I've gone ahead and tried 'liquidity mining' on Cake Defi (though…

@technicallyproduct 20 February 2022 more from that month

I've gone ahead and tried 'liquidity mining' on Cake Defi (though providing liquidity to a liquidity pool is not mining in any strict sense). I chose the BCH-DFI pair, which means I earn both BCH and DFI in rewards. Now trying to get my head around the concept of 'impermanent loss'! If anyone wants to sign up and give it a go too, you can do that at https://app.cakedefi.com/register using the code 233790 #cryptocurrency #liquidity

+KT
+BCH

4 comments

@Shahzadsomro 20 February 2022

When shall I signed up, you will take advantage Sir.. I'm holding some BCH. I shall earn bch from this defi.
I@IggyDotDev 20 February 2022

I never tried. I heard of impermanent looses. I believe is when one of the pairs is out of whack ( some whale took everything out) then there is nothing left for the liquidity. Therefore it kinda wipeouts everyone. Of course DYOR but it can get really messy. You can earn tons too... To me, that kind of risk is not worth it. So just sticking to the hodling and stacking (the best so far hodlnaut with 7.25% for crypto and 12% on stables)
@Ichigo23 20 February 2022

I also tried that liquidity mining but only in binance. Ill try on cake defi too someday 😊
@EnergyB0x 20 February 2022

I used it from the beginning, it works so fine