I don't really have a plan to try Farming in any DEX out there even if the APR is higher than the rate of me getting a Juwa. I will never try it if it's not paired in stablecoin - coz you know as the word imply stable coin. So impermanent loss is a bit less than if it's paired in a coin or if it's a pair of coins and token. You know how volatile those coins and tokens are, you can expect impermanent loss here once the coins or tokens that was paired in it dumps. Wait, let me just warn you a bit. Know that when I explain things, expect a massive headache whilw reading it as I am really not good in explaining. So, yes please correct me if I'm wrong with what I'm blabbing here.
So yes, the reason why I am not too fond in adding Liquidity in LP Tokens in any pools is that it's risky. And you know that if it's risky then you can get a nerve wracking feeling in it while staking your LP Tokens. I might just get a headache in thinking of what might gonna happen if one of the paired tokens or coins on my LP tokens dumps, then what's gonna happen to me? I can be over reacting sometimes but I want to go in the safest route than to try diving in the unknown territory, lol. But, my thinking changed when I read Bmjc article about How she Lost 73K $CATS And 37 $EBEN In LP. You can just read it if you want. I trust that KITTEN will pump more so if ever I lost some of my BCH while staking my LP tokens, I will have more KITTEN naman.
After reading that, I just suddenly thought of staking my $KITTEN in MuesliSwap Farm. I got that $KITTEN from the last airdrop and till October 12 I'm still hodling it but then I decided that time to add Liquidity for it to earn Milk. And I'm just happy that I did because, I'll tell you why later. In adding Liquidity the coin you want to pair should be as the same value with your token. Like it should be 50/50. And remember that if one of them dumps you may loss your other asset but you can gain more in the other one. And it's really risky as what I've said above. So if you want to try Farming please Do Your Own Research.
So now I will tell you my Journey in staking my LP token in MuesliSwap Farm and yeah I will just leave it there and see it grow - I'm hoping here.
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So the first step here off course is to know more first about SmartBCH. And you can start in The Ultimate Guide to SmartBCH for Newbies. And you can also see the full guide in there on how to send your BCH to Metamask as a sep20 token, from setting up your Metamask and all. There's a screenshot in here too so if you want to start just read it carefully and know more about it.
Next is getting the token you want to pair with your BCH. As for me I have my KITTEN already so I choose the KITTEN - BCH LP. If you don't have KITTEN you can just get that in MuesliSwap Exchange and swap your BCH to get a KITTEN. By the way I prefer MuesliSwap as I really want to earn more Milk from it so that's that. But you can also try in Mistswap.
So because KITTEN pump already the value of it now is very different to the time I started staking it. That 1761000 KITTEN before was just 0.0246 but now it has a value of 0.0519151 BCH. But anyway let's proceed, you have to approve first your KITTEN before we can swap it. You need to pay for a fees but don't worry coz it's not really that much. Just wait for it to be completed - it won't take that much of time - and after the transaction was complete you can now SWAP your BCH to get you KITTEN off course there's a fee.
Now that you have your KITTEN you can now proceed in adding Liquidity to a Pool. You can go to the TRADE, then choose LIQUIDITY.
Adding Liquidity should be with the same value with your token, as I've said it should be 50/50.
Put the amount or just tap the MAX and it will automatically appear in there just like in the Screenshot. To get your LP token you need to enable your KITTEN first, and you should know already that in every transaction there's a fee. Don't worry it won't cost you that much. After enabling it you can now supply it and to supply it you just need to confirm it.
I will get a my BCH/KITTEN Pool Tokens with a total of 0.00000207386. Tap Confirm Supply, pay for the gas fee, wait and then after successfully confirming it. You can finally start staking your LP Token in thr Farm. Just tap FARM.
First, you need to enable it before you can stake your LP Tokens. You need to pay for a fee again and after that you can now proceed in staking it. Just tap MAX and then hit CONFIRM. And then DONE.
You can just leave it there, let it work for you to earn MILK. As you can see I already earn 8.446 MILK. And before, I only have $29+ value of LP Tokens in my Tokens. But now the value grow already and that is awesome because KITTEN is pumping yayy.
By the way, I started staking my LP Tokens last October 12 - so it's running for 10 days now and so far so good. And if you have a plan to try this, always remember to DYOR!!!!!!
THAT'S that.
I don't know if I explain it right but I hope 🙈. And I want to submit this as my entry in @MoreGainStrategies KITTEN Writing and Creativity Contest I'm not sure if this is acceptable but I hope so, UwU. And you know guys, when I saw that KITTEN is pumping I feel more excited and I thought good thing I follow what's my animal instinct told me. Instead of just holding it in my wallet why not put it to work, and so I did.
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I accept any kind of donations, love donation is also accepted. HAHAHAHA. Just kidding UwU.
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October 22, 2021
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May bago po pala ..late na ako sa mga balita pagdating sa ganito 😅. Sa Metamask din po ba ioopen yung Muilswap?