I was going to write a thread on how cheat looping saves you from getting rekt, using @maplefinance on @kamino as an example. But I realized syrupUSDC is underpeg and looping through swap mechanism is actually better. SO, instead, let me explain how to check for yourself 🧵👇
To figure out if you should swap or mint, you need to know the NAV (net asset value) of the asset. syrupUSDC's NAV is actually pretty difficult to find for the average defi dude/dudette since it's not on their frontend. So instead, you have to go to etherscan.
Once you're on etherscan, search for syrupUSDC, then navigate to "contract." From there, navigate to "read contract" If you see a "read contract as proxy" click that (good advice for those looking at oracles on chain)
Then scroll allllll the way down to "previewMint" Type in some large multiple of 10, like "100000000" and click "Query" This will give you an answer like 11331000 which means there's 1.1331 USDC backing each syrupUSDC.
To figure out how many syrupUSDC you should get per USDC, just divide 1 by 1.1331. = 0.8825346... So now you just need to see if you get a better rate for that swapping on @kamino. And you do!
Now, notice that I simulated 100K worth of USDC. That's because I want to leverage 10K up 10x (e.g.). This means that even after 100K of swapping, I'll still be getting a better rate than minting. I.E., you should simulate with notional size, not principal.
Anywho! Go check out syrupUSDC on @solana, the loops have averaged pretty good net rates, though occasionally flipping negative. I still recommend manually looping or cheat looping (not through minting, but swapping) and avoiding "multiply" functions when possible. Note: Maple