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In This Issue
This week the team from Spool Defi join us to talk about the future of defi!
Matt has a fantastic report for you on the Oasis Ecosystem.
House Keeping: This is an important concept that I wanted to take a minute to talk about with you. Many crypto assets require maintenance. Sadly not a whole lot in crypto is just set it and forget it. Rates are constantly changing, as are projects and legalities. It is paramount that you stay up to date on your investments and that you are taking full advantage of them. Here are some examples
- Lending: Check frequently that your lending rates have not changed, if they have then it may be time to take your business elsewhere.
- Farming: check that your farming rates have not changed too much. Farming yields can move a lot, it is normal. BUT if you enter a farm at 500% APY and two weeks later it is 50% APY your opinion about staying in this farm may be VERY different.
- Harvesting: Make it a habit to harvest and if you are selling then to sell your farmed coins. Try to do it weekly or every other week.
- Staking: Some coins like Cardano have staking pools that can have varying rates of return, in this scenario you may want to check every so often to ensure that your current pool is still a good option. You may also need to manually claim and restake staking rewards for some coins.
- Binning Altcoins: It never feels good to sell a coin at a loss, but sometimes you just need to cut the dead weight from your portfolio.
- Percentages: Have an honest conversation with yourself about your portfolio. Is it risk adjusted percentage wise to your liking or have things got a bit out of control? Maybe you wanted to have 50% in BTC, but now you are 50% in a dog coin… might be time for a change up!
For anyone not familiar, what is Spool? / What does the Spool token do?
Spool is composable middleware for DeFi. Think of it as a toolbox that allows for easier interaction with yield-bearing strategies throughout DeFi, allowing you to build tailor-made strategies (portfolios) for any purpose, from personal yield farming to professional usage, all the way through using it as a backend for entirely new DeFi products.
By allowing individual users to set specific terms of engagement, Spool can be used by anyone and users are no longer forced to choose between automated tools that don’t fully cater to their needs, or having to undertake the highly laborious and specialised task of manually managing a diversified DeFi portfolio. Spool strikes the ideal balance between automation and full composability.
Spool also leverages the economics of scale from many users operating different strategies, this enables massive gas fee reductions. Ultimately, this means Spool enables users to have access to diversified, risk-managed, and auto compounding yield while never having to pay for gas again once they enter a Spool.
The Spool Token is primarily a governance token. Given that Spool is a DAO, 100% of the platform revenue goes back to the DAO, which is composed of Spool stakers. A great deal of thought has gone into designing a token economy that ensures all platform usage and fees accrue into token value. Therefore, Spool stakers earn a share of all revenue derived from the platform, which is a function of the yield generated by every Spool created.
What are the incentives for users to take part in Spool?
DeFi is an ever-changing landscape. For example, Yields often change based on new market conditions. Another example of this non-static landscape is found in protocols, which may increase in risk as they become more complicated, or less risky as they become more battle-tested.
This highly dynamic landscape was the breeding ground for Spool. Most users do not have the time, ability, or capital to efficiently (re-) allocate between different Yield Generators.
Spool solves these issues by offering a way to participate in multiple yield generators while maintaining proper diversification, managing risk appetite, and benefiting from economies of scale when it comes to rebalancing and compounding. A user simply deposits into an existing Spool (or makes their own in 5 simple steps) and Spool handles the rest. ‘Set-and-Forget’ optimised yield farming.
Any plans to go multi-chain?
Spool is launching on Ethereum as this is where the bulk of DeFi activity is currently concentrated and is the host to some of the more established and robust yield generators. EVM compatible chains such as BSC, Avalanche, Polygon, etc… will be quickly implemented. The Spool DAO also understands that there are multiple layer 1s that are offering excellent yield farming options, and so Spool will definitely be moving to multiple chains as soon as it’s viable and safe to do so.
The defi landscape is a crowded place, what is your plan to attract capital?
The Spool Platform is Middleware. Any portfolio (Spool) created can easily be turned into a Defi product via an SDK. Once the Spool is created, you can simply plug it into any 3rd party app or website and the user will interact with that user interface and you (the 3rd party) will earn performance fees for every dollar routed through. Spool can be the engine in the background and the end user will never need to know they are using Spool. It’s like a white label solution and can be the foundation to a new generation of DeFi products. As such, while anyone can create their own Spool or copy farm someone else’s by interacting directly with Spool’s simple and elegant UI (or even at the smart contract level for that matter), we forecast that the bulk of capital routed through Spool will be sourced via 3rd party products such as dApps, wallets, exchanges, funds, DeFi projects, DAOs, and influencers.
Who are the people behind Spool?
Spool was initially established as a DAO that comprises a list of highly experienced blockchain stakeholders from Faculty Group | CMS Holdings | Digital Finance Group | JRR Group | Synthetix | Fourth Revolution Capital | Signum Capital | Barnbridge | AU21 | Digital Strategies | Bancor | DAIC | Genesis Block Ventures | AllianceBlock | Energy Web Foundation | Centrality | Zokyo | F2Pool | ATKA | Staking Rewards | Bridge Mutual | Fintech Collective and more…
Spool is intended to be a completely decentralised and community-controlled open framework. The Spool DAO oversees, manages, and rewards ecosystem stakeholders. These functions include determining the composition of the Yield Generator array, managing Risk boundaries, setting fees for Risk Model Providers, and SPOOL Governance. Anyone can participate in the DAO and propose or vote on proposals that guide Spool’s future.
When can we expect to be able to use Spool?
Spool has been building for over a year now and we are in the final stages of code audits on V1. We are expecting the platform to go live in March. Additional features will be iteratively released over the course of the next several months.
Oasis Network overview by Matt
OASIS Protocol – Protecting Data Privacy
OASIS is a Layer 1, privacy enabled, proof-of-stake, decentralised network designed to give users back control and ownership of their data, while supporting new applications in open finance and open data.
Oasis Network is a next generation blockchain and the first privacy-enabled platform built to scale for open finance, a responsible data economy, and Web3. Combined with its high throughput and secure architecture, the Oasis Network aims to power private, scalable DeFi, and expand it beyond traders and early adopters to the mass market. Its unique privacy features have the potential to not only redefine DeFi and Web 3 but also create a new type of digital asset called ‘Tokenized Data’. This will enable users to take control of the data they generate and earn rewards for staking it with applications, creating the first-ever responsible data economy.
$ROSE is the native token of the Oasis ecosystem and it is used for transaction fees, staking, and delegation at the consensus layer. Holders can earn rewards on their $ROSE holdings by delegating their tokens to a validator node.
Oasis prioritises applications and use-cases that promote data privacy and user confidentiality. It aims to achieve this by separating its consensus layer from its contract execution layer while providing a built-in interface connecting the two for privacy-preserving computation. The consensus layer acts as a hub that uses a proof-of-stake mechanism to secure the network and reach a consensus on transaction validity. The execution layer consists of multiple parallel runtimes (known as ParaTimes) for specialised computation needs that each plug into the consensus layer.
There are 3 ParaTimes built by the Oasis core team already on the network.
- Emerald ParaTime, the EVM Compatible ParaTime, was built to solve the problems faced by Solidity developers, namely high fees and low throughput. Emerald solves both of these problems by increasing the throughput of transactions to 1,000 per second and reducing fees by 99%+ compared to Ethereum. This means more users will be able to use and build on the network.
- Cipher ParaTime, the confidential smart contract ParaTime, will hold the features that Oasis is known for – privacy-preserving smart contracts. As with Emerald, it boasts high throughput, instant finality, and low fees with added privacy-preserving features. Cipher enables DEX’s to stop front-running transactions, NFT users to protect their assets privately, and can potentially unlock trillions in credit and lending markets from traditional finance.
- Parcel ParaTime, the confidential data storage, governance, and compute ParaTime, Parcel already has enterprise partners like Nebula Genomics, Genetica, and BMW, using it to store private data like human genomic data. Parcel enables governance, confidential computation, and private analysis of data. Applications developers can use the Parcel SDK to integrate privacy-preserving data storage, governance, and computation into their applications. Parcel is also the data tokenisation engine that can turn any data file into an NFT. It is envisaged this functionality to enable people to take back control of the data they create, turning it into assets they can stake and earn rewards, thus creating a new responsible data economy.
The Oasis Team and Backers
Oasis Labs, the core developer of the Oasis Network was founded in 2018 by University of California at Berkeley professor Dawn Song with the mainnet going live in November, 2020. The development team raised $45 million from some of crypto’s largest venture capital firms including a16z, Polychain Capital, Arrington Capital, Pantera, and Binance Labs, among others.
The Oasis team is made up of top talent from around the world, with backgrounds from Apple, Google, Amazon, Goldman Sachs, UC Berkeley, Carnegie Mellon, Stanford, Harvard, and more. All the core engineering team are PHD level educated and all committed to growing and expanding the Oasis Network.
Oasis supports two first-party non-custodial wallets, a web wallet named Oasis Wallet – Web and a Chrome browser extension wallet named Oasis Wallet – Browser Extension. Both seamlessly connect to the Oasis Network and makes it easy to hold, send, receive and stake $ROSE tokens.
If you want an easy-to-use, beginner friendly mobile wallet, you can try the Bitpie Wallet.
For extra security with self-custody, you can use the Ledger wallet in conjunction with one of the official Oasis Wallets.
DeFi on OASIS
The Oasis network has a TVL (Total Value Locked) of just over $70 million.
At this early stage, the only real player of note is YuzuSwap which is a DEX (Decentralised Exchange) built on Emerald, the EVM compatible ParaTime on Oasis. Launched on January 11, 2022 YuzuSwap follows a non-custodial, peer-to-peer, automated-market-maker model, and aims to provide a safe, swift, low-cost tool to discover and swap tokens within the Oasis ecosystem. The YuzuSwap platform is fully open to developers and members of the Yuzu DAO. YuzuSwap has a TVL of $68 million.
The Oasis Network is ideal for DeFi applications due to its scalability, instant finality, low gas fees compared to Ethereum, and high transaction throughput. It is designed to support confidential smart contracts that keep data private while being processed. By providing end-to-end data confidentiality on blockchain, the Oasis Network unlocks new and exciting use cases in DeFi.
Oasis recently launched a $200 million ecosystem fund which will be used to develop DApps on the network for DeFi, NFTs, Metaverses and more on the network. It’s worth noting that they are not the only game in town when it comes to ecosystem funds with the likes of Solana, Avalanche, Fantom, Near and Harmony all announcing similar programs aimed at attracting developers and network growth. However, Oasis appears to have both technology and use-case differentiation with these competitors. One feels that the next year or two of their development will be crucial as they look to onboard a broad range of applications into their ecosystem. An exciting announcement in November 2021 may be an indication of what is to come as Oasis revealed that they were working with Meta AI, formerly Facebook AI on a secure computing application. No doubt this will be a project that readers will be hearing a whole lot more about in 2022.
You can buy/sell the $ROSE token on popular exchanges such as Binance.
Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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Lark and the Wealth Mastery Team
TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.