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Have you heard about the newly launched DEX on SmartBCH?
A few weeks ago, I heard that a new DEX will pop out on SmartBCH and I got excited thinking about participating in the presale with the hope of compensating the losses I got from other SEP20 tokens. Upon checking the platform, the first thing that came to my mind was PanCakeSwap.
Oh sure, it's a copycat. But the platform has less publicity as the TG group only has a few fellas, less response from the dev team, etcetera. After several rug pulls, people become skeptical about investing in a new coin or new DEX. Who wants to get huge losses anyway?
But after several interviews of our co-readcashers to the dev team of Muesliswap, it somewhat gives us a heap of relief and insights about the upcoming DEX. However, it wasn't enough to easily trust the team and dive into this new DEX right away.
And just last Wednesday, October 6, they conducted a presale that lasted until October 11. It was a five days presale and only on the night of the fourth day when I opted to participate just for short-term investment purposes with the amount of BCH I can afford to lose. I wanted to taste a new version of milk, so I dived into it.
You can check the FAQ about the presale on this article of Morgie.
The allocated MILK supply for the presale was 700,000 and when the presale ended, participants received the amount of MILK that corresponds to the amount of BCH they have bid. As per the interview, the money from the presale will go to pay for an audit and maybe some will go for the development of the platform, and let's hope for that to happen.
From the 0.15BCH I bid, I received 270.75 MILK from it which was equivalent to 0.1759 BCH or $0.4+ per MILK. Thus, 0.0259 BCH was my only profit from it.
I was expecting to receive a little bit higher profit from it but to no avail. The price even dropped a few minutes after the end of the presale.
Along with closing the presale was the launching of the farm and pool of Muesliswap. I was hoping to see huge APRs just like on BenSwap and MistSwap, but again, the reality was quite far from my expectations.
That was because of the small number of liquidity providers. However, the APRs were increasing as more providers added liquidity to the platform.
The Muesliswap has two pools: Manual and Auto. Meanwhile, the farms have five LP Pools: BCH/MILK, BCH/FlexUSD, KITTEN/BCH, AxieBCH/BCH, and CATS/BCH.
I opted to stake my MILK rather than just holding them in my wallet. Besides, my investment dropped because of the decrease in the price. So why not let it work for me instead to accumulate more MILK and cover up my losses.
From 43.18% APR in Auto Pool, it increased to 87.53%. And at the time of writing, just a few hours after staking, I already got 0.07210 MILK ($0.02) profit from 270.75 MILK I staked.
The APRs on Farm also increased as more users provided liquidity on the platform. Hoping to see more increase in upcoming days.
Currently, the dev team is still working on developing the platform and implementing changes based on the community's feedback. And one thing I noticed which isn't good and they should consider changing it too, the fees in staking and farming are quite too high like $0.23 in staking alone. It seems like the fees are based on BSC, not on SmartBCH. The purpose why we prefer staking on sBCH is because the fees are lower compared to other networks. Although it is an advantage for the liquidity providers as the rewards come from the fees, they should at least lower it a bit.
The DEX isn't fully functional yet and is still prone to bugs and glitches. So if you are planning to invest in Muesliswap, be accountable for your actions and only invest what you can afford to lose.