2000% APR? I'll have some please - CowSwap

Wednesday, 2nd of February 2022

Have you ever seen Muesli changing into a Cow? I'd say a cow changing into muesli would be more likely to happen. You know, you milk the cow and eat your muesli with the milk. But no, it happened the other way round right in front of my very eyes yesterday!

For a while now I have been buying some cheap milk at MuesliSwap. As I looked through the tokens on marketcap.cash, I saw Milk was going down and down. I remember buying milk on presale for $0.12 and selling it at the peak price of almost $1 last year. What happened afterwards?

Some of my MILK profit was still staked on MuesliSwap when FUD started about the apparent rug pull planned. Everyone frantically sold Milk and removed everything they had staked there. I broke down my existing LP, but after a little consideration I decided not to sell all my milk. I had around a few hundred Milk which was my pure profit, as I've already took my investment back and some profit too. So I left the remainder of my Milk tokens at MuesliSwap spread between Auto and Manual Pool.

Weeks were passing by and we already knew that FUD about MuesliSwap was spread maliciously by one person. Despite this, people were not really interested in investing at MuesliSwap. Most likely the reason was that the devs pretty much abandoned the SmartBCH side of the project. Their Telegram group was nearly dead and project owners didn't really show up to calm down people's concerns. They seem to be busy developing their Cardano side of the project.

Months were passing by and the price of Milk seemed so low ($0.03) that I thought that it just can't go any lower. At that point in December I started occasionally buying some Milk every now and again. Small quantities that I wouldn't mind loosing of course. APR's on MuesliSwap were still better than elsewhere, so whatever I purchased I would add to the pools and forget about it for the next week or so.

In the meantime I heard that Cardano version of Milk is doing pretty well. This only made me buy more cheap BCH Milk, cause I thought to myself that eventually the devs will come back to continue developing SmartBCH Milk, encouraged by the success of Cardano Milk. Last week there was a post pinned in MuesliSwap Telegram for the first time in ages. A new moderator was introduced to help with investors enquires. Good sign!

Then yesterday I saw another official post in their Telegram. This time it was a rebranding announcement. I barely managed to find the post, as there was no longer MuesliSwap group, because it was replaced by CowSwap Telegeram!

Had I been greedy, I would leave writing this article for another week or so. Why? Because with the change of the name, the APR's changed too and are currently very juicy, but only for a week since rebranding.

In Milk single pools the APR has increased too. APY seems rather exaggerated, as it's assuming compounding 5000 times a day, but I like the idea of auto compounding anyway, since it doesn't cost me anything.

With that in mind, I purchased some more milk and added it all to Auto milk pool.

The price of Milk is going up and down between $0.07 and $0.09, which in not a huge movement, but at least there is some more volume in the past 2 days. In fact just the past 24h makes for almost half of the weekly volume, so rebranding and increasing APR's clearly worked a treat.

With volume increased, especially on WBCH/MILK pair, today I decided to take all my Milk harvest, buy some more and add LP to the farm. Whether I will keep it or break down after a week I guess it depends on how much will APR on that pair drop. At the moment there isn't all that much movement in price of either, so my IL risk is minimal. I will just continue to observe, while enjoying the high APR.

One thing I have always liked about MuesliSwap (now CowSwap) is their own analytics.

Another new thing which the devs seem to be interested in pushing is voting system. Voting/governance seems to be a hot topic in SmartBCH. Many people are getting excited about the possibility of having a voice in Dex operations and future updates.

Will this help Milk rise in price? Can smartBCH Milk rise from ashes like phoenix? Anything is possible if devs take it seriously this time. Let's just watch and see and remember to only invest what you can afford to loose.

Until next time 💙