*** OFFICIAL Going FULL RETARD On DeFi Thread ***

[sonatine]

https://www.youtube.com/watch?v=L8EuNSyFBmQ

fast forward to 3:30 for some relatively coge knowledge backfill.

[Rick Sanchez]

Good info

[gauchojake]

Somehow I staked 54 bucks worth of cake for 72 hours. Will report back when rich. 8.7.3

[gauchojake]

I guess the main question I have is do I need to swap my BNB coins for CAKE or BUNNY or whatever altcoin or can I just provide liquidity on the BNB coin? Also have you looked at the stablecoin lending market yet? Curious about your experience there. 8.7.3

[gauchojake]

Apeswap is god

[Rick Sanchez]

I guess the main question I have is do I need to swap my BNB coins for CAKE or BUNNY or whatever altcoin or can I just provide liquidity on the BNB coin? Also have you looked at the stablecoin lending market yet? Curious about your experience there. 8.7.3

Instead of providing liquidity with a pair of tokens, there are single-asset vaults. They're called "syrup pools" on Pancakeswap but it's the same thing. You provide liquidity with just one token and you accumulate rewards in some token(s).

In the OP you can see that I'm in a single-asset vault with BNB, earning 26% APY. But the payout is BNB and BUNNY, in roughly equal amounts. I could of course harvest the accumulated BUNNY, sell it for BNB, and reinvest that BNB right back in the vault. There are transfer fees associated with this (about $5 in total), so it's best to do this when you've racked up at least $30 or so in rewards.

Sometimes these single-asset vaults pay out in the same token, and can autocompound. For example you can see that one of the CAKE vaults I'm in simply pays out in CAKE. It automatically reinvests my earned CAKE back into the vault. No transfer fees!

[Rick Sanchez]

To answer your other question, yes I have looked at the stablecoin lending market. One of my clients sends me a large amount of USDT per month, so I wanted to park some of it instead of realizing a bunch of taxable capital gains.

I tried AAVE, one of the more popular platforms for this. It boasted an average APY of 10%. This was before I realized how terrible the ETH gas fees truly are. It cost me $60 in gas to deposit, and I later discovered that it would cost me $150 to withdraw. Also, the APY bounces around a lot depending on liquidity. Some days it's 3%, other days it's as high as 15%.

Another mirage on AAVE in particular is that it lets you earn rewards in the form of its AAVE-token. But that needs to be harvested separately, which also comes with it's own obnoxious fees.

I put 8,800 USDT on that site, let it sit for 2 weeks, and by the time I decided to pull the plug it ended up being a net-loss after xfer fees. Fuck Ethereum.

There are some stablecoin vaults on Bunny. I'm not exactly sure how the autocompounding works since it pays out in 2 tokens. I assume it reinvests the earned stablecoin, while your BUNNY accumulates separately.

[PLOL]

Loving this

[Rick Sanchez]

Honestly it makes zero sense to me (and some smart people I know) to have money in traditional markets right now. That image above with 40% APR on stablecoins is something we're going to look back on in a few years, shaking our heads, bemused at these wild west days of DeFi.

I'm down a bit with my speculative pools, mainly because CAKE took a dip recently. But I'm not super concerned about that. DeFi is in its infancy and I believe that platform/token has a lot of upside. I'm happy to continue accruing more CAKE and BNB, regardless of what its current value is.

And I will be moving 10-15k (perhaps more) into some virtually risk-free high yield stablecoin pools in the next few days.

Developing...

[Rick Sanchez]

Haha did I say "a bit" because what I meant to say is that we're getting massacred today. Thanks Elon! ?

[gauchojake]

Thanks Rick. Today wasn’t good for any markets so you know...buy the dip??

[gauchojake]

I am playing around with the cake auto restaking syrup pool

I think what I was looking at with the whole coin thingy was the bnb staking through a validator on the trust wallet app. That one has a min stake of 1 whole coin but the return is ridic.

[Rick Sanchez]

Thanks Rick. Today wasn’t good for any markets so you know...buy the dip??

I tried to buy some ETH when it fell to 3500, but Coinbase glitched out and that window didn't last long.

I'm definitely not very sharp when it comes to forecasting and that sort of thing. I have to think that BTC and BNB are great buys at the moment ($50.8k and $614 respectively) but I'm just speculating like everyone else. I'd definitely be loading up on CAKE right now if I didn't already own so much

But it doesn't take a genius to know that 40% on stablecoins and 200% on volatile assets are incredible returns.

[Zalgo]

[FLAT-TOP]

HEY RETARDATINE, WHY THE FUCK DIDN'T YOU TELL ME TO SELL AT 64000

[sonatine]

the world needs ditch diggers too

[gauchojake]

There is now a doge syrup pool on pancake swap paying +240 apr.