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DeFi on Binance Smart Chain

  • 06-03-2021 10:55pm
    #1
    Registered Users Posts: 1,899 ✭✭✭ ronivek
    Registered User


    Hey,


    I don't see it mentioned much: but are many of you guys involved in the DeFi space? In particular on Binance Smart Chain?

    I've been playing around there over the past few weeks and it's equal parts insanity, risk, gains, and fun.

    To give you an idea of the amounts and some of the bigger platforms check out: https://www.defistation.io/

    If anyone has thought about getting in but aren't sure where or how to start or what to do I'd be happy to share my (admittedly relatively limited) knowledge here.


Comments

  • Registered Users Posts: 1,899 ✭✭✭ ronivek
    Registered User


    And just to give the risk averse an idea of some of the opportunities which are (relatively) safe: 546097.png


  • Registered Users Posts: 1,899 ✭✭✭ ronivek
    Registered User


    And at the other edge of the spectrum: 546098.png


  • Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭ Rob2D
    Moderator


    Biggest gains to made in this space right now. But also biggest risk of course.


  • Registered Users Posts: 5,672 ✭✭✭ seannash
    Registered User


    ronivek wrote: »
    Hey,


    I don't see it mentioned much: but are many of you guys involved in the DeFi space? In particular on Binance Smart Chain?

    I've been playing around there over the past few weeks and it's equal parts insanity, risk, gains, and fun.

    To give you an idea of the amounts and some of the bigger platforms check out: https://www.defistation.io/

    If anyone has thought about getting in but aren't sure where or how to start or what to do I'd be happy to share my (admittedly relatively limited) knowledge here.

    I cant find any rates on that link. Im currently using autofarm


  • Registered Users Posts: 1,899 ✭✭✭ ronivek
    Registered User


    Rob2D wrote: »
    Biggest gains to made in this space right now. But also biggest risk of course.

    Indeed. There are a few of the larger more well established projects which are relatively safe. For example adding a stable-coin pair to PancakeSwap (https://pancakeswap.finance/) should be about as low risk as you can get and you can get a tidy little return.

    Granted it's likely not as safe as something like Celsius where you can get 10.5% APR but I don't ultimately see it being any riskier than many of the coins people pump money into.
    seannash wrote: »
    I cant find any rates on that link. Im currently using autofarm

    Yeah I'm also using autofarm and it's pretty good for rates depending on what you're depositing.

    What pairs or tokens are you in?


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  • Registered Users Posts: 788 ✭✭✭ Shamo
    Registered User


    Just be aware of Impermanent Loss if you're going into a dual token liquidity pool instead of single sided/token pool. Have fun!


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat
    Registered User


    Yeah impermanent loss is mental. True you can stake ust for 80% returns I think which is insane.

    Yield watch is a great site to track your earnings.


  • Registered Users Posts: 14,621 ✭✭✭✭ banie01
    Registered User


    I've yet to actually read up or learn anything at all about DeFi platforms.
    So I'll be following this thread with interest.

    TBH I'd rather give a DeFi pool a try than buy a bot, so I'll be leaning on the smarter here for a steer on where to learn.


  • Registered Users Posts: 5,672 ✭✭✭ seannash
    Registered User


    banie01 wrote: »
    I've yet to actually read up or learn anything at all about DeFi platforms.
    So I'll be following this thread with interest.

    TBH I'd rather give a DeFi pool a try than buy a bot, so I'll be leaning on the smarter here for a steer on where to learn.


    Best thing is download trust wallet and send a few of the tokens that offers staking in pools (Cake for example)

    Load up the dapp (Pancake exchange,beefy finance, autofarm etc etc) in trust wallet and then stake it in the pool. Its a fairly simple process.
    One thing to note is you need bnb to pay the fees on the contracts. The fees are generally between 30c and a few quid.


  • Registered Users Posts: 14,621 ✭✭✭✭ banie01
    Registered User


    seannash wrote: »
    Best thing is download trust wallet and send a few of the tokens that offers staking in pools (Cake for example)

    Load up the dapp (Pancake exchange,beefy finance, autofarm etc etc) in trust wallet and then stake it in the pool. Its a fairly simple process.
    One thing to note is you need bnb to pay the fees on the contracts. The fees are generally between 30c and a few quid.

    Thanks for that.
    Already have trust wallet, got it when they airdropped the 100 twt.
    Have something to review and learn today now rather than write a politics paper ðŸ˜


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  • Registered Users Posts: 14,621 ✭✭✭✭ banie01
    Registered User


    I'm running into an issue that is likely completely obvious but alas, I'm missing it.
    Had some BNB on my trust wallet but every time I tried to transact, I got an error that I had insufficient BNB.
    Thought this was likely my fault as initial deposit was a BEP2 deposit.

    So with that in mind I moved over some more BNB but on withdrawal selected the BEP20(BSC) option.
    It added to the existing BNB balance and same problem persists.

    What have I likely fecked up on?

    EDIT:
    I think I've realized my error? I deposited to BNB, rather than BSC?
    That my likely feck up?

    EDIT 2:
    Yep, that was my problem alright ;)
    Always RTFM folks :P

    Have staked some BUSD on venus and will take a look at some more platforms as I get some time.


  • Registered Users Posts: 1,269 ✭✭✭ djan
    Registered User


    banie01 wrote: »
    I'm running into an issue that is likely completely obvious but alas, I'm missing it.
    Had some BNB on my trust wallet but every time I tried to transact, I got an error that I had insufficient BNB.
    Thought this was likely my fault as initial deposit was a BEP2 deposit.

    So with that in mind I moved over some more BNB but on withdrawal selected the BEP20(BSC) option.
    It added to the existing BNB balance and same problem persists.

    What have I likely fecked up on?

    EDIT:
    I think I've realized my error? I deposited to BNB, rather than BSC?
    That my likely feck up?

    EDIT 2:
    Yep, that was my problem alright ;)
    Always RTFM folks :P

    Have staked some BUSD on venus and will take a look at some more platforms as I get some time.

    Heads up about Venus, Autofarm (an auto compounding aggregator) are reporting the following:

    Low BUSD & USDT liquidity on Venus have delayed withdrawals on these respective autofarm vaults, we seek your understanding on this matter.


  • Registered Users Posts: 1,899 ✭✭✭ ronivek
    Registered User


    banie01 wrote: »

    ...
    Yep, that was my problem alright ;)
    Always RTFM folks :P

    Have staked some BUSD on venus and will take a look at some more platforms as I get some time.

    Glad you got it sorted.

    One thing I'll say about Venus is I've found the transaction fees to be very high; they have a complex setup and it shows in terms of what you pay in gas fees.
    djan wrote: »
    Heads up about Venus, Autofarm (an auto compounding aggregator) are reporting the following:

    Low BUSD & USDT liquidity on Venus have delayed withdrawals on these respective autofarm vaults, we seek your understanding on this matter.

    The issue is that Autofarm and other platforms are yield aggregators which get involved in lots of funky stuff such as recursive borrowing; and usually with millions at a pop. So their yielding strategies are getting caught out when they can't unravel several million at a time.

    For you banie01 I wouldn't worry too much unless you also happen to be staking tens or hundreds of thousands (which I very much hope you aren't!).

    Speaking of Venus there is a new yield aggregator launching later today (https://beta.belt.fi/) which could be interesting if you're happy taking on a bit of extra risk with a new platform; albeit one with connections to some existing platforms.


  • Registered Users Posts: 1,899 ✭✭✭ ronivek
    Registered User


    banie01 wrote: »
    Have staked some BUSD on venus and will take a look at some more platforms as I get some time.

    By the way I forgot to mention:

    It isn't blindingly obvious but in many cases the best returns from Venus are from staking your coins but also borrowing from Venus using your stake as collateral.

    So for e.g. with your BUSD stake you'll be earning ~11% APY in the form of BUSD plus ~5% in the form of Venus' XVS token as a reward.

    However you can also mint Venus' VAI stable coin and then stick it in the Vault for an additional ~18% XVS rewards on the amount you borrow (up to 60% of your collateral). This option is low risk but bear in mind what I said earlier about Venus' transaction costs as it might not be worth it if you're only depositing a few hundred.

    Alternatively you can borrow any of the other coins as you so wish; but of course the more volatile the coin you borrow the higher the possibility of liquidation if the market starts swinging wildly and you're not keeping a close eye on your position.


  • Registered Users Posts: 5,672 ✭✭✭ seannash
    Registered User


    Airdop of helmet for anyone holding cake on pancake swap.
    Not sure if the snapshot has happened or not.


  • Registered Users Posts: 28 doyled4
    Registered User


    seannash wrote: »
    Airdop of helmet for anyone holding cake on pancake swap.
    Not sure if the snapshot has happened or not.

    Where did you see that? I can't find any info on it.


  • Registered Users Posts: 5,672 ✭✭✭ seannash
    Registered User


    doyled4 wrote: »
    Where did you see that? I can't find any info on it.

    https://twitter.com/Helmet_insure/status/1369624960877162498?s=19


  • Registered Users Posts: 1,899 ✭✭✭ ronivek
    Registered User


    Just in case any of you guys on BSC haven't come across this yet: https://yieldwatch.net/

    It doesn't support all of the platforms yet but e.g. Venus and Autofarm are mostly supported so you can monitor your deposits. The Pro version is also in preview for now so it's free; and if you like it you can stake or buy the tokens to unlock Pro once it's out of preview.


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