Hot Garbage Coin Corner #2 + Free crypto!
Welcome to a likely short lived series on the garbage coins to be found on Raydium Ecosystem Farms and my interactions with them.
I'll update on my degeneracy across the wilds of Raydium Farms and exactly how much money I've lost so far.
I'll also be giving away some of these tokens-of-broken-dreams in the comments.
Intro to the wilds of Raydium Farms
Raydium is a defi protocol that acts as both DEX and a liquidity provider on Solana. To find out more about it, check out @Saitama 's article on BULB https://www.bulbapp.io/p/3f481c14-65dc-4531-a879-c0b4f53442fa/introducing-raydium-igniting-the-future-of-decentralized-finaqnce
What stands out about Raydium is the ability for anyone to set up Pools/Farms. This has led to a very long tail of absolute garbage tokens.
They are nearly always unlisted (e.g., they haven't been listed on DEXs, including Raydium) and often able to have thousands to millions of tokens purchased for well under $1.
I find them a very cheap and very good way to learn about the ways in which you can lose money in defi.
Find them at https://raydium.io/farms/?tab=Ecosystem
WARNING: You WILL lose money playing around with these. Don't put in more than $5 total. That's across all tokens, not per token. Consider it a very cheap lesson.
If you're a bit of a degen then it is a lot of fun too.
This week's trek through worthless tokens and unsustainable yields
We'll look at what has happened since we last checked in and what new degeneracy we're going to embark on this week.
As a rule we'll look at the last 7 days unless otherwise flagged.
The worthless past
How much did we lose?
In dollar terms we lost $4.16 which equated to a 36% negative return.
But let's examine the damage in more detail.
If we look at our LP positions we actually had healthy to spectacular gains across all our farms. BOOST-USDC absolutely killing it.
However it is the dollars where we see the wheels have fallen off. Whilst BOOST-USDC saw excellent results and LTX-SOL also saw great gains, we saw both F1-SOL and 8BIT-USDC get almost completely wiped out
Let's dig into each protocol and see what happened.
LTX-SOL
We saw a gain in LP position of 4.66714496 (9.76%), which equated to $0.18 (19.15%)
Volume, TVL and price have maintained over the last 7 days.
For a garbage coin it's looking anything but. Have we got this one wrong?
Rewards in the farm are running till July 19th at last check.
https://coinmarketcap.com/dexscan/solana/CuA6Yvcia2CZJfetLi9NwJeohx8XFYKuGLNQicZhuEGq/
I think we have our first incorrectly labelled garbage coin.
$LTX has maintained volume and price. Searching for Tanox we find a legit crypto based business for the adult industry.
Twitter: https://twitter.com/LTXTanox
Website: https://tanoxltx.com/
The sex industry is not well served by payments processors. Adult industry crypto stalwart SpankChain had to shut down it's payments platform SpankPay recently https://decrypt.co/124095/spankpay-spankchain-adult-sex-industry-crypto-payments-shut-down due to being kicked off it's fiat processor.
This is a difficult part of the market to play in but it's an interesting case for crypto payments as it's
- extremely unserved by traditional payments processors
- often targeted by conservative politicians
- contains workers who are providing services that are, by and large, not actually illegal in their jurisdictions
Like many instances of near-impossible cross border payments, this is a problem crypto can solve now. It faces an uphill battle in terms of fiat on/off ramps if they want to go directly from $LTX to fiat. But as they sit on Solana, they can easily go into stablecoins (or $SOL) to make on/off ramping much easier.
It's not the first crypto entertainment based product and it is difficult enough to create any content platform, let alone also create one based on crypto, but this one to watch.
We'll keep this farm going for now.
CULT-USDC
We increased our LP position by 0.25536622 (7.08%) but saw our dollar value fall by -$0.07
(-10.94%).
Basically we saw liquidity flee and the price fall. This is a classic example of the type of impermeant loss you'll often see.
The farm is now pretty much empty seeing as the incentives are finished
But the underlying pool still has some liquidity in it and is seeing a trickle of transactions.
Still can't find any data on CoinMarketCap for this. But I did some looking around and found this project on Twitter https://twitter.com/CultSolana
It's a mis-mash of things. It's a meme-coin to start with and a PFP NFT collection attached to the token. But there is a copy-paste trading bot they've got which holders (NFT or token, I can't really be sure) will have access to.
Trading bot: https://t0ts.gitbook.io/usdcult/cult-trader-+
Website: https://culttoken.xyz/
NFT collection (Magic Eden): https://magiceden.io/marketplace/cultsociety
So what do we do? We buy some more $CULT and spin a degen casino wheel of course!
Predictably (?) I lost all my $CULT in two spins.
That's the lesson here. Maybe...
RIP $CULT.
You were degen to the very end.
BOOST-USDC
Massive token gain of 738,084 (3497.81%) which equated to a gain of $1.33 (147.78%). All in a week!
Who said garbage wasn't profitable? (me actually, multiple times. This stuff will lose you money).
Liquidity is super low (rewards still have a day to go). 
There has been some transactions on a very low liquidity which contributes to a high yield. But it is a false dawn. IMO there is no way back for $BOOST
And when we look at the charts we can see we came in after the pump and dump.
So all that is left to do is withdraw our "winnings".
We ended up with 97,802,908,922 $BOOST from our endeavours.
We've sent 20,000,000,000 to Solcial for a promo there and the rest we'll give away on BULB.
F1-SOL
We made a very healthy gain of 542 (66.05%) in our LP position. However that didn't translate to a win, we lost -$0.89 (-95.70%) which was nearly everything. As you can see liquidity has all but dried up.
How did this happen?
Well it's pretty simple. $F1 pumped, then it dumped, leaving next to no liquidity. That crashed the price and wiped out most of our position. We were, as they say, the dumpers' exit liquidity! 
After unwinding we're left with 157,829 $F1. 50K goes to Solcial.
We'll give the rest away here (see below).
8BIT-USDC
We saw a great LP position return of 13.78744 (55.40%)!
We lost -$4.81 (-96.39%), essentially everything we put in.
Liquidity is gone. Volume has gone to zero. We just experienced a classic pump and dump.
Still a day to go on the farm rewards... ha!
After unwinding our position we have 1806 $8BIT to show for our pain.
500 $8BIT has gone to Solcial for a promo there. The rest we'll give away on BULB (see below).
The worthless future
Each week we'll look to the farms to see the highest and most unsustainable yields to learn more about how APR/APY works and how to navigate the different types of yield: Real & Incentivised
SEA-USDC
Can't find any details about this. It's only just started in terms of farming rewards and there isn't much volume as goes the underlying pool
CoinMarketCap https://coinmarketcap.com/dexscan/solana/5Yy3U6rfgtoQQ6UUG65nEtAoaBhGmT8xfej9XQqyir9w/
shows us if we're in pump and dump territory then we're right at the start.
Could this be the one where we avoid the dump?
ETX-USDC
In a little bit of a departure from the general standard of token in these posts we have a somewhat legit project. Ethrix is a new trading platform on Solana.
Twitter: https://twitter.com/ethrix
Website: https://www.ethrix.io/
Farm rewards have just kicked off and the underlying pool is seeing good volume.
CoinMarketCap data https://coinmarketcap.com/dexscan/solana/8AxHnx31dnSHhBhDu53ZJUs54vpVhr9eurbMX8PML9DL/
backs up the idea we're seeing sustained volumes.
2jw1uF-USDC (really VIVAION-USDC)
Another non completely random token. This is a gaming project with strong metaverse leanings. So we're not completely out of the garbage theme!
Twitter: https://twitter.com/vivaion
Website: https://vivaion.com/
There two tokens in the farm rewards:
- $VIVAION (which is currently not been set up properly so is trading as $2jw1uF)
- $AEVUM (which is a resource inside the game).
Both are listed at CoinMarketCap:
- $VIVAION https://coinmarketcap.com/currencies/vivaion/
- $AEVUM https://coinmarketcap.com/currencies/aevum/
The underlying pool volume is very low though, indicating this farm's best days are likely behind it (despite the rewards still to come).
CoinMarketCap data shows https://coinmarketcap.com/dexscan/solana/R3NwCur94ZS1qQNV2SMSSs9gQqbD67NujwFXE77mSoU/
there was a burst of trading at the start of the month but both volume and price have fallen away.
This one might end up like $BOOST where we profit simply because prices are more stable after the initial pump activity.
Free crypto degens!
Here's the bit you've all been waiting for: Free stuff!
This week we have to give away the following broken dreams:
77,802,908,922 $BOOST as prizes for your favourite energy drink/weirdest energy drink.
Just a name won't get you anything: You need to tell me why you nominated that drink.
107,829 $F1 for the best comment about your favourite Formula One driver who is still racing. Only one winner so make your comment descriptive!
1306 $8BIT in total for prizes (of varying sizes) for your favourite 8-bit themed/inspired crypto project. Links are very much appreciated! Bonus $8BIT if that project is on Solana.
I'll be rewarding winners in the next few days so don't wait too long to comment.
