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CIB: Crypto I Bought #11 - Terra, PolyCUB, Rune, 0X, Staking PHive-PolyCUB

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Mark Carrington
@carrinm
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5 min read

A quiet three weeks while all asset classes sell off. I did get caught in the Terra LUNACY - instinct and research got me all my money back plus a bit. Staking action was on PolyCUB-HIVE

Portfolio News

CUB staking and airdrop balances both went up. Of note is the dollar value of staked CUB went down and dollar value of airdropped PolyCUB went up.

Bought

PolyCUB Was planning to stake another parcel of HIVE but found I did not have enough PolyCUB - bought some more via Paraswap. Also bought another parcel for the Provide Liquidity Contest detailed below.

Terra (LUNAETH): I ran my regular screen of charts for Top 10 and Rising 10 altcoins. I saw the big green bar on the chart with price around the same level as my initial entry. As I had already locked in some profits a couple of months back, I topped up - $100 worth - 2.755 coins taking my holding to a modest 4.335 coins. (May10)

Little did I know what was lurking around the corner - this headline was one of the first to signal some issues with the peg of the UST stablecoin.

It tanked.

There were two things I read that got me thinking about a recovery. Do Kwon posted a series of tweets laying out what he was doing to fix the problem. I also found someone had built predictive models about how long the repegging of UST would take - it was predicting to be less than 2 days. Sadly, I did not note the source. That got me thinking about buying a small parcel - had to do that on Kucoin as Binance delisted ETH and BTC pairs - you can trade with BUSD only. I bought $63 worth = 1.5 million coins = insane averaging down on the the 4.335 I had. I put in a bid at 0.000000003 and got hit at 0.000000002. There is only one number smaller than that that is not zero

Then sit and wait for the progress on resetting the peg - the models were right. It was inside 2 days. Then I put in a pending sell order for one quarter which would be enough to recover my whole investment. That order was hit - see the two orders in one image.

Here on the charts

Now I own over 1 million LUNA for free. I will be keen to start staking it when that comes back to life. And the good news is Kucoin will support the Terra 2.0 airdrop being snapshotted on May 27.

Rune (RUNEETH): Rune came out in the latest Rising 10 portfolio. The big selloff in crypto pushed price to the recent lows where there were buyers.

Blue arrow points to trade day (May 18). Added a small parcel selling ETH.

Rune is an open-ended dark fantasy gaming universe built on Binance Smart Chain, where players can battle, join a guild, collect powerful weapons, and earn NFTs and cryptocurrency in the form of runes by playing.

0x (ZRXETH): ZRXBTC chart tested down to 2021 lows and showed a bounce.

That was the trigger to explore adding a parcel - as it happens I chose to buy using ETH rather than BTC

0x is an infrastructure protocol that allows users to easily trade ERC20 tokens and other assets on the Ethereum blockchain without relying on centralized intermediaries like traditional cryptocurrency exchanges.

Sold

ETH used to fund all the purchases.

Staking

pHIVE - Polycub Claimed unlocked PolyCUB - that was a tortuous process which took more than a day to confirm.

APR was higher on staking PolyCUB on its own but there is not often a chance to get 48% APR on HIVE

Process steps:

  1. Bridge HIVE to pHIVE
  2. Create pHIVE-PolyCUB LP
  3. Stake LP
  4. Staked at 89.91% APR

Provide Liquidity Contest There is a contest running to incentivise building liquidity in 3 Polycub pools - some rules - get 1 ticket for each $25 staked. I chose to enter the pHIVE-PolyCUB farm. Process steps:

  1. Move Swap.HIVE from Hive-engine to Hive wallet - use the withdraw button

  2. Top up ETH to be able to buy Polycub. Move ETH from BNB Chain to Polygon network

  3. Claim unlocked Polycub. This worked a little better this time though it did have one failed attempt too.

  4. Buy some Polycub on Paraswap.io

  5. Bridge HIVE to PHIVE using wleo.io

  6. Get LP using SushiSwap. This was a bit slow with one fail reported through the transaction did go through

  7. Stake - hit the Max button and confirm

  8. Staked at 54.94% APY

Contest rules can be found at Provide Liquidity Contest Closing date for the contest is May 31, 2022

Key Links

Buying Hive Hive-engine and TribalDEX are DEXes that support buying and selling of tokens on HIVE blockchain. TribalDEX is a new iteration of Hive-engine. This creates a side wallet with SWAP.HIVE and these have to be transferred back to HIVE wallet to get to the Polygon bridge. I have tested withdrawing on Hive-Engine https://hive-engine.com/ but not on TribalDEX. https://tribaldex.com/ - the interfaces and the fees are essentially the same

Bridging ETH Use CelerBridge to bridge coins from one chain (BNB Chain) to another (Polygon mainnet). https://cbridge.celer.network/#/transfer

Polycub Farms For staking PHIVE-PolyCUB https://polycub.com/farms

Buying PolyCUB Check what the best route is on Paraswap https://app.paraswap.io/#/?network=polygon or just go directly to SushiSwap https://app.sushi.com/swap
Contract address for Polycub is 0x7cC15fEf543f205Bf21018F038F591C6BaDa941c

Converting HIVE HIVE can be farmed on Polygon network. Convert from your HIVE wallet using wleo.io bridge. Just enter your Polygon address, the amount and Hive user name and confirm with Keychain Contract address for pHIVE is 0x456320E9B87a7C84a53B8ab300067F3a29Aab301

Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas

Images: Trade/Stake image is based on royalty free photo under CCO public domain licence from piqsels.com. CubFinance logos come from CubDefi media kit. All other images are created using my various trading and charting platforms. They are all my own work

Tickers: Crypto tickers come from TradingView

Charts: http://mymark.mx/TradingView - this is a free charting package. I have a Pro subscription to get access to real time forex prices

Trading: Binance offers a wide range of coins to trade, tight spreads and low fees if you use BNB to pay https://mymark.mx/Binance

Kucoin offers a wider range of altcoins than many of the other exchanges. I do like to diversify my holdings in case an exchange gets knocked over. Grab 15% discount on your trades whn you open an account on this link https://mclnks.com/kucoin15

Tracking: Keeping track of your crypto trades is a whole lot easier with CoinTracking.info. Get 10% off all your account upgrades https://mymark.mx/CoinTracking

May 10-27, 2022

Posted Using LeoFinance Beta