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