Cryptocurrency: DeFi, Farming, and Staking Megathread

[LifeOnMars]

Seems like a cautionary take:

I'm currently providing liquidity with the BASED-TOMB pair, bought a bunch of FTM on the last dip near 1.05 and added to the position. Advised him to not participate in the higher risk token pair, there is no lockup period so he can dump the tokens if the market tanks again.

That being said, the more people that use the network the more it grows, same as most things in life

 

[stringcheese]

Seems like a cautionary take:

https://twitter.com/i/web/status/1509266479098826760

Former casino security here, years and many positions held Gambling isn't something that people lose at because they don't know how to win, they lose because that is the point of a casino.

This is a game. There are safe(r) ways to play, and ways to win without just getting lucky. Just have to figure them out. Baseball is a game too, you wouldn't say anyone who plays is "gambling" that they win. Even if most people can't catch, throw, or hit.


I'm not even ready to risk that based-tomb pair, I don't understand it yet. Just learning to swim through the waters. Step one in learning to play hockey: learn to skate, well.


Edit: wow, four different unrelated metaphors in three short paragraphs. This post was the defi ecosystem of posts.

 

[LifeOnMars]

I'm not even ready to risk that based-tomb pair, I don't understand it yet. Just learning to swim through the waters

you provide liquidity for the trades on spookyswap (so there are sufficient tokens on each side to make trades) this is why you break the tokens 50/50

rewards are paid in BSHARE, you can sell them off or recompound if you wish

 

[stringcheese]

you provide liquidity for the trades on spookyswap (so there are sufficient tokens on each side to make trades) this is why you break the tokens 50/50

rewards are paid in BSHARE, you can sell them off or recompound if you wish

I get that part, but I don't understand Based. Like, why does it exist? Why will people be swapping based and tomb, that they will need the liquidity I would provide? If the only people using the LP are people using it for the returns, I want to know that so I can get a feel for when to get out. Almost there, just more reading about fantom, tomb, and based.
I brought up the based-bshare highest yield pair because it was a red flag to me, not because I think I found a good buy.

I'm going to move some into that pool just for the satisfaction of having gotten it to work... whenever this withdraw from kucoin to my metamask wallet goes through.

 

[LifeOnMars]

it's a crypto game, people are in it for the returns. just go to dexscreener and add the tokens to you watchlist

staking BSHARE gets paid in BASED
BASED can be swapped for TOMB and vice versa
TOMB can be LP with FTM to gain TSHARE


you get paid in BSHARE which can appreciate in value substantially, after the Harry announcement it shot up to 10k, TSHARE has been north of 20k per share

.

 

[stringcheese]

Well...got into the tomb-based LP, if only to feel like I'm making progress.Tiny amount of money, just for practice.

Lost ~40% of the value of my money in the process of turning it from USD in my bank, to usdc on Coinbase, sending to metamask, then to kucoin where I traded it for usdt then for ftm, sending that ftm back to metamask, then to spookyswap where I converted it to tomb and based and sent it to the liquidity pool.

Complicated, inefficient, slow, wasteful, but accomplished. Lot of room to improve next round.


Now that I have a wallet on spookyswap showing my spLP...
Err..
What happens next?

 

[bird.LA]

What happens next?

You get rugged

 

[Sharkbiscuit]

Well...got into the tomb-based LP, if only to feel like I'm making progress.Tiny amount of money, just for practice.

Lost ~40% of the value of my money in the process of turning it from USD in my bank, to usdc on Coinbase, sending to metamask, then to kucoin where I traded it for usdt then for ftm, sending that ftm back to metamask, then to spookyswap where I converted it to tomb and based and sent it to the liquidity pool.

Complicated, inefficient, slow, wasteful, but accomplished. Lot of room to improve next round.


Now that I have a wallet on spookyswap showing my spLP...
Err..
What happens next?

You deduct this loss when you file in a year.

 

[stringcheese]

You deduct this loss when you file in a year.

I started with $150 worth of usdc that I had sitting on Coinbase doing nothing, it's learn and explore cost.
Edit: having said that, i'm up $2 since making it into the LP

 

[LifeOnMars]

Well...got into the tomb-based LP, if only to feel like I'm making progress.Tiny amount of money, just for practice.

Lost ~40% of the value of my money in the process of turning it from USD in my bank, to usdc on Coinbase, sending to metamask, then to kucoin where I traded it for usdt then for ftm, sending that ftm back to metamask, then to spookyswap where I converted it to tomb and based and sent it to the liquidity pool.

Complicated, inefficient, slow, wasteful, but accomplished. Lot of room to improve next round.


Now that I have a wallet on spookyswap showing my spLP...
Err..
What happens next?

gotta stake the LP token in the based io site to get the bshare rewards

next time trade the USDC for XLM send to Kucoin and swap for whatever coins you want, save you a few lunch monies

you only lost so much because of the two unnecessary ERC20 transfers which could have been negated

 

[LifeOnMars]

You get rugged

199/200 epochs over peg, so doing quite well for a Tomb fork. Say what you want but it's a money printer for the time being

 

[stringcheese]

gotta stake the LP token in the based io site to get the bshare rewards

next time trade it for XLM send to Kucoin and swap for whatever coins you want, save you a few lunch monies

you only lost so much because of the two unnecessary ERC20 transfers which could have been negated

Ahh I see, I was thinking does bshare just show up on spookyswap? now I see why the inclusion of the based website when spookyswap takes care of the pooling.

Yeah, lost a large enough chunk through Ethereum that I know to avoid it now. At the start I didn't even know that Coinbase used Ethereum...had I known, probably would have used binance.us and just bought ftm and sent it over...would have been easier and cheaper but I wouldn't know parts of the system that I do now
Also definitely would have been easier to start with learning to stake single coins, or even just how to swap them from platform to platform...but nah. I start games on expert mode and die over and over until I get good at them.

 

[stringcheese]

When I keep reading terms on top of terms that I don't understand:

 

[LifeOnMars]

Ahh I see, I was thinking does bshare just show up on spookyswap? now I see why the inclusion of the based website when spookyswap takes care of the pooling.

you can go to spookyswap and click on the + sign next to the token you want and it should add to metamask

claim the BSHARE rewards on the based io site every so often

 

[stringcheese]

Huh...I staked my based-tomb lp... now it isn't on spookyswap anymore....
basedfinance.io shows it all there as staked...
Where it shows the $70 I sent to be worth....$132. I'm missing something...

 

[LifeOnMars]

Huh...I staked my based-tomb lp... now it isn't on spookyswap anymore....
basedfinance.io shows it all there as staked...
Where it shows the $70 I sent to be worth....$132. I'm missing something...

yes, it won't register on spooky swap until you redeem the staked LP tokens and sell them off. you can go to the liquidity tab under "my potions" to do this

not sure, what happened. maybe you had a bit more FTM in the wallet beforehand? don't think the token price has appreciated that much today

 

[erik1938]

God dammit guys. Haven't you figured out how to crypto -a55 mine extravagant turtle shells using an advanced sorting algorithm comprised of interlocking pseudo transducer modules that oscillate at the targeted natural frequency of the crypto-a55 ?

Pfft

 

[stringcheese]

yes, it won't register on spooky swap until you redeem the staked LP tokens and sell them off. you can go to the liquidity tab under "my potions" to do this

not sure, what happened. maybe you had a bit more FTM in the wallet beforehand? don't think the token price has appreciated that much today

Am I wrong page or something?

 

[stringcheese]

God dammit guys. Haven't you figured out how to crypto -a55 mine extravagant turtle shells using an advanced sorting algorithm comprised of interlocking pseudo transducer modules that oscillate at the targeted natural frequency of the crypto-a55 ?

Pfft

No. I have figured out how to lose either $17, $80, or $150 dollars, but haven't figured out which at the moment.

 

[LifeOnMars]

the tokens can appreciate in value, you'll see the rewards pop up when they come in. with that little staked it won't be much but it'll be something, you should probably just restake the rewards once or twice a week to get more based tokens and get a better feel for how the system works. Maybe just do the loop for a month and see what your initial turns into, it's pretty hands off besides harvesting the rewards every so often

you can pull out any time if you see the price tanking or BTC about to take a dump, I think it probably chops around a bit maybe go to 42k before heading back up towards 48-52 before dumping again. Could see FTM heading north of 2 in the short term