Tweet
After many tragic misadventures on the Ethereum Mainnet, outrageous gas fees, and minimal research, we're finally up and running in the wild west of decentralized finance.
To be continued...
To be continued...
-
-
The yield farming APYs are currently as follows:
CAKE-BNB: 85.74%
WIN-BNB: 283.94%
PNT-pBTC: 671.01%
The CAKE vault on Pancakeswap is 139% at the moment, which as you can see is strictly worse than the 207% available on Pancakebunny. I discovered that later, and will reallocate after the vesting clock expires tomorrow. -
google translate : crypto talk --> englishComment
-
I am still very much a noob myself, but here are the broad strokes as I understand them:absolutely fucking glorious and thank you for any / all wisdom you can dish out about this. very, very interested.
1. This particular flavor of DeFi is on the Binance chain. This means that instead of all of the tokens being based on ETH and being expensive as fuck to transact, they're based on BNB. About 12 cents per transfer today.
2. Each exchange (such as Pancakeswap and Bunny) have their own tokens. You are generally incentivized to use these for swapping, staking, providing liquidity, etc.
3. You will also pay a small fee to the exchange for swaps. But you can also "be the bank" and collect these fees if you provide liquidity. For example you can add BNB and CAKE (has to be equal amounts of each) to the pool, and receive a % of all BNB<->CAKE fees. The more you pool, the higher this % is.
4. These pools will naturally be rebalanced by arbitrage seekers. There are no market makers here offering prices, the coin pairs are simply kept proportional. Because of this you always lose (relative to just holding) if either coin goes up in value relative to the other. This is called impermanent loss.
5. Impermanent loss is (hopefully) compensated for by the rewards and fees you collect.
6. There is no impermanent loss on single-token vaults, you're just collecting interest and riding the waves of price fluctuation
This is probably not the most helpful way of describing things, but I'm happy to point to resources if anyone has questions about any of the aboveComment
-
Oh and if anyone cares, I'm in for $16.1k and started a couple days ago. Currently up +$1.2kComment
-
Following this thread thanks.Comment
-
Questions
- Do you need to own cake/bunny and bnb?
- Do you need to convert to the LP tokens?
- Do you need to stake full coins or can you do fractional?
Walk me through this step by step or maybe there's a video??? 8.7.3
Comment
-
well there we go 8.7.3 throws a monkey wrench into this threadComment
-
I purchased 3 billion Updog on Pancakeswap. Though somehow it turned in to exactly 2.7 billion after the swap went through. If Updog goes to $1, I will give everybody in this thread $1 million. 9.7.2Comment
-
The only mandatory token is BNB. It's basically the same thing as Ethereum. Every transaction costs gas (paid in BNB) and all of the tokens are built into BNB.Originally posted by gauchojake View Post
As you seem to have figured out, you get LP tokens when you add liquidity for a token pair. These LP tokens just represent your share of the pool. You can just hold these, and then sell them later to collect your share of transaction fees. You can also stake these LP tokens, instead of holding them, which is what yield farming is. This nets you rewards in whatever token the site is based on (such as BUNNY or CAKE), at a set %. At any time you can claim these rewards, unstake your LP tokens, and still have ownership of the same % of the pool. As far as I can tell, there is no reason not to use the LP tokens for yield farming. But you don't have to, you can just hold.
You can do fractional. One of the tokens in the screenshot above was $90k as of yesterday, but I only provided liquidity for $100 worth of it.
I've been out of the office all day and haven't checked my yields, but I'm sure I got rekt. The whole crypto market took a nasty downturn today. I'll check it out tomorrow.Comment
-
LIMIT DOWN INCOMINGComment
Comment