Join 92,250 users already on read.cash

DEC-BUSD: Step by step guide - CubFinance (DeFi)

0 660 exc
Avatar for libertycrypto27
Written by   41
1 year ago

With the introduction of the Farm DEC-BUSD LP on https://cubdefi.com/ a further connection has been made between Leofinance and Splinterlands.

Splinterlands and Leofinance are two great projects born and developed on Hive and I am convinced that this new connection between them will bring a great benefit to all parties involved including Hive.

In this post I wanted to write a step-by-step guide to help those who want to start using Farm DEC-BUSD LP.

Requirements

To use the Farm DEC-BUSD LP on https://cubdefi.com/farms you need to meet three requirements:

- Requirement 1: You must have a wallet compatible with the Binance Smart Chain (BSC) and BEP20 tokens (BSC).

I use Metamask.

If you don't know how to install and configure Metamask for Binance Smart Chain (BSC) I wrote a step by step guide that can be useful for you:

https://leofinance.io/@libertycrypto27/tutorial-leofinance-cub-airdrop-from-hive-engine-leodex-to-cubfinance-using-metamask

- Requirement 2: You must have an amount of BUSD (BEP20) tokens and DEC (BEP20) tokens whose $ value must be equal.

- Requirement 3: You must have a quantity of BNB (BEP20) tokens to pay for transactions on the Binance Smart Chain (BSC).

There are several ways to buy BNB tokens.

For example you can buy BNB tokens directly from Binance or you can convert your cryptocurrencies to BNB (I wrote a post about it: https://leofinance.io/@libertycrypto27/tutorial-how-to-buy-bnb-to-use-on-cub-finance-dens).

If you don't want to use Binance you can convert your LEO tokens to bLeo tokens (BEP20) from https://wleo.io/bsc and then convert them to BNB from the exchange section of CubFinance.

DEC-BUSD LP: step by step guide - CubFinance (DeFi)

Let me show you all the steps I performed to use the DEC-BUSD farm on CubFinance (DeFi).

Step 1: Add BUSD (BEP20) and DEC (BEP20) tokens on Metamask

1. To allow Metamask to display, receive and send BUSD (BEP20) tokens and DEC (BEP20) tokens, I added two "Custom Tokens" to my Metamask wallet:

- 1.1 in the main screen of Metamask I clicked on Add Token as indicated by the arrow in the next picture

- 1.2 on the next screen I clicked on Custom Token (Arrow 1) and entered the address of the DEC Token contract (BEP20) (Arrow 2).

*Note:* you only need to enter the address because all other fields are completed automatically)

The address I entered is: 0xe9d7023f2132d55cbd4ee1f78273cb7a3e74f10a

Finally, I clicked Next as indicated by arrow number 3 in the next image.

- 1.3 I repeated the exact same operation performed for the DEC tokens and to add the BUSD tokens (BEP20) to my Metamask wallet I only changed the address: 0xe9e7cea3dedca5984780bafc599bd69add087d56

As you can see from the next image now my Metamask wallet also displays the BUSD and DEC tokens in the Assets section of the main screen but obviously their value is still 0.

Step 2: Transfer BUSD tokens to Metamask

BUSD -> BUSD (BEP20)

I bought the BUSD tokens on Binance.

If you don't want to use Binance you can convert your LEO tokens to bLEO tokens (BEP20) and send them to your wallet (BSC) from https://wleo.io/bsc and then you can convert them to BUSD from the exchange section of CubFinance.

To transfer the BUSD tokens from Binance to my Metamask wallet, I performed the following steps:

1. After logging into Binance, I clicked on Wallet and then clicked on Fiat and Spot as indicated by the arrows in the image below.

2. In my Binance wallet I clicked on Withdraw .

3. on the next screen I entered:

- 3.1 the address of my Metamask wallet (you can use the wallet compatible with the Binance Smart Chain network that you prefer)

- 3.2 the type of BUSD token to send to my wallet (remember to select the BNB BEP20 - BSC version)

- 3.3 I have inserted the quantity of BUSD to send (in my case 22.51679800)

- 3.4 I have clicked on Submit

4. After performing the Binance security verification operation (email code and SMS code) the BUSD -> BUSD (BEP20) -> Metamask token transfer was performed.

Step 3: Transfer DEC tokens to Metamask

DEC -> DEC (BEP20)

The next step is to transfer the DEC tokens from Splinterlands to the Metamask wallet.

First, however, I checked the amount of DEC corresponding to the value of 22.51 BUSD (the amount of BUSD I decided to put in the farm).

I went to https://exchange.cubdefi.com/#/pool, clicked on Add Liquidity and checked the amount of DEC I needed (23541.7 DEC).

1. I went to https://splinterlands.com/ and made the login

2. I clicked on the amount of DEC tokens in my Splinterlands internal wallet as indicated by the arrow in the following image

3. on the next screen:

- 3.1 I entered the quantity of DEC tokens to send on Metamask.

- 3.2 I have selected BINANCE SMART CHAIN WALLET

- 3.3 I clicked on the TRANSFER OUT button.

Note: If this is your first time doing this, a screen will open where you must enter the address of your Metamask wallet (or the wallet you use for the BSC).

After I hit TRANSFER OUT I gave an additional confirmation and the DEC tokens arrived on my Metamask wallet.

As you can see from the next image at this point I have everything I need to use the DEC-BUSD LP farm.

Step 4: FARM DEC-BUSD LP

1. I went to https://cubdefi.com/

2. I clicked on Trade and then clicked on Liquidity as indicated by the arrows in the next image.

3. On the next screen I clicked on Add Liquidity.

4. On the next screen I selected in the first field DEC and in the second field BUSD.

In the BUSD field I clicked MAX to enter the total number of BUSD tokens in my Metamask wallet.

5. Next, I clicked APPROVE DEC and authorized the transaction on Metamask as indicated by the arrows in the next image.

6. Next I clicked on APPROVE BUSD and authorized the transaction on Metamask as indicated by the arrows in the next image.

7. Next I clicked on Supply and on the next screen I clicked on Confirm Supply as indicated by the arrows in the next image.

8. I went to the Farms section of Cubfinance and clicked on Approve Contract in the window for DEC-BUSD LP.

9. I clicked on Stake as indicated by the arrow in the next image

10. On the next screen I clicked on Max and then on Confirm as indicated by the arrows in the next image.

Operation completed

I will now start earning CUB tokens from my DEC tokens and my BUSD tokens.

Final Considerations

I wrote this step-by-step guide to help users who wrote to me on Discord asking how to use the DEC-BUSD Farm, and I hope my guide will be helpful to other Hive, Leofinance, and Splinterlands users as well.

The APR of the Farm DEC-BUSD LP is currently 230.40% and after 4 hours I have earned 0.013 CUB ($0.038636).

The transactions to start using the Farm cost me 1.3$ and this means that I will return the initial expense in about 5-6 days.

Obviously this time interval will decrease as the value of the CUB tokens increases and will increase in the reverse case.

I see a lot of potential in the LeoFinance community and in the projects made by its development team, so I decided to start my adventure in the world of DEFI with CUB Finance.

Obviously it's just my personal decision, every investment has a risk factor to be considered and evaluated.

The major risk that characterizes liquidity pools is the Impermanent Loss that occurs when you withdraw tokens from a liquidity pool and their value has changed from the value at the time of deposit. The greater the change in value, the greater the loss due to Impermanent Loss and that is why I prefer to invest more in the Dens section of CubFinance.

If you want to deepen the discourse on Impermanent Loss I recommend you to read the post of @edicted (on Hive blockchain) that explains well what is the impermanent loss: https://leofinance.io/@edicted/impermanent-loss-and-gamblers-syndrome

Important note

I am not a financial advisor and if you decide to invest on Cub Finance or any other DEFI platform you do so by your own choice and at your own risk.

My advice is to always invest only what you can afford to lose with a light heart.

Unless otherwise indicated, the images in this post are screenshots taken from the sites:

https://cubdefi.com/

https://www.binance.com/en/register?ref=GL52MBRF (Ref.)

https://metamask.io/

https://splinterlands.com/](https://splinterlands.com?ref=libertycrypto27

The font I used in my images and in the images I edited is Open Source

Follow me also on:

NoiseCashhttps://noise.cash/u/libertycrypto27

Hivehttps://peakd.com/@libertycrypto27/posts

Twitterhttps://twitter.com/libertycrypto27

Publish0xhttps://www.publish0x.com/libertycrypto27?a=MYervALeOB

Blurthttps://blurtter.com/@libertycrypto27

6
$ 4.50
$ 4.50 from @TheRandomRewarder
Avatar for libertycrypto27
Written by   41
1 year ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments