Day 2 of my adventures in Uniswap with WHIVE.
So yesterday, I did a thing - and figured out how to add my little contribution to the WHIVE / ETH liquidity pool on Uniswap. You can read all about yesterdays efforts in this awesome post.
I figured that an update is in order, plus some new actions on my behalf to increase my involvement.
But first...
@cardboard created an excellent guide to most of the stuff I struggled with in yesterdays post. I should have waited till someone that knows what they are doing brought out a proper explainer post, but sometimes just doing something is the best way to learn about how it works. So, check out @cardboards post as it covers all the stuff I failed to explain and figure out properly
@khaleelkazi is going to bring out his own guide to all this - with video's and stuff so that will definitely be better than my effort also. Stay tuned for that (if it hasn't already happened by the time you are reading this).
Increasing my investment.
Today, I decided to add funds to a second WHIVE pool, the WHIVE/USDT pool. I started off with more ETH, deposited to my Metamask account. I swap around half of it (using Uniswap) into WHIVE. Again, it routed this swap as ETH - USDT - WHIVE, instead of just doing a straight ETH-WHIVE swap. I'm very unclear on why it does things this way, when the ETH-WHIVE pool is the biggest of the three currently available, but the fee was not major so I guess it's just how the system works. I swap the other half of my funds into USDT. At the end of this, I have around 240 WHIVE and 50 USDT, sitting in my wallet, ready to go.
I then go to the summary page for WHIVE pools, and click on the WHIVE-USDT pair. I then add how much I want - in this case all my USDT in the wallet:
Of course silly me didn't leave enough ETH in the tank to cover the gas fee. I needed 0.008 but left 0.007. So, I worked out on metamask how to change the gas, (using advanced settings) and decreased the gas and submitted. It told me the transaction would take a couple hours, so I decided that now was a good time to get the kids off to school and do some other stuff for a while.
I come back after an hour, and manage to get a little more ETH in metamask to cover a better gas fee. I change it and then the transaction fails.
Redo the transaction and it shows much better time frames for it this time around. I guess some Ethereum network congestion cleared up. Anyway, this time it goes through in a minute or so, and my position in the pool is updated.
So from these screenshots, you can see that so far (a little under 24 hours total, and much less for the second stake of WHIVE/USDT) I have earned $0.0161 in fees. To save you the calculation, this is around 2.4%. But, remember these pools are brand new and hardly used yet. I am expecting this amount to increase over time, but TBH I don't really know as my entire Uniswap experience is contained to the last 24 hours.
So there you have it, my experience level is increasing and I managed to complete what I needed to do with only one hiccup this time around. It reminds me of how spoiled we are on HIVE with no transaction fees. But I am also starting to see the potential, with Uniswap overall accounting for an enormous amount of transactions, if WHIVE can slowly grow its market share of that volume, even registering a tiny blip on the radar will make a big difference to the eco-system and give investors a new way to HODL HIVE and earn from it without having to power up and play the game with HIVE power by delegation or chasing curation returns.
Check back tomorrow...
Tomorrow, I'll update again and I'll add some more funds into the third WHIVE pool, the pair with DAI. This will mean that by having funds contributed to all three pools, I will earn a small cut of the fees for every swap that goes through Uniswap of WHIVE, regardless of which way it goes. Happy Days.
Thanks for reading and have a great day,
JK.
Posted Using LeoFinance
