Update from the PolyBunny team..

“UNEXPECTED DECIMAL ISSUE. CLOSING FARM. LAUNCHING NEW FARM” 😵😵😵 In essence, this screams “this project is DEAD” but lets break down details and do a simple risk/reward analysis.

  1. “Bunny-USDC with HIGH APR to allow players to mint more Carrot as a way to compensate Bunny holders”
    I like that the PolyBunny team thought of compensating Bunny holders. But they are expecting the Bunny holders to pour in more USDC to pair up with their Bunny?! Sounds like a shit sandwich to me. If they were serious about compensating Bunny holders, how about allowing them to stake Bunny to get Carrot?
  2. “Low number of holders”
    I did a simple check on polyscan.com and PolyBunny have a grand total of 467 holders.. Such low liquidity, what if i am even unable to sell them?! I did another check on their telegram group and it dropped to about 400+ members..😵

3. “Intense rage in the groupchat”
People were in a fit over the announcements. Some of the comments were really funny though check them out!

Quote of the day — “what am i supposed to do with carrots, stick it up my a$$?” 😂😂

Conclusion: GET OUT OF POLYBUNNY NOW.
This PolyBunny case study highlights all the possible dangers of the defi space. Luckily for me, I managed to get the deposits back, losing a total of $3 worth of deposit fees in the space of 3–4 days.

Grand total = -$3.10

The defi space has fantastic potential to be an effective tool for us to take charge of our own financial situation. There are mirage of protocols available at our fingertips, customizable in any shape or form to suit the risk appetities of literally anybody out there. As spiderman’s uncle once said “With great power comes great responsibility.” and this rings true in the crypto world..

So take charge of your own learnings before you dive into various farms and/or pools.. As always, google is your best friend and th3cappy is always here to help!

Note: The next article will be a fantastic yield farming strategy I stumbled upon with CRAZYYY yields.. Imagine you 10x your capital in 90 days!!
STAY TUNED CAPPIES!

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