It's been a while since @CORE_Vault team announced the LP migration to #coreDAO. While things have been quiet on the surface, all $CORE liquidity has been migrated.

In this thread we look at migration txns, how much liquidity is locked in $CORE, and how it relates to LP loans

1/12. Before we dive in deeper, if you have not read the medium article about the LP migration, I highly recommend you understand what is happening and why: https://medium.com/core-vault/coredex-lp-migration-a82e7351d5fb

2/12. The most common question I get is why did the devs sell the $ETH and $WBTC in the LPs for $DAI. The simplest reason is this: in order to offer long term loans, you need an asset with no volatility as collateral. $1 today is $1 in 1 year no matter if $ETH is 7k or 1k.

3/12. How much was converted to $DAI?
All the $ETH and $BTC from staked LPs. There are still ~3% unwrapped LP1 and LP2, and 7% LP3, and my guess is that when those LPs get wrapped (manually by their owners), some, if not all the $ETH and $WBTC in there will be sold for $DAI too.

4/12. LP1
A total of 16k $ETH was sold for an average price of $2,684 per eth. I can definitely see $ETH going under 2k at some point during a correction, so 2.6k is not bad. $ETH happened to go parabolic since, but it could have gone otherwise too.

5/12. LP2
A total of 104 $WBTC was sold for an avg. price of $58,146 per wbtc. LP2 pool represents 11.8% of the total permanently locked liquidity backing $CORE.

6/12. LP3
The $cDAI pool represents 4% of the total, and there were 2,134,378 $cDAI in LP3 pool, all of which were just converted to $DAI and added to the main pot.

7/12. Totals
Now we know that $CORE is backed by at least $51,290,150 in $DAI (pending leftover LP migration). I am also not counting the $CORE token itself (separate thread maybe) - this just counts the cash that is permanently locked in LPs...

8/12 ...this is important because if $ETH and $BTC have a normal 30-50% correction, $CORE is still backed by 51M $DAI. We're in the middle of a bull market and corrections aren't on ppl's radar, but they happen. And when they do, $CORE will be king of bear markets.

9/12. Loans
Back in February, there was a medium article talking about loans on $CORE LPs, and it said that "Soon you will be able to loan out your CORE LP for 25% of the floor price of those LP". Assuming 50% of coreDAO LP is $CORE, the other 50% is now $DAI...

10/12 ... so if we take 50% of the $DAI backing each LP, we can speculate on how much we'll be able to get loans for:
$2,273 per LP1
$8,974 per LP2 (cmLP)
$43 per LP3
*these values have not been confirmed by devs yet, so don't get too excited

11/12. Summary
I plan on farming $CORE forever, but if there's ever a need, I know I can get cash for my LPs at a fixed price regardless of eth/btc volatility. And with these calculations, I can now approximate on how much cash that will be... before #coreDEX launches ;)

12/12 Links:

Lending article:
https://medium.com/core-vault/coredex-lending-3d2936ff65dc

My spreadsheet:
https://docs.google.com/spreadsheets/d/1hPJrb6Lf3uVZAVN4B3ZwpeetRGgGemBBfLBT9n6xVtk/edit?usp=sharing