February 2, 2023: The Bok-Bok-Bok Stops Here ๐๐
Are Chicken Bonds Dead After Sifu Chickens Out?
We really enjoyed watching the saga of Chicken Bonds unfold throughout the worst depths of the bera.
We even welcomed Diligent Deer to guest author a full analysis
And it made our list of top ten events of 2022, though admittedly the field was a trifle weak.
So weโd be remiss if we didnโt cover the possible endgame of Chicken Bonds.
DefiMoon caught that chicken whale Sifu, who had a large $4.1MM chunk, finally opted to โchicken outโ and restake the $LUSD to farm $LQTY.
As DefiMoon had noted when Sifu joined ~2 months ago, his notorious presence of affected the dynamics, creating something of an interesting stalemate.
Now that Sifu has officially chickened out, but why?
Sifu only commented:
At present, the vibe surrounding Chicken Bonds has shifted from euphoric to bleak. Kyoronut, who created a great Dune dashboard to track the action, offered a forecast:
Diligent Deer, who wrote the in-depth piece, also offered a similarly grim diagnosis.
Tracking the raw stats for aping into Chicken Bonds yields unfavorable returns.
Reviewing the LUSD Chicken Bonds dashboard, January 1st was roughly the tipping point. This New Year, nobody has claimed at a profit.
Users who chickened out took the most severe haircut.
The overall activity also hit an inflection point around the turn of the calendar, as the number of bonds leveled off and existing bonds either were claimed or cancelled.
Is this indeed the end of Chicken Bonds?
My smoothbrain analysis of this is a bit different.