It has been over a month since I last published a regular update, and so I've made the time to get one done. We passed into the third year now since LBI relaunched, and over the last month since our last update post the price of HIVE has continued to suffer, and our fund has lost more value along the way. Anyway, on with the update...
LBI is a pooled investment token on Hive Engine, with a diverse range of holdings across HIVE. From HP and HBD, to positions in liquidity pools and various Hive Engine projects, think of LBI as a diverse basket of Hive assets. We have invested for asset growth, and share a portion of our weekly income as a SWAP.HBD dividend. Another portion of our income provides liquidity incentives for token holders to add LBI into various pool.
Each week we publish this detailed update, showing where all our assets are invested, how our income has tracked, and any other relevant information for token holders and potential holders. Our token is fully distributed, and we have a slightly deflationary token supply thanks to a weekly buy back and burn program.
Here are the token prices used in this weeks update:
And here is the link to the last report for comparisons
Assets
@lbi-token
Since the last report, the main changes are as follows:
- Increased HP by 1700
- Sold a significant portion of our LEO
- Added some ELIXIR tokens to our balance sheet
- Bumped up our SWAP.BTC holdings a little.
ELIXIR is the token for the @nectarbytes project, and I've bought into it to show support for someone trying to build a project in these current conditions. LBI's default position these days is to support other projects that are still building and looking to the future in the current climate of mostly doom and gloom, and ELIXIR is one of those. It produces a weekly income that gets added to our income pot.
SWAP.BTC we have increased from 0.0028 to 0.0035, and I'd like to grow it further in the coming weeks. LEO we are selling down. I don't see a future where LEO regains trust and flourishes again, and it seems that most LBI holders are happy for us to exit.
@lbi-eds
This remains our most passive wallet. I have increased our HP here a bit, but the wallet just chugs along. EDSI balance grows, and income distribution flows in each week.
@lbi-dab
Another wallet that is completely passive these days. I don't intend to add any new funds in, it just compounds and spits out a little income each day. The RUG price has not been updated for ages, so I'm not sure what they are worth at the moment. But they still generate 15-20 DBOND for us each week, to add to our 50 or so weekly DAB growth. Still waiting to learn if the project has a long term future, so not doing much with it for now.
@lbi-cent
I've changed a bit how this wallet gets reported, to make my life a little easier for record keeping basically. Since the last report I've added more to our staked CENT (which gets delegated to @centtoken for weekly SWAP.HBD income). The wallet still pays 0.3 HBD per day into the income pot from pool rewards, plus the weekly amount from the delegation.
@lbi-three
My daily process for this wallet now is as follows. We earn daily HSBIDAO from the main @lbi-token account from a HP delegation to @steembasicincome. These HSBIDAO get moved to this wallet. We also earn from the token holdings here in the pools. I'm swapping some of those to generate a daily amount of 0.3 SWAP.HBD to send to the income pot. The remainder gets compounded into the pool positions.
The HSBIDAO/THREE pool is a very reliable performer. For those that are unaware, regularly THREE gets bought out of the pool for the games activities and burns. THREE is fully minted and deflationary. So the pool experiences continual small IL, leading to slightly more HSBIDAO in the position each day, and less THREE. This is perfect for us as I don't care what price THREE is, my only interest for LBI is in having more HSBIDAO (as it is the income generating token). IL increasing our number of HSBIDAO is a win for us.
The game itself has been slow going for a while, but new features and automation is due to launch soon so that will give us something new to play with. I did get bored a couple weeks ago and use some HSBIDAO to buy a pack of tokens so I could have some babies to add to our family and restore us to first place on the leaderboard.
@lbi-alive & @lbi-leo
The LEO wallet has completed it's HP power-down and is now gone from our balance sheet. Remaining in the wallet is a small amount of ACE that is literally worthless now. I might use that wallet just to periodically send worthless HE shit-coins that don't go on our balance sheet, as a "just in case" something gains some value one day. The end of an era with the LEO wallet gone from our balance sheet.
The LP for ALIVE/LBI has now been launched, and is slowly accumulating some liquidity. We have built a starting protocol owned position, and grown our ALIVE/SWAP.HIVE position also. This wallet will be a place I add small amounts of funds to build these positions gradually. The ALIVE project is in a rebuild phase and has been hit hard by the closure of many of the projects it was invested in. I like the premise of a tribe token that is "backed" or aiming to build income streams, so we will do what we can to help them recover and grow. The yields on the ALIVE/LBI pool is high for now, in the hopes of attracting some liquidity to make it a useful addition to our suit of pools.
@lbi-bbb
Our small buy-back wall has barely been touched over the last month, with the pool prices all trading higher than the "asset backed value" of the fund. This shows that what we have done with multiple pools, and the addition of the buy-back and POL has worked, and LBI holders have held on to their positions through HIVE's current doldrums. Very pleased with the resilience of the LBI token through these market conditions and the lack of frequent updates on my behalf.
Totals
We finish with a fund value in USD terms of $8,800, a decline from just over $10,000 last update a month ago. The token value is fairly static against most measures, with exception of LEO. A month ago each LBI was worth 6.373 LEO, now each is worth 9.149 LEO. This basically shows that LBI has significantly outperformed LEO over this time. This validates our move away from the LEO eco-system.
The down side to that is further IL for those in the LEO/LBI liquidity pool. I guess from here it depends on your personal opinion of LEO, and its chances of recovery. If you think it will rise, stick with the pool and some of that IL will reverse. If you think it will keep going down compared to HIVE, consider removing your position from the pool and adding to one of the other pools instead. There are plenty to choose from, and I'd love in particular for the SWAP.HIVE and SWAP.HBD pools to grow deeper.
LEO now makes up less than 4% of our total fund, and as I sell more off that will drop further. In a couple of weeks it will disappear and any remaining LEO (in the LEO/LBI pol pool position for example) will just be counted in the "other assets" category.
Income
Income remains a battle at the moment. Much of our yield comes in as HIVE, and obviously with the price of HIVE so low it converts to smaller amounts of SWAP.HBD. Overall, we are running just under 2% return for holders. Holders in the pools do much better than that, but carry extra risks as we have seen with the LEO pool in particular.
Each weeks burn of LBI tokens has been around the 18 - 20 LBI, so each week our income and assets are divided by a slightly smaller number of tokens. We send out around $5 worth of dividends, and have a similar amount sent to fund pool rewards.
Conclusion
Tough times on HIVE lately, and they seem to show no signs of a turnaround on the horizon. Still, we plug away, and keep trying to grow and build for the future. New partnerships like the ALIVE one (and CENT and HSBIDAO before that) spread the word about LBI and give more people a reason to consider us. I'm always open to exploring more partnerships like these, so if you have a project that you think could benefit from working with LBI, hit me up.
We are overall in about as good shape as can be expected given the state of HIVE. Still alive, still looking to a better future. If HIVE recovers, we will do well. If HIVE continues to sink into oblivion, then we can at least say we gave it a crack and stuck it out to the bitter end. Best of luck to anyone that has stuck with us, and let's hope for a better future for HIVE, and therefore LBI.
Thanks for checking this weeks update, drop a comment below with any thoughts, questions or opinions on anything LBI.
Have a great week,
JK
@jk6276 for LBI
