Hey everyone!
For those who had been following my DeFi testing experience, would also have read MyDeFi: Time to Make a Deal with the Vikings to Test Some Ridiculous High Yield Farms, which is now, very unfortunately, made a RugPull stunt around 13 hours ago and from the 2nd highest token price in the BSC DeFi space, it went down to around $0.30
YEP. It is officially gone by now.
At least they had the tendency to make an announcement, which unfortunately during my sleep, that has caused me to loose around $31 USD in total, including all the gas fees spent.
Less than a month, it went bonkers, which pretty much see that even though they had a transparent audit account, with no wisdom and went all hype up, a token can pretty much go bonkers.
This is my first 4 years hard earned crypto from the STEEM blockchain blogging space went down into the drain.
Now I will see, will my hard earned cash that was sitting nicely in Nexo.io now lies in the balance in the hands of the Apes!
Not certain whether it was because of the BNB dip or just too many people buy and dump, the $BANANA went down under $1 for a short while during the weekend...
But the developers took a bold step to burn a huge amount of $BANANA after the buy backs just to stabilise the inflation where you can read all about it here. I personally do hope that they will be able to sail through the storms so that I can bring more DeFi Experience to newbies with minimal capital before they go in for the big players on ETH chain.
So, what's next?
Because I actually withdrew some of the $VIKING and staked on a 2 layer staking project, squirrel.finance, I got some returns and extra tokens before the rug pull and those are now set aside while I harvested from the main ApeSwap site to see if I can generate something back before another rugpull from any of the site, which I hope it will not happen.
The $NUTS token went down a little 3 days back when it was initially launched for staking projects, but so far it hasn't come to an alarming rate just yet; so it is still quite a good double farming technique to go. However if there are no new modules coming up to keep the project interesting, this may not last long.
Including my $VIKING losses and new $BANANA stake in, this time, I am more cautious and the total on this is around $9 USD in total, and I do hope that it will stay alive long enough for an ROI because.
What have I learned through this experience?
Unless the token has been running for years, any sudden push up of prices is not a good sign. Stay away from being #FOMO
BSC chain is still a very young chain, therefore many projects are still unstable at the moment, and they may / may not sail through the storm.
If Trust Wallet / SPF Wallet have not listed the dApp into their quick to access dApp section, do not get in too quick or else you will lose a lot in the long run. Unless you have a huge capital where you know you will be able to get back ASAP.
Always have backup portfolios like CeFi and spread them out to avoid a total burn!
Keep getting active income, DeFi is treated as a risky side hustle, and as I have mentioned before, the moment you enter, it is ALWAYS counted as loss until you regain your ROI.
Overall, this has been a huge lesson fee for me, but I do hope that from this experience, readers who bump into this post will be able to gain more foresight than me.
Will I continue to try on BSC DeFi?
Definitely. This is only the scratch of the surface. But this time I have learn to watch a little longer and with smaller amount of investment to enter if I am testing the waters.
