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Disclaimer- This article is not financial advice, it is just my personal investment decision which I am doing after a thorough risk analysis.
Why am I moving my Funds?
When I had received the Uniswap airdrop, I converted most of it into ETH and DAI and added to the liquidity pool on Uniswap to earn more UNI tokens. This plan of giving UNI rewards on the liquidity plan ended a few weeks back. I am not sure why Uniswap did not extend the plan, but now I was left with some idle ETH and DAI. Rather than let them remain idle on my Metamask I started looking for some alternate options where I could earn some rewards.
Why didn’t I move them to the platforms I am already using?
Over the last few months I had tried several new DeFI platforms and I have been using Compound and AAVE for a long time now but I wanted to diversify due to the following reasons.
· COMPOUND- Compound gives a return of about 3% on DAI and even lower on other coins. It does offer COMP token rewards as well but that pay out rate is low and thanks to the exorbitantly high ETH fees it makes no economical sense to withdraw the COMP. Unless ETH 2.0 is able to make a significant reduction in transaction fees I am going to stay away from Compound for now.
· AAVE- AAVE offer a rate which fluctuates around 5-6% and sometimes even higher for DAI. This is definitely better than Compound but the drawback is that they do not reward their native AAVE tokens for depositing coins on their platform. To earn AAVE tokens you need to buy and stake AAVE tokens separately.
· Sushiswap- Due to the recent happenings I don’t have long term faith in Sushiswap. I already took out most of my funds from there. I have a small DAI deposit still running which I will withdraw when the ETH fees come down to normal levels.
· Uniswap- I wanted to invest long term on Uniswap liquidity pools and that is the reason I used most of the airdropped UNI tokens to change to DAI and ETH and added to the liquidity pools. I would have let them be and earn UNI tokens for months and years to come but I was shocked when the team voted to not continue these pools any longer.
· Harvest Finance- I joined this platform very recently and when they organized a contest on Publish0x I invested about $100 worth of TUSD that I had to get a feel of how their platform works. It is quite easy to use even for someone new to crypto and I like the fact that they look through all popular pools and adjust the funds so you get the best rate available without you having to individually move your funds here and there. I won 1 FARM token in their contest which was worth about $110 when I received it. I staked it back on the platform and was pleasantly surprised to see that they are offering 200% rate of return on FARM which is simply amazing but what needs to be seen is how long will it remain high. One word of caution here, the fees for staking FARM is very volatile. The first time I tried to stake it showed the fees as $900 but this crazy rate was due to the fact that ETH had crossed the $600 mark that day and volumes were going crazy. I tried a few days later when ETH corrected a bit and I was able to stake the FARM token for $3 fee.
Why did I select BarnBridge to move my funds?
With the new DeFI platforms popping up everyday I was very skeptical about selecting a new platform to move my funds. I wanted to chose something which was reliable so my hard earned crypto don’t get scammed and I also wanted an option which offered a higher reward rate than 4-5% being offered in most sites.
I went over to Coingecko to see which DeFI pools were offering good returns. I was surprised to see the biggest DeFI pool on a platform which I had never heard before. I am regular on crypto platforms like Publish0x, ReadCash and Uptrennd so I was surprised I had never heard this name before. I decided to dig deeper and do some research.
These are some features I found about the project which convinced me to give it a shot:
· Backed by Synthetix and AAVE founders- BarnBridge was launched about a year back and it’s approach to minimize DeFI risk and volatility was highly appreciated by the big names in DeFI space. Kain Warwick who is the founder of Synthetix and Stani Kulechov who founded AAVE are amongst the key investors in this project
· 60% tokens to be rewarded to Community- They have announced that 60% of their native BOND tokens will be distributed amongst the community members who contribute to the pool on the platform.
· Complete Transparency- On the platform you can see real time updates about which are the deposits and withdrawals being made and you have access to the complete transaction details.
· Smart Yield Rates- In most new DeFI projects we see that they promise a very high rate initially but it disappears very soon. BarnBridge has incorporated a protocol that attempts to stabilize the yield rate so it does not drop or rise suddenly.
· Longer Commitments to Pools- This was a key factor for me as I was so disappointed by the disappearance of UNI pool incentives so quickly. BarnBridge works on an epoch system where each epoch runs for a week. It offers 2 main pools. The first one is for depositing USDC, DAI and sUSD and the second one is for USDC and BOND LP. They recently started a third pool where you will get bonus BOND tokens for staking the BOND tokens you have earned.The USDC BOND LP has the commitment to run for 100 weeks which is almost 2 years so this is where I am going to park my extra funds for now.
How Is my Experience so far?
You can see my dashboardbelow where I have already earned 0.2 BOND tokens, further 0.28 are ready to be claimed and 0.12 will be added soon. This means I will receive 0.6 BOND in total. This is for a pool of 0.5 BOND tokens I deposited a few weeks back. This is an amazing rate of return but I will be monitoring closely if the APY remains stable over the coming weeks.
If any of you have tried a new DeFI platform recently and had a good experience do let me know in the comments.