Date and Time of Writing: September 19, 2021, 11:30 am.
Some of the information, such as the price, APR, and number of Tokens will change once I publish this article.
Farming and staking my Crypto holdings have been my main source of Passive income in the crypto-verse.
Even before I became involved and active in the crypto sphere since I got on this platform, staking my VITAE holdings through the Discord app gave me a reasonable amount of passive income.
Just this year, I have embarked on farming tokens under the Binance Smart Chain (BSC) through the Pancakeswap platform. I started with My Pancakeswap Journey: Flipping TWT, EGLD, REEF, and BNB. And from here, I also tried farming and staking to other platforms like Julswap (which I already forgotten because of the price of its token), CUB Finance (same with this one), and Beefy Finance (I'm still staking some coins here). As of the moment, the main DEFI app I use is Pancakeswap under BSC where I am currently staking my CAKE Holdings on the pool to earn SPS tokens.
Then, last month, SmartBCH was launched, a side-chain of Bitcoin Cash, bringing DEFI to the BCH community.
Benswap, which was already working under BSC before, is the very first Decentralized Exchange on SmartBCH.
They conducted a presale before where 1Bitcoin Cash is equivalent to 5,000 EBEN, the governance token of the platform. I was able to buy 0.1 BCH worth of Eben, not during the pre-sale but on the Benswap exchange. Based on my Crypto Passive Income report last August, I got 425+ EBEN for 0.1BCH.
When the price of EBEN was still low, I staked my holdings on the staking pool to earn more EBEN from it. I was able to earn 40 to 50 EBEN more there.
But when the price of EBEN pumped a few days after the presale ended, I decided to sell half of my EBEN and convert it into BCH. I can't remember how much EBEN did I convert before and at what price did I sell. What I remember is both of the coin and token's prices were high, BCH at ~$680 and EBEN at ~$2.50.
Since I also want to take advantage of the BCH I got by selling half of the EBEN I had in the pool, I have decided to provide liquidity to earn more from it. Providing liquidity has a risk of impermanent loss but since I only invested 0.1 BCH for this token before, it wouldn't hurt that much if in case the Benswap team decides to do a malicious act, which is probably not gonna happen, and I can only hope so.
That being said, after providing liquidity, I got 12.241 LP Tokens that I staked on the farm. Originally, the total value of my staked LP tokens is worth approximately $1,200.00 but since the price of the token (EBEN) and coin (BCH) are volatile, it's worth less than that already. But since I see a huge potential in EBEN, as I could compare it with CAKE of Pancakeswap, I don't really mind the volatility now. After all, I may be losing some BCH and have more EBEN when Eben's price dumps, it's still the same as I will also just use my BCH to buy back EBEN. And if both of its prices pump, I will generate more EBEN from my staked LP Tokens.
The APR of 700+% is still worth the risk and the amount of investment I have in it. Also, by providing liquidity, I'm not just earning more EBEN but I also get a share of the Fees when someone trades the tokens on the exchange.
After almost or more than 2 weeks of providing liquidity on Benswap, I already earned 123 EBEN that I am also staking on the pool. It has 265% APR and I am compounding the tokens I have farmed and earned every 2 days.
As of this writing, EBEN's price is playing at $1.43 per coin from its peak of $3.00. This means I already earned about $175 by farming LP (Liquidity Pool) tokens.
Just this morning, I also harvested 35EBEN from my earnings on the farm and converted it into BCH to participate in the pre-sale of AXIEBCH token, which I find promising. The 0.07BCH is equivalent to 10,000 AxieBch tokens.
Being the shitcoin hunter that I am from the Binance Smart Chain, I have also been constantly converting a small portion of my earned EBEN into BCH and used it to buy shitcoins under SmartBCH that can be bought on Benswap. I don't know how much have I spent already but I'm obviously losing because shitcoins will always be shitcoins. Lol 🤧🤣
I plan to just keep providing liquidity on Benswap and stake the LP Tokens on the farm to earn EBEN as my passive income every day. I will let it sit there for months. I will harvest the earned token and stake it on the individual pool and compound it every 2 days. Once I reach my desired amount of 500 EBEN to stake in the pool, the future earnings from the farm and pool will be converted into BCH and later into fiat. This is how I'll play the game.
Happy farming and staking and may the odds be ever in our favor!
As always I know you'll never missed farming on Benswap, you've gained huge.