I discovered DankSwap from Twitter, when I added my details for the airdrop. We all know that Twitter giveaways are not made to be won and airdrops are usually fake, scams or just shitcoins. However, I found 2.006 WEED tokens in my Binance Smart Chain wallet.
The platform went live on Valentine's Day and paying $1.21 as an approval fee felt really pumped. The maximal fee paid on Pancake Swap was $0.90 if I remember well. For the sake of the experiment I paid it!
Paid another (minimal) fee to deposit the tokens into the stake pool and went to sleep.
I woke up on Monday morning and the 2 tokens farmed 1.31 WEED while I slept. This farm rate is HIGH!
I decided to link the WEED with Binance Coin in a high APY LP. The approval fee was $0.86 and made me think that weed is always more expensive than pancakes.
This first batch of WEED - BNB LP was 0.01149% of the pool but let's keep in mind that this was not even 24 hours after the DankSwap launch.
Small fee to stake the LP and 242,805.82% APY. Yes... Two Hundred Forty Two Thousands Eight Hundred and Two Point Eighty Two.
On Tuesday I added more WEED - BNB LP in the farm pool. Made sure the plants are watered and have enough light to grow nicely!
Made a habit on checking the pool in the morning and harvest the fresh WEED. Every harvest was added and hopefully the constant additions will make the investment bloom!
More and more was added every day. At this point I was farming enough that I could collect 1-2 WEED tokens twice a day.
The first block reward halving reduced the WEED/ block from 4.20 to 2.10. In addition, 12,003 WEED tokens were burned, which feels right as this is the whole purpose of farming and harvesting.
Only five days after the airdrop, I farmed enough to have 2 WEED BNB LP tokens. The APY dropped from 242,805.82% to 3,113.2% but where you can get 3000% APY on your assets?
The dankest AMM on BSC added the Twitter News on the platform so will be easier to follow the news while farming and staking.
The second WEED block reward halving was planned on the 21st of February. As a result, the reward from farming and staking will be halved again.
If WEED minting started on the 14th of February at 4.2 tokens per block. From 21st of February the new minting rate will be 1.05 WEED/block.
The community proposed and DankSwap delivered. The BAKE - WEED farm is now available, with insane APY for early LP providers.
As the first week concluded, is time to draw some conclusions. As the price per WEED token showed a high amount of volatility, jumping from $1 to $4 and dropping under $1 in only one week, I am still unsure if the best option is to farm in a BNB pairing or to stake and avoid impairment loss. I went for the easy option and staked all my WEED and enjoy risk free earnings. At the moment, the WEED value is $0.30 and from the 2 tokens I received from airdrop, I farmed 67 so is not a bad return.
Twitter competition on Sunday, asking all the WEED farmers to join(t) the family and post their best pictures representing the soul of the AMM platform. My two entries were all about chillin' and farmin' !
Residual Income:
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I never heard of this. Thanks for sharing!