hi everyone! For those who has recently read my sharing Working Towards Monthly 0.1BCH Worth Stable Passive Income for Bills - How Crypto Can Curb Poverty many of you (who subscribed to my profile) would have realised even in my Noise.Cash platform I have been dabbling in my learning journey about DeFi and how to fully utilize what I have in my hand with different portfolio that will eventually allow me to collect (after conversion) back to 0.1 BCH a month: passively.
I started enthusiastically with pancakeswap.finance pool section where I used some of my airdropped SFP (Safe Pal Tokens) to test out the available pools there, and even wrote 2 articles of walkthroughs;
... just in case anyone would like to try out themselves (at their own risk)
Then I started with whether to mine the parent utility token $CAKE with paired chains in farms because I want to HODL the coins I like on the Binance Smart Chain, included with my sharing Mining $CAKE from BCH and BNB Walkthrough and all is dandy...
Until the bleeding "correction" BEAR market happened...
Right at the time that I have just gone in for mining $BNB tokens at the latest (quite daring) DeFi in ApeSwap.finance through my log of Learning Staking $Banana for $BNB the First Time during BULL runs and got a bit burnt when the pool providing is gone and the BEAR continued.... unable to mine much $BNB out of it.
The only consolation part is during extraction at BEAR market rate, the gas fee isn't so high so by calculating against USD, I did have almost $1 profit.
So, lesson 1 learned:
For small timer investors, Pools aren't the best ideal situation when you are trying to mine a higher rated digital asset token with a weaker digital asset token particularly on a BULL market and the contract ended at a BEAR market, because you will run out of provision because your investment is low.
It is already a great thanksgiving that there is a tiny profit, or break even!
I thought this can be quite a rip off, until God blessed me with a guardian angel guru, my friend from the Team Malaysia community (founded back when the bulls were favourable for STEEM coin) who went through the burning lessons of DeFi (with a bigger stake) suggested me this brilliant idea where I also shared with my most recent post MyDeFi: I moved $50 USDT from Nexo ...
... which compelled me to try this with my hard earned earnings of 4 years blogging in the STEEM blockchain, sat peacefully on my Centralised Finance (CeFi) Nexo.io as stable-coins with a 9% APR, and give this a try on a crazy 1.7K% APR yield to see if it is stable or not.
Interestingly, even with BEAR market strike, the new (relatively active) project (even on Mainstream Media) the token itself sustained with a pairing of a stable-coin for Binance chain, $BUSD; and just shortly after 26 hours, the first $BANANA token was ready for harvesting.
Therefore, lesson 2 learned:
For less heart attack and worries scenarios, with a low entry of $52 USD pairing of a $24-$24 of new DeFi Utility tokens with native chain stable-coins, if the APR promising maintained above 1,000% APR for low token values, it is still possible to achieve ROI sooner compared to mining with volatile coins during a bear market.
So, what next? Will I be immediately changing the token to BCH?
Not in particular at the moment, as there are still a lot of new DeFi projects with insane high APR but at the same time insanely dangerous to invest in case of a rug pull, but if the reputation of the site particularly already audited and still very actively conversing with its community that uses its services, it is good to try and use that "extra yield" to see if the 5 loaves and 2 fish theory could be used in the DeFi space.
Of course, as a Christ abider myself, prayers and consecration is a must, and when the time to convert back to fiat, give to Caesar what belongs to Caesar, give to God what belongs to God.
So far right now, I have $0.99 USD + $24 initial investment in hand, I will use this very same to test out the next yield farming and hopefully, there will be some really interesting updates both here and noise.cash for you to enjoy reading.
Remember, this is no financial advice, this is my journey. Do your own research as well should you would like to use this route like me.
https://read.cash/@kith25/i-was-angryto-whom-2a019aa1