How much have I made with long TON margin trade? (EVAA protocol + STON.fi)
I’m a big fan of STON.fi and I’ve been following EVAA protocol since December 2023. Sure, when I saw an opportunity to test margin trading using both of these projects I couldn’t resist and jumped in.
How did it start?
- EVAA protocol extended its PRO SUPPLY campaign (basically it was free money for the first 100 participants supplying over $1,000 + lots of other rewards).
- FTX dumped lots of TON coins into the market. It caused significant crash of TON (it was in the range of 2$ — 2.1$).
It was the perfect situation to open a long TON position. And I’ve decided to do so.
First try
1) I supplied 56.3 TON to the EVAA protocol. The gas fee was 0.116 TON.
2) I borrowed 41 jUSDT. The gas fee was 0.317 TON.
3) I bought more TON with borrowed jUSDT on STON.fi. The gas fee was 0.12 TON.
4) I supplied 17.30 TON. The gas fee was 0.116 TON.
5) I withdrew 20.24 TON. The gas fee was 0.262 TON.
6) I swapped TON to jUSDT. The gas fee was 0.1 TON.
7) I repaid jUSDT. The gas fee was 0.165 TON.
8) I withdrew TON. The gas fee was 0.262 TON.
Overall gas fee: 0.116 TON + 0.317 TON + 0.12 TON + 0.116 TON + 0.262 TON + 0.1 TON + 0.165 TON + 0.262 TON = 1.458 TON.
Paid jUSDT interest: 41.1 jUSDT — 41 jUSDT = 0.1 jUSDT.
Gained value (with borrowed 41 jUSDT): 19.43 TON — 41.1 jUSDT * 25.7 TON / 65.33 jUSDT = 3.261 TON.
Overall profit: 3.261 TON — 1.458 TON = 1.803 TON or 1.803 TON * 100%/56.3 TON=3.2%.
Nice result, especially considering that for some reason I’ve supplied 17.3 TON (4) and withdrew 20.24 TON (5), which gave me an extra 0.378 TON of gas fees.
Well. I withdrew money, I’ve got the profit, but I didn’t meet Supply Campaign requirements…
The chase is better than the catch.
Second try
I thought that it wouldn’t matter will I close the position in profit or not, I wanted to get my EVAA NFT card (unfrotunately I was too late to get EVAA MainNet or EVAA Friend cards).
1 ) I supplied 50.3 TON. The gas fee was 0.116 TON.
2) I borrowed 60 jUSDT. The gas fee was 0.317 TON.
3) I bought 25.27 TON. The gas fee was 0.12 TON.
4) I withdrew 7.77 TON. The gas fee was 0.262 TON.
5) I supplied 10.30 TON. The gas fee was 0.116 TON.
6) I swapped TON to jUSDT. The gas fee was 0.1 TON.
7) I repaid jUSDT. The gas fee was 0.165 TON.
8) I withdrew TON. The gas fee was 0.262 TON.
Overall gas fee: 0.116 TON + 0.317 TON + 0.12 TON + 0.262 TON + 0.116 TON + 0.1 TON + 0.165 TON + 0.262 TON = 1.458 TON.
Paid jUSDT interest: 60.36 jUSDT — 60 jUSDT = 0.36 jUSDT.
Gained value (with borrowed 60 jUSDT): 25.27 TON — 60.36 jUSDT * 15.2 TON / 60.5 jUSDT = 10.17 TON.
Overall profit: 10.17 TON — 1.458 TON = 8.712 TON or 8.712 TON * 100%/50.3 TON = 17.32%.
I’ve made some profit and participated in the campaign.
Conclusions
Right now there are only 3 assets available at EVAA protocol but even with them you can make some profit not only by supplying assets, but with marging trading too.
But what’s more interesting is future potential loops and strategies. Let’s assume that tsTON/stTON (or other TON in liquid staking) become available to supply/borrow, DEX tokens, old P2E jettons… I’m glad that TON DeFi segment is growing and developing.
EVAA protocol | EVAA on X | Telegram Channel | Telegram Group
