Polycub is an easy route to cash out HBD for an emergency
Earlier today, I harvested Polycub token for the first time since my farming operation commenced on Matic. The process is pretty much the same with every other Ethereum=ish network but the Polycub didn't reflect in my wallet immediately.
My guess is that the Polycub will eventually show up after the lock up period elapses, after which I will then either transfer to Xpolycub or pool against wrapped Hive. Wrapped Hive, better known as pHive is a Polygon wrapped version of our native asset.
Through a simple wrapping procedure, Hive was wrapped in Polygon network and that has been largely successful. On Polycub, you can use your hive you earned from blogging and other activities to farm the very scarce Polycub token.
Cashing out
At the time of writing, there aren't many exchanges that have HBD. Perhaps that is a good thing for the safety of the stable coin but at the same time, it also makes it a bit more difficult to use in your everyday life.
On Hive, the approach that most people use is to simply buy Hive with HBD on the internal market or they just convert it to hive with Peakd but have to wait a couple of days.
I tell you this, as one who has used the aforementioned procedures above, both can be time-consuming and sometimes frustrating. The solution would have been to just use HBD directly but that's not possible for a lot of us.
One of the easiest ways to use HBD is by wrapping it as pHBD on Polygon through the Leobridge and then just simply swap it for USDC on-chain. That USDC can then be easily converted to the fiat of your choice for your emergency.
The aforementioned procedure also mitigates the percentage of loss you experience with performing the transaction on Hive. The thing is, on Hive, in particular, if you are in a hurry, you will have to be very patient to get the best value or accept the losses as you fill multiple Hive sell orders.
On Polycub, you can exchange your HBD with USDC at a ratio that is pretty much 1:1 right now.
One of the advantages of using Polycub over the Hive internal market is that the transaction is done in an instant, rather than having to fill numerous sell orders for Hive.
The only downside of using Polycub is the liquidity that is available on the platform. At the time of writing, there's about $125k worth of liquidity in the farm, so you won't be able to cash out millions of dollars for now.
So the point is that if you need urgent funds and hate filling the numerous sell orders in the Hive internal exchange, then you should consider Polycub. All you have to do is wrap your HBD to pHBD, swap it for USDC and then use it for any emergency that may arise.
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Twitter: https://twitter.com/belemo__
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