# Backtesting Appendix (DC)

Dual Currency

The legend below indicates the historical incidence of conversion or no conversion during a 27 day period.

**Dark green:**No conversion occurs.**Light green:**Conversion occurs but no impact to net P&L.**Light gray:**Conversion occurs and the impact to net P&L (due to diluted upside) is less than median.**Dark gray:**Conversion occurs and the impact to net P&L (due to diluted upside) is more than median.

The median P&L impact due to diluted upside is calculated and noted beside the red boxes above the probability bar chart. The median P&L gain can be found next to the green boxes above the bar chart.

stETH Dragon has a

**59% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).stETH Elephant has a

**66% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).ETH Dragon has a

**61% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).ETH Elephant has a

**69% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).USDC Dragon has a

**82% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).USDC Elephant has a

**95% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).USDT Dragon has a

**82% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).USDT Elephant has a

**95% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).WBTC Dragon has a

**52% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).WBTC Elephant has a

**64% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).DAI Elephant has a

**82% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).DAI Elephant has a

**95% probability of no conversion**(backtesting data Jan 2023 - Jan 2024).

Last modified 5d ago