October 21, 2021
It was October 4 when I heard about the new DEX on SmartBCH, MistSwap, which is a fork of SushiSwap. I never explored SushiSwap before so I have no idea about it. I noticed that the platform is quite different from typical DEXs I've seen on BSC and ERC networks.
Devs of different tokens were migrating as well from BenSwap to MistSwap. And later I found out from KTH's devs that it's an open-source decentralized exchange. The platform offers great incentives for liquidity providers and stakers. The liquidity providers will get the 0.25% shares of each trade in any chain, and users staking MIST will get 0.05% shares of the fees.
And what caught my attention were the extreme APRs on the farm. So I opted to wait for the MIST price to go lower then I bought 1000 MIST worth 0.04+ BCH.
Honestly, I don't like adding liquidity paired with a volatile token as I don't like getting impermanent losses. So when checking LP pools, I always look for a pool with stablecoin for lesser impermanent loss. That's what I thought, and that's what I learned from others. There I found MIST/FlexUSD pool and I opted to supply LP tokens to that pool.
The 1000 MIST and 30.2538 FlexUSD I supplied got 172.509 LP tokens and I staked them on the LP pool with 28,959% APR. That gives me a 0.04522% share of the pool.
After more than 24 hours of farming, I was able to harvest 1960.76 MIST and its price was pumping so I decided to sell them all to make my investment back.
The 0.042994 BCH I invested got 0.0312541 BCH profit while my LP tokens were left on the farm to accumulate more profit.
Pulling LP tokens from MistSwap Farm
The APR was decreasing day by day, and as of October 19, it decreased to 130% APR. I decided to harvest all the profits and put them to work which I should have done earlier. 🤦♀️
Instead of selling them, I just put my harvested MIST on the staking pool to accumulate more tokens. From 3000 MIST, it became 2894.9 xMIST because the fee was deducted from it.
Staking MIST on MistSwap Stake pool will allow you to earn a 0.05% share from every swap on the exchange in any chain and you will receive xMIST in return. It is much better than just holding your MIST in your wallet. And once you unstake your xMIST, you will receive the original MIST you have staked along with the shares from the fees.
Later that day, I decided to pull out my LP tokens since the APR was already low and so I could use my FlexUSD in farming on other farms.
From 1000 MIST, it became 2171.92. But since the price was too volatile and even decreased from the price when I deposited them, the $30.2538 FlexUSD I supplied became $14.1585 as it compensated for the losses. Thus, losing $16.0953 FlexUSD from it. But no worries as I already got some profit from farming and it has been counteracted by the trading fees.
Since the day I added LP to the farm, which was October 4 to 19, the total MIST I got from farming is 6,132.68. The 1960.76 MIST was sold for 0.0742481 BCH and the rest were staked on MistSwap pool.
Adding LP on MuesliSwap
The MuesliSwap channel on Telegram announced that they have added MILK/FlexUSD to farming. The APR was 1000+% so I decided to add liquidity to it. I unstaked some MILK from the pool and added them to the liquidity pool.
The 102.034 MILK and 86.0149 FlexUSD I supplied only got 0.0025+ LP tokens, lol, with a 0.4112% share of the pool.
I have no plan of putting this LP for long on the farm because I just want to take advantage of the high APR. Once it goes down, I will pull out the LP and stake MILK back in the pool.
At the time of writing this part, (10.20/2:30 pm HK time), I already accumulated 2.526 MILK and the APR goes down to 769.53% in less than 24 hours of farming.
This is the perk of Yield Farming. You'll be earning passive income without doing anything. If you have MIST, MILK, EBEN, and other tokens in your wallet, you better put them to work through staking or farming. But be aware of the impermanent loss in farming and choose tokens that are not too volatile. Wrap coins and stablecoins are better for farming with smaller risks of impermanent loss.
Bitcoin Cash is volatile as well. But if you want to stake your BCH, you can stake them on the BenSwap pool by swapping them to WBCH first before staking on the pool with 2.79% APR. It is too low though but better than just putting your BCH to sleep.
BlockNG is also a legit platform where you can stake your BCH with 21% APR and you'll earn LAW tokens for that.
If you have no BlockNG account yet, you can register here. By creating your invitation code and inviting your friend to use the platform, you will earn an extra 10% reward. Explore the site and see other opportunities there.
Edited: Minting PUNK was also available on BlockNG but it ended yesterday and I was too late mint some PUNKs 🤦♀️. Just check the site for more info.
But again. This is not financial advice. Anywhere is risky. So be accountable for your actions.
I will like to learn about these trading, it is a nice article