RCIF II - Five bullet Friday - Issue # 37

    Our fund returned 99.74% (net of fees) to the investors in the month of September. So far this year, we have produced a gain of 394.72% (net of fees) year-to-date.

1. SEC approved the ETF that is based on the Chicago Mercantile Exchange bitcoin futures. It is a terrible design that allows for massive market manipulation. The sensible thing to do would be to create an ETF that holds bitcoin in a public wallet, where it is easy for everyone to track the bitcoin holdings in the ETF. It is clear to me that the banking establishment wanted it this way and SEC complied with their overlords. 

2. Some of the partners were worried due to the drop in OHM price yesterday. This was a result of a lot of cascading liquidations that happened on the Rari capital pool. OHM market price always gives you misleading information. If we are traders, the market price is the most important information. For our fund, we are not in the business of trading. we focus on staking. When we originally bought OHM, it was around $500 and now it is at $1000. The marketcap when we purchased was $50 million in April and today it is well past $2.8 billion. All of our gains came from the increase in the tokens via staking rewards, as can be seen in our Retained Earnings Spreadsheet. OlympusDAO generated trading fees of $1.31 million just yesterday alone.

3. We have claimed our AKLIMA tokens from the Alchemix crucible. However, in Zapper portfolio it does not show our rewards from Alchemix. It shows that we currently have 1199 tokens of aklima. We also received an additional 469 tokens of alklima as our staking rewards. If we put this together (1199+469) we own 1668 tokens of aklima. The initial supply was 114,000 tokens. As a result, we control 1.4631% of the KLIMA DAO protocol.

4. In the long-term I expect the price of carbon offsets to go up. In fact, that is the goal of KLIMA DAO is to raise the price of carbon so high, that it becomes prohibitively more expensive to pollute. It also helps those entities, that are planting trees in the Amazon forest as it helps them finance their projects by selling these carbon offsets to the polluters of the world. Each carbon offset is a unique NFT, that is brought on the Ethereum blockchain. The following picture depicts these steps very well.

5. It is natural for OHM price to swing with the sentiment of the market. It is important to note that Olympus DAO is sitting on a treasury of $444 million. If the total marketcap of OHM drops below this amount, the protocol will automatically buy out all the OHM tokens available in the market. Today we are earning around 1067.55 OHM tokens (355 * 3) per day. At the current market price of $1081, we are earning $1.154 million per day.

The growing treasury bodes well for the strength of the protocol.

Have a wonderful weekend!

Sam Ikkurty