I've spent a lot of time this weekend learning about Defi on Binance Smart Chain - you can read about it in these two posts:
I was up until 3. a.m. on Saturday night/ Sunday morning staking into various pools, and then back at it this morning, but by around 11.00 I was feeling a bit drained so I switched the computer off, went for a run, and spent the rest of the day until around 18.00 offline, a nice seven hour break which really helped clear my head and allowed me the space to think out a DEFI strategy going forwards.
While I like the returns on offer ATM and I'm VERY happy with the few thousand dollars I've stake already I do have two 'crypto security' lines I'm not gonna cross:
All in all that's about, I dunno, 10% of the portfolio - which includes RUNE, which is basically a DEFI token, and I've got a nice chunk of that!
Today I staked my first $100 USDT asymmetrically to a Rune Pool via Trust Wallet. I won't go into details about how to do it, maybe I'll do that in another post tomorrow, but I was following along with the advice of JK numbers - as he outlined in this post.
BEPSWAP is Rune pooling on the Binance chain - you can send tokens in and stake for EVEN CHEAPER than on BSC, about half price!
You can add one coin to a pool and it converts it 50-50 to Rune for you - given that we all expect Rune to go up (right!) this way you don't lose any of the precious RUNE you've already got in yer wallet!
Tomorrow (I'm not staying up until 3.00 a.m again!) I'll stake some AVA/ BAT/ SXP/ etc. etc. and get all these coins working for me!
NB - It's not that obvious from the BEPSWAP site, they very much put Binance front and centre, but this is powered by THORCHAIN - MAN that token is going to go 'KABOOM!' - the staking fees here are half the price of the Binance Smart Chain.
You know, I might not stake ANY RUNE - I might just go in asymmetric with all my other coins?!?
With a few thousand dollars staked already, the earnings are mounting up... but I've opted for harvesting and compound-staking twice a week in an attempt to keep the fees down, I may even reduce that to once a week once I've reviewed the process.
I'm also wondering whether it might be cheaper to maybe one week swap all the cake for auto and then stake all the auto, and then the next week do vice versa, to save on staking fees - staking tends to be more expensive than swapping. The fees are small, but a bit of forethought and patience could save me a few dollars a week.
I've got to remember to take something out! Even if it's only a few hundred dollars here and there - we are on the way up, there is no shame in skimming something on the way up.
After all, none of us knows for sure when the market will go into reverse!
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