Risky Business... Will I be able to pull this off?

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Avatar for littlenewthings
2 years ago

Warning! This is not a financial advice; and this is sort of a risky gamble.

I have been looking at all possibilities via active blogging to come up with my remaining $1K USD worth of down-payment, and with whatever I have right now and the market is going into such a rocky place, I can't rely on their value with minimal compounding interests to fulfill my ultimate down-payment by crypto plan.

Placing the technologies into the ultimate test, I am going to see if I can use the yield farms to generate fast enough income for me to peg and unpeg at the end of 90 days.

But which farm / yield should I be looking into??

There are so many choices right now that it is quite a risky bet should I choose the wrong platform to farm.

Even my trusty Monkey Business the token itself has gone quite a bad impact since BTC "crashed" and still struggling with volatility

Good thing was when it was all time high, I moved it from Banana to a "new supposedly hotcake chain" (at the time - still is, but there are so many delays on airdrops at the moment) that I think might be able to pull this test off.

This is none other than: The Fantom Chain

I had a bad start where I thought that the 0xDAO could survive will the massive insane APR offered when it first launched, but over time when BTC main coin is being tested vigorously and many futures were liquidated, it dragged down so many protocols that this site doesn't look like it can sustain any longer, seeing that it has gone down its value by almost 3x now.

I know I am in quite a loss here. Good thing it isn't like a ton load of money was staked in there (only $25). So it is better to pull the trigger right now, exit and look at a farm that yields tangible assets - namely gaming tokens.

This is none other than the latest fever PegAxy Games.

So how do I go about it?

1. Cut the losses

With about 160% APR, I am hoping that there are some decent cents earned throughout the time I was here. It isn't a lot, but it is still somethin I gathered.

Fortunately , losing 4 cents gas fees isn't too painful... yet.

But a pathetic -76.49% loss is pretty painful I must say so myself.

Nothing is permanent indeed!

This time, I hope investing into a gaming token pairing is far much better than just a swapping protocol

Looking at USDC price I think it is better than just a few cents left....

2. Bridge to the new chain

xPollinate's new transfer seems to have a bit of a bug where the destination address may not work if it is not within the same metamask. Nevertheless since I am just transferring chains, this should not be too painful.

However, bridging may not come at the cheap to nothing cost like Luna Terra / Harmony, but this sure is cheaper than bridging Binance Smart Chain to ETH layer 2 (or 1) chain like Polygon

Bridging is relatively straightforward, however keeping the page active is crucial. Otherwise it is very hard to search back the transaction page as this is a permission-less process. Lesson to learn: Don't do this in a hurry.

3. Find the winning pairing

Banking on a Gaming token is tricky, these days there are a lot of multiple in-game tokens and you need to know which token has a higher exchange volume and which one actually has a yield farm available.

I was choosing between $PGX and $VIS

Both last 24 hour volume was very impressive, especially when VIS has a higher loss volatility, while PGX has a more sideways , though PGX has a significantly lower APR rate.

To play safe I think going at PGX could be a safer bet; however I personally do not know how much I will get in return for this pool

However, there are a lot of contract signing in this protocol. Every step requires gas fees. Good thing is that Polygon (MATIC) Network is still relatively cheap. So there are less pain at the wallet at this point of time.

What will happen next?

Due to the fact there is no active pools to farm for KNC tokens, I will watch and see whether there are some liquidity increase / rewards while holding the swap.

Good thing is that my capital is not too big so this is more of an experiment rather out rightly farming it. Hopefully very soon the Kyber network will have more pools launched where there will be opportunities for me to earn a little extra along the way.

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2 years ago

Comments

Without risky business there is no business because if you don't get more risk then you will never successful business I really appreciate with your effort and great thinking that you are enjoying a More and beautiful way

$ 0.01
2 years ago

Let's hope something will work out there.

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2 years ago