Escaping Mayfair - DTFs & $MAY Out ... GMX and ETH In!
For the first time ever, I had to write a negative article about a crypto-project! I had to share the red flags I found while exploring Mayfair. All the weird things and a ghost event are covered in "Mayfair - When A Good DeFi Idea Is Destroyed By Lack Of Transparency And Lies!", while this article is focusing on escaping from Mayfair until it's too late!
I tried to unstake my $MAY after I was muted for 7 days and got this error several time. I had 182.24 $MAY tokens staked in the pool and I had to take them out ASAP, as the price was diving worst than Neymar Jr.
Maybe was a bit of rage quit, maybe not! My gut feeling told me to cash out and move on, as there are too many red flags around! I see no future if the community, developers and moderators are as hostile as Vladimir Putin.
It all started from a ghost-event, a Twitter Threads competition that Mayfair didn't want to pay. Apparently was a confusion and a wrong announcement was shared, and a tweet with this event never happened! The best way to build a trusted brand? Not! I would prefer to lose and some random strangers win the prizes instead of being served this BS on toast!
I seen several people asking about the results of the competition on Discord and Telegram and they are simply ghosted! This also happened when people asked genuine questions about why funds are being spent without announcements and those people got accused of spreading FUD!
Then it was my turn to get the bully treatment! They hoped to silence me with this attitude but this went the opposite way! Daggers out and time to retaliate! Expect this to happen when the people that represent the protocol are harassing genuine investors of the project! Who's harassing who may I ask and ... May I ask is Mayfair is as fair as the name suggests?
I had money in 3 out of 4 DTFs and a bag of $MAY that I couldn't unstake and sell! Moved to the DTFs and started to withdraw, as they all had $MAY in their composition. Not only that but the cryptocurrencies from the indeces were doing bad when the rest of the market was in green.
What is a DTFs? DFT stands for DEX Traded Funds, a basket of tokens that forms a crypto index! Each DTF will track the performance of a portfolio composed of chosen assets, as the Smart Index Pool is rebalanced by arbitrageurs just like any liquidity pool.
The first stop was on Real Yield, the DTFs with the highest TVL. I invested in an index that was down 93.38% in a month as I hoped that this was the bottom, but the 5 assets in this pool continued to dive.
My slice of the pool was minor, and got even smaller since I invested. I consider this as a good opportunity to get more GMX, and this was my choice for a single asset withdrawal. One sorted ... two to go!
The Altcoin Pool was next, where I had a small chunk of the $1312 TVL. Took out my 2.27% of the pool and my single asset withdrawal in GMX topped up the previous GMX. Better hold a power-house than chasing pirate treasures!
The Perpetuals Pool was my last DTF, and more GMX was added in my portfolio. I am a HODLer by definition and the DTFs idea was as good as the DPI from Index Coop, but the Mayfair management lacked the special touch that the Coop had! Mission accomplished!
I tried again to unstake $MAY but that error was keeping my funds staked in a pool that apparently had a boost in APR! I thought that maybe the farming upgrade triggered the error, as my farming rewards were also gone.
Mayfair said in a tweet that "additionally the APR has been reworked to 35% in order to reach a sustainable emission rate" which was great, but all my farmed $MAY resulted from staking simply vanished! It wasn't much, only 2.5 tokens, but was another weird thing added to the other weird things happening around!
Was one day later and another 30% down when I managed to unstake! In fairness, the missing $MAY that was farmed appeared in my balance after withdrawing so it was more like an UI issuse.
I bought 118.69 $MAY at 1.09 USD, then 63.73 tokens when the price first touched 0.78 USD, rounding up my investment at 180 USD. My average price per $MAY was 0.98 USD per token and the price I swapped it for $ETH was 0.299 USD, willingly accepting a 70% loss! Sell and never look back.. sell and never look back!
Job done! Mission "Escaping Mayfair" is not completed! DTFs and $MAY out ... GMX and ETH in! Revoked again all permissions and added this unpleasant experience in the Book of Bad Projects! Time to Netflix and chill!
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