Boosted Finance — Boost your yields with $boost

It’s very early days with Boost Finance; they launched yesterday, but they’ve already got a product out so read on to see whether they’re worth looking at in the future.

The standard disclaimers and warnings apply: this is unaudited and the developer is anonymous (yet he’s on twitter), so we’re not recommending that you dive in unless you know exactly what you’re doing, but we’ll take an honest look.

boosted VAULTS

Like yEarn, Harvest, and Pickle before them, their core product is a vault. In their vault (there’s only 1 thus far), they use the mStable strategy on the backend, which is a ‘meta pool’ of stable coins. So on their boosted.finance website, you deposit USDC and get bfUSDC (boosted finance United States Dollar Coin) tokens in return, which are interest-bearing tokens (that means their value will rise to exceed $1 over time, which is how you make your profits). You can stake these tokens to earn additional rewards. Where it differs from other similar protocols is the capability to purchase ‘boosters’ to boost your yield, 5% at a time. Pricing on these booster scale proportionately to the amount staked, and they last for a week. This enables speculation of a particular vault; if you think it’s going to perform well in the coming week then you can boost it, but you won’t necessarily make more money than if you hadn’t boosted.

APYs are unstable presently as it’s SUCH a new protocol. There is a potential for some impermanent loss, but considering that the pool you’re contributing liquidity toward is USDC/mUSD at a 50:50 ratio, it shouldn’t be too dramatic.

Since there’s only a $650k total market cap, and around 2/3rds of the tokens are already in circulation, there’s some significant headroom if this protocol takes off. There’s an audit coming up, so that’s a plus. The risk/reward ratio isn’t quite high enough to earn our investment yet, but we’ll keep watching.

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