Farmers Markets #1: Vote your veAERO and veVELO

7 May 2024

If you aren't familiar with the veTOKEN model then check out my explainer post about this on Bulb

If you want to know more about the analysis here see my post on Bulb

Voting veVELO - Epoch 101

See Dune Dashboard for Epoch details
Velodrome Vote:
Optimism Block Explorer
Birdseye token explorer
Velodrome Epoch Dune dashboard

I've voted for the vAMM-WETH/TLX LP

Assessing the rewards

$WETH don't need explaining. But $TLX does


It's early days but the chart looks okay so far.

Not the highest returns currently available and the LP hasn't caught much in the way of fees yet. LPs are heavily incentivised. It appears this is a trading vault protocol.
They're listing the Velodrome LP as a 'staking option' on the website which indicates they're likely looking to provide incentives longer term.
TLX staking by itself is a high APR right now (likely also boosted by token incentives).

Historically these sort of products do okay. There's a lot in the market but when trading is high they can offer high yields. But there's a lot of competition.
It appears TLX are partnered with the right people though so probably one to keep an eye on.

Those high vAPRs...

Special mention to the vAMM-VELO/wOptiDoge LP

Why wrapped OptiDoge? Well.... Who knows?
I couldn't find OptiDoge by itself and the chart is a train wreck.

On the website (if you can call it that) it says you can unwrap it using the wrapper contract, but nothing more is offered as to how or where you might do that.

Classic case of inflated vAPRs hiding real traps in terms of dead tokens.

Voting veAERO - Epoch 36

Aerodrome Rewards:
Aerodrome Voting
Base Block Explorer
Birdseye Token Explorer
Aerodrome Epoch Dune dashboard - ends 09-05-2024 00:00 UTC

Who I'm voting my veAERO for

This epoch I'm voting the following gauges
Pool addresses

  1. 0x21594b992F68495dD28d605834b58889d0a727c7
  2. 0x37E769D2dcF3e3E8dFC37c0Df83EEB56edfC0fD2

This is the way I'm voting them.
Now I could've made $67 USD in total rewards just voting for the highest return but that's only if it stayed at the votes it's currently at.
And I wanted a wider selection of the tokens on offer here as they offer some interesting aspects.

Assessing the rewards

$AERO and $WETH don't need explaining. But the rest do.


It's an AI agent/model play. They've just launched a subnet on Bittensor (a really popular AI blockchain infra project). You can stake the models themselves with $VIRTUAL. I don't really understand how that works yet but it is something I'm interested in playing around with.

Token market looks okay for now. I've seen better but I've seen a lot worse.


This is a pure memecoin. The upcoming airdrop might be something, though I assume the amount you need to hold to qualify would mean I'd have to buy a lot more than I'm going to get out of the gauge vote.

Another one where I don't hate the chart.


Only very recently bridged to Base from Blast (hence the chart)

$WAI is connected to $VIRTUAL in that it seems these chatbots (aka 'AI Waifus') are being run though that infrastructure. The docs are really interesting as they lay out a legit problem to solve: Loneliness.
This isn't a new idea. There's a number of AI companion projects out there and have been for decades. On one hand this is incredibly ambitious for a small team building on very new tech like blockchains.
I came into this highly sceptical, but after digging deeper left a lot less so. The project and product seem very well focused and targeted to a specific audience. The logic to this is all laid out clearly in the docs and it makes a lot of sense. If you're going to pull off a long shot then you have to be hyper focused and be able to bring your users along with you.
$WAI has positioned themselves well to have a chance I think. It's still not likely to succeed but it's not complete fantasy either.

Over to you

Where are you voting your veAERO and veVELO this epoch?
Let me know in the comments!

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