SHEN Analysis — How Much did SHEN Holders Earn in the Last 3 Months?

2 min readApr 13, 2023

Since the launch of the Djed platform, minting and holding SHEN has attracted some impressive benefits.

More than 104,000 ADA has been distributed to SHEN holders as delegation rewards in the last 3 months (reflect ±4.3% annual return).

Users that have minted SHEN shortly after the platform was launched have gained a significant yield of over 6% in just 3 months (reflect annual rewards of more than 25%). This yield is made up of delegation rewards accumulated during this period (~1% in 3 months) and the price appreciation of SHEN on the platform as a result of fees collected (~5% in 3 months). Considering the fact that the price of ADA has barely changed during this period, providing liquidity to SHEN has provided an excess yield over just holding an ADA position.

Additionally, users that chose to deposit their SHEN to liquidity pools in DEXs (Minswap, Wingriders, etc), have gained on average 10% APR in liquidity and farming rewards during this time period (annual return).

Overall, returns in the last 3 months were 9% to 10% (with farming), or up 40% in annual terms.

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