From Monkey Business, now shall we deal with the Vikings?
Hi everyone! For those who has been following my DeFi learning journey, today it is time to test on a ridiculously high yield of the second most ridiculously high priced DeFi token that I know, and see if obtaining less than 1 token of the native token paired against the BSC stable coin $BUSD in their farm will get me anything fast to reach to a point I can convert to 0.1 BCH a month for paying bills later when I ran out of resources probably in August 2021 if there is a retrenchment happening.
One has got to place a plan B in such unknown times
Behold...
It is none other than, the Vikings!
(I wonder were they the ones who trained the dragons? 😋 - kidding)
1. Preparing the resources - The Swap
Just like what I wrote about PancakeSwap and ApeSwap before, the drill is the same for all stable coin farming; that you must pair the native token itself with the stable coin BUSD. So whatever you have in BUSD, you got to split it to half.
I was fortunate to sell off my 12.975 $BANANAs (that I got the capital back from a failed BNB pool test) at a modest $2.35 market price to obtain 30.5832 $BUSD, so was still a little profiting before it dipped again further at the moment as I am typing this.
Just like any swapping before I did this swap I already registered this pair's swapping and paid around $0.43 cents worth for an earlier swap, so the "approve swap" was skipped.
You just need to keep confirming until it has this portion.
2. Preparing the liquidity pairs
Just like the other DeFi platforms, you can't just bring the prepared tokens and go straight away for farming. The whole concept of farming is that you have to lend your tokens as pairs to the DeFi Exchange platform in VikingSwap and allow them to reward you with their native token as dividend. Therefore adding liquidity is the next crucial step.
Remember, this whole exercise is for this to HODL all the native tokens swapped over for dividend. We have no idea how much $BUSD is needed.
Click Max on the VIKING side would ease up the confusion for not using all the available native tokens there.
Once the amount is shown just click on Approve Viking (for pairing)
I noticed that even the contract fee is a lot more to activate than the rest. And please don't mind the word ETH, it is a MetaMask bug that it sometimes reverts the captions back to ETH instead of BNB.
Once the pairing initiative approved. Now you can supply your tokens for pairing.
Click Supply to see what would the ratio of the paired token you will be receiving.
Before pairing, you will see what you are about to receive, and if you are ok with the contract, you must click Confirm Supply.
(and yes, you must pay again the miner to activate this confirmation)
If the pairing is successful you will see below that it has been officially paired your wallet. And now, you can head over to the farms!
3. Farming time!
Head straight over to the farms on the Menu at the top left where you can pick Farms with your paired VIKING-BUSD LP to lend them your paired tokens for interests.
The interesting part of this place is that unlike Ape and Pancake, they actually will charge you extra 4% for farming anything other than $VIKING Pairs, with the reason that the founders of the site will use what we agreed to surrender (4% deposit fee) for them to buy back $VIKING when we decide to sell off the interests we earned for other tokens / BSC chain wrapped coins for our own use.
I think this is an interesting concept because this could be a way to reduce the price from being pulled down when people tried to farm and sell large quantities for a rip off.
So as any first time farming sites, there will always be a lot of additional fees because everything is signed for the first time. Once the system recognises the addresses in its site, "Approve Contract" will not be seen.
Approving contract is usually cheaper than when you supply / harvest your tokens. Do take note on that. And make sure everything is in 10 GWEI at the moment so long the promotion from Binance continues.
After that, time to stake your pair!
Remember you literally can't do much with your LP, so it is best to max it and put it all in so that not one pair is left idle.
Click on the Confirm to get ready for staking!
And you are done!
Oops! I ran out of BNB!
While writing this walkthrough I actually have to top up my $BNB as each harvest requires gas fees. So if you have much it is always best to save up $10 worth of $BNB just for future harvesting and cancellation of contract.
So without a proper plan ahead, you will actually have to spend extra moving fees around just to get your dividends out.
2 hours later... how did it go?
I have stated in my timeline for during entry point, and I also spent a little more on gas fee when I saw a good dip of the price to change from $BUSD for $VIKING. So you can see moderately during the price dip how I have have spent; and even though I entered the farm at a slightly higher rate noting that my last recorded had a lower price for $VIKING, let's just safely say that conservatively, when markets are bearing and the site still has good response with good buy back strategy, conservative optimistically I could get my ROI back within 2 weeks, provided I didn't withdraw and convert it to BSUD every 2 days; otherwise it will take double the duration for gross ROI.
That hasn't calculate if I decide to move $BUSD out of the chain to Binance.com, change it back to BCH and then sell it off to fiat when needed, the P& L is very hard to estimate at the moment.
What about you?
Do you think you would game yourself to invest around $33 USD for investment + $3USD additional network fees for harvesting as a buffer (that I haven't add in the sheet because I do not know how many times I will be collecting) to give this a try?
So far for farming pairs, this is the most affordable I could see that yields the fastest; but I could be wrong because I haven't gathered all the data together to compare between the BSC DeFi I am testing for the best choice.
Disclaimer:
Just so you know, the above capital was not extracted from any of my saved up BCH from noise.cash and read.cash; except the BCH-BNB pair in PancakeSwap for HODLing purposes to mine $CAKE.
