Remember that we all were asked to keep the number of conversions from MAID to eMAID to a minimum with 2 being suggested, one test and second the rest.
The reason is that the fees for the conversion is being covered and not fair to that person/business if you do a number of conversions.
Arbitrage where one is buying MAID and converting to eMAID would be the issue. Once or twice would be OK but more is not so good because of the fees being gifted by the benefactor. Of course I doubt anyone is going to complain if anyone does 3 or 4 conversions out of necessity.
Liquidity Monitor, how much does it take to swing 5% & 10% up or down
I want it to be more useful that just tracking the progress. It should help people facilitate doing arbitrage and thus create more liquidity and volume among both pairs.
You canât convert eMaid to Omni, to sell Omni at a higher price, so arbitrage is not possible in that direction. It should be to make for a fair market but it is not
Arbitrage doesnât even mean to convert or mint anything (thatâs just an additional bonus).
Just means to buy eMAID if it is lower and sell MAID or vice-versa.
MAID/BTC > ETH/BTC > EMAID/ETH (can buy with ETH instead of USDC)
or
EMAID/ETH > ETH/BTC > MAID/BTC
Sending ETH from Bittrex to Ethereum Wallet takes max 2 minutes
Sending ETH from Ethereum Wallet to Bittrex takes approx 20~30 minutes.
TIP: Use Flashbots RPC to protect from bots doing a front-running order.
When to mint?
If MAID is lower in price and buy liquidity is low. This would facilitate the conversion of eMAID and total available supply. Making it more available for people to get their hands on. If after conversion (which takes approx 1~2 days, excluding weekends) then you can buy back MAID using EMAID/ETH > ETH/BTC > MAID/BTC.
The only risk is that after the 2 days eMAID is lower but since both are 1:1 redeemable (MAID:EMAID) itâs just waiting gaming as both converge once more. Ideally you would also account for potential gas fees, sometimes I give back to the market to buy up MAID at a minor loss and sometimes the arbitrage is rewarding and there is some increase in total tokens.
Another way to help out and earn passive fees is to add liquidity to Uniswapâs EMAID/USDC pair.
For arbitrage to work as a fair market the two coins should be able to flow both ways as they represent the same asset. Now it is only one way as arbitrage is only available if Emaid is higher than Maid but it should work also when Maid is higher than eMaid for it to be a fair market. I donât know if it could be seen as market manipulation that arbitrage donât work fully but wouldnât be surprised.
If Emaid is higher it should be example Maid â Emaid ->USDC
if
Maid is higher Emaid â Maid â USDC
For arbitrage to work in a fair market.
I been trying to place an offer on EMAID and itâs been a real adventure.
Finally just managed it on 1inch with limit at 24c. Just a test to see how it all works. Tried connecting my Ledger to 1inch and failed. So used a Metamask wallet instead.
Why does everyone rave about Ethereum? I find it all bemusing.
Now it seems like the trend is changing. MAID and EMAID have been closer in price the last few days, with regular MAID being higher at least some of the time.