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Can I really turn my $30 CAKE DEFI sign-up bonus into $50K by staking it?
Lucky Baby that I am I found the inspiration for this new adventure thanks to my virtual friend Drubid.
He put this little seed in my mind that my $30 sign-up bonus(8.2192 DFI) could grow into $50K according to CAKE´s Calculator.
What I needed to do to get that 50K, was to just stick my sign-up bonus in the Freezer for 10 years (120 months).
Hence, I made my deposit, which has a $50 minimum, to get the $30 bonus on CAKE DEFI
The bonus is automatically staked for 180 days....but you can just go to the freezer and change 180 day´s to 120 months.
Is it really easy as pie?
Yes, well the hardest part was getting all the pictures taken again for the CAKE KYC. That took about 30 minutes, so I guess I made about a dollar a minute,
OMG What did I just do?
I might not even be around in 10 years....what did I just do?
Well I invested some money, that was not mine to start with, in an adventure that might return me just enough money for a first down payment on my dream car "The Lambo camper van".
Is this a Pie in the Sky?
Will this really earn me 50K....or a million if I invest $483.31?
It´s crypto nothing is certain, CAKE increased the staking rate from 37% to what it is now, which means they can also decrease the rate. So yes turning your free $30 into 50K might be a CAKE in the sky....but what if it´s not?
I checked the freezer a couple of days in a row and I noticed indeed that rates changes daily.
Two days ago it was 30K (it would take $1000 to make that million).
This morning it was 50K
And right now it´s 90K
For now we will just take 50K as an average. Okay, we are done with putting stuff in the freezer, which was easy. Now for the difficult part.
What to do with the deposit?
Well you can also turn that into DFI and stick it where the sun does not shine for 10 years and forget about it.
But as I thought staking $30 for ten years was probably the wisest thing I did this month, I did something else.
I just swapped half of my BTC for DFI and added that to the liquidity pool. And honestly that took 3 clicks and 4 minutes.
Is it profitable or will I be eating humble pie soon?
Well I have no clue yet, but the Annual Percentage Rate (APR) is 90% and investing money is always a very good motivation for me to actually start understanding what I am doing.
But I am not a total Degen, so it´s times like these that I am very happy with having virtual friends (I think I only have virtual friends left thanks to Mr Covid).
This is how it liquidity mining was explained to me:
Liquidity mining is pretty straightforward. Basically, you provide two tokens, and you earn a percentage of the fee collected whenever someone swaps between those two tokens. Most DEXes have a 0.2% or 0.3% fee, so that fee is split among all the users providing liquidity for that pair.
A lot of DEXes, like QuickSwap & ViperSwap, have incentivized rewards pools where they'll give you bonus earnings for providing liquidity to those pairs.
The one term you should understand before providing liquidity is "impermanent loss." The TLDR is that if a coin grows too quickly, earning fees by providing liquidity can be less profitable than had you just held the coins. The threshold is something like 5x, meaning that if a coin 5x-es overnight, you're probably losing money by providing liquidity. That's part of why a lot of these LPs need to be incentivized, so people are willing to take on the risk.
Now that I do know a Baby bit what I am doing....let´s all have CAKE.
If you also want a piece of the pie with a 10 year expiration date feel free to use my link https://app.cakedefi.com?ref=197670
If you wanna know more about CAKE before you invest your $50 life savings, here is nice little video about the CAKE basics.
If you liked the CAKE be sure to tip yourself generously and do me a favor 🅷🅸🆃 🆃🅷🅰🆃 🅻🅸🅺🅴 🅱🆄🆃🆃🅾🅽 (it´s the most underrated button on the page).
Hope you had a good read and I hope your day will be as nice as pie.