Weirdest Named DEX and Super HIGH RISK Farm for Fantom?
Yes.... it is ridiculously named hahaha...
A token that actually has nothing to do with the brain that first read its abbreviation of the pair... 😅😂
Not only that, it is in EXTREMELY INSANE YIELD! A invalidated union? 😂
If it is this high yield, yeah, probably you must know you are doing it at your own risk consenting such "pairing"
But did I fall into the lure?
🙈 Unfortunately.... it was too good to be true... I got to test it out! 🙈
Of course, it is definitely not an amount I cannot afford (but highly painful still) to loose.
Knowing the site
You got to know, all these yield farms without a solid project backing can be highly unstable as I do not see specific limit that each wallet can deposit its liquidity.
Moreover, to relying on another dex that doesn't have a pool on its own can be equally dangerous, just like how oxdao turn out to become.
Not to mention its pools can suddenly turn into 0% yield could only mean that this is actually a short term farming , so just like what Miles from Crypto Banter mentioned, this is an extremely high risk venture and it is best to spend some $FTM to collect the rewards and turn it back to a more stable token / coin desired.
Boo token could be a good option because it is still (one of the first) a solid DEX for Fantom and it is still going on strong, and we can compound it without risk in either Beefy.finance or turn it to xBOO token for additional manual compounding / farm other tokens.
Staring tiny
Just as I have mentioned above, I would never test these sites with a LARGE SUM of my capital; and just so happened I still have 6 wFTM (wrapped fantom) token lying around, I'll just invest an equal value of $SEX into the pairing to see how things goes.
The whole process is not cheap due to the fact my capital is small; but if you think you want to give it a try too with a larger capital just to reduce your cost - capital ratio, please feel free to do it at your own risk.
Another drawback...
Since it is not possible to do everything in Solidexfinance.com , the Liquidity Providing (LP) pair has to be done in solidly.exchange/ first then only head over to solidexfinance for staking, these are the (advanced) steps you need to know (for regular yield farmers)
Use centralised CEX to get your $FTM. (Binance is one of the cheapest)
Use solidity.exchange to swap your $FTM to desired pairs: wFTM and SEX
Add the 2 swapped tokens into the Liquidity pool. Beware there are 5 steps with gas fees calculated.
Don't panic if the final "staking step" has an error. You are not supposed to stake in solidly anways.Go to https://solidexfinance.com/#/pools and look for wFTM-SEX pair
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Make sure your pair can be seen and press "MAX" to approve and deposit
Note: if you see that the page is not refreshing a long time but you received Metamask confirmation, just click on any of the page and you should see the list is updated
Will it work?
To be very honest, I am not 100% certain; but if every claim costs about 25 cents worth of FTM gas fee, I got to be certain that my tokens mined reaches that amount or else I am wasting my gas fees for something too small.
Let's hope this large amount will yield fast enough for my first withdrawal
Despite that $SEX and $SOLID both are pretty highly cost, with the current still available APR with this capital I am getting 1 cent an hour, maybe 24 hours later I can already withdraw, provided that there are no other investors ape in with a HUGE capital of LP pulling down the pool %.
That's the reason a lot of people say new DEX DeFi only has higher profitable chances when you are in the game early
