Sam Ikkurty
Back to Blog
Five Bullet Friday
August 22, 2020

Five bullet Friday - issue # 52

SI
Sam Ikkurty
Permanent Link
https://cftcsucks.com/88
Dear Partners,

I am happy to report that the Rose City Income Fund has returned 145.66% in the month of July ( before fees). All of you should have received statements from Tower Fund Services. Even though July has been a good month for us, August is looking far better.
  1. Under normal circumstances, I would send the dividend payment to all the investors today. Some of the partners are not receiving the checks on time via USPS. To minimize these problems, I am planning on sending the dividends as wire transfers. If your bank information is different from what is  specified in the subscription document, then please let me know the new numbers. I will use them to send the July dividends. We are also moving our banking services from Chase bank to Silvergate Bank which does not charge money for wire transfers.
  2.  We continued to add to our position in YFI token last Saturday when its price dropped to $4300. At that time, I increased our position to 325.53. Out of these 325 tokens, I have locked 10 of them into a smart contract to grow our tokens by using the yVaults provided by Yearn Finance. Zapper application reads the ethereum Blockchain and provides a nice UI to see our portfolio in real-time. The only issue, I noticed is that it is not showing the 700,000 tokens of REN we own, as they are bonded in our darknodes. Other than that error, it shows what is in our wallet and what is staked for income: https://zapper.fi/dashboard?address=0xe787deec0be77db98a1294193e2c1600c8a8687d
  3. I am tracking the performance of Rose City Income Fund in this google spreadsheet. I have also copied the 'Retained Earnings' tab from our previous mining income spreadsheet. In the last 5 months, we have generated a income of $267,346. Very soon, we will be adding a new tab, which brings YFI income to this mixed bag of tokens. YFI will pay us dividends in the form of YFI tokens. Based on my projections and the expected traffic going through the toll-booths, I am expecting this to be around $8 million by May, 2021. That is a substantial amount of money that will be distributed to all the partners. 
  4. Synthetix has announced few days ago that they are planning to launch futures either late September or October. They have described the features in this blog post. Futures market is 100 times larger than spot market. Now people will be able to purchase futures, without requiring a trusted third-party like Chicago Mercantile Exchange. It is a massive game changer, but not appreciated by the market yet.
  5. I have been spending lot of time on YFI trying to change the reward policy on the governance discussion forums. I proposed the idea of collecting fee revenue from the protocol and use it to buy the fixed supply of YFI tokens from the market and distribute it to the stakers. Once staking mechanism is turned on, it will dramatically reduce the token supply available for traders to speculate on the price. Once staking is introduced, it will push the price up just due to reduction of available supply on the crypto exchanges.
Have a wonderful weekend!

Sam Ikkurty
Managing Partner

1.

image.png

  

--
You received this message because you are subscribed to the Google Groups "Partners" group.
To unsubscribe from this group and stop receiving emails from it, send an email to [email protected].



All Articles
Share this article