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Farming MATIC

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  • 08-06-2021 6:33am
    #1
    massdebater
    Registered Users Posts: 2,251 ✭✭✭


    Seems to be a few of you bullish on MATIC, there are some decent deals happening right now for building the stack, figured I'd share what I'm doing. If someone else knows of a better system with stablecoins on Polygon, I'd love to know!

    Currently I'm staking USDC on curve.fi getting just over 4% back in usdc plus a bonus 16% in MATIC, then moving that MATIC to beefy.finance and getting just over 20% on the MATIC there.

    Should work well if prices are slumping as I'll be earning more matic tokens per usdc. I'll probably convert some to usdc when prices are favourable to continue growing it.

    I'm newer to using polygon so I'd love to hear of other farming strategies on the network, preferably single asset or a stable pair like USDC/USDT/(IRON?), I'm sure I can get much higher returns than I'm getting at the minute. Thanks!


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    #2
    Donegal1234
    Registered Users Posts: 522 ✭✭✭Donegal1234


    massdebater wrote: »
    Seems to be a few of you bullish on MATIC, there are some decent deals happening right now for building the stack, figured I'd share what I'm doing. If someone else knows of a better system with stablecoins on Polygon, I'd love to know!

    Currently I'm staking USDC on curve.fi getting just over 4% back in usdc plus a bonus 16% in MATIC, then moving that MATIC to beefy.finance and getting just over 20% on the MATIC there.

    Should work well if prices are slumping as I'll be earning more matic tokens per usdc. I'll probably convert some to usdc when prices are favourable to continue growing it.

    I'm newer to using polygon so I'd love to hear of other farming strategies on the network, preferably single asset or a stable pair like USDC/USDT/(IRON?), I'm sure I can get much higher returns than I'm getting at the minute. Thanks!

    I have my Matic on Celsius network earning 10% Apr. It was 14.5% until last week which was annoying.

    I was staking Matic last summer when apr was at 35/40%. Good times.


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    #3
    massdebater
    Registered Users Posts: 2,251 ✭✭✭massdebater


    Donegal1234 wrote: »
    I have my Matic on Celsius network earning 10% Apr. It was 14.5% until last week which was annoying.

    I was staking Matic last summer when apr was at 35/40%. Good times.

    Good times indeed! Yeah mine were higher last week too but went down a few days ago. Still good for now anyway


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    #4
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    I've a bunch of Matic on Trust wallet but it's on the BEP-20 blockchain. Anyone know how I can swap it to Matic ERC-20 within the Trust wallet? Trust wallet won't let me swap between the blockchains. Will I need to use the Binance Bridge? I want to stake my ERC-20 Matic on Celsius.

    We're all in this psy-op together.🤨



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    #5
    Xaniaj
    Registered Users Posts: 457 ✭✭Xaniaj


    el diablo wrote: »
    I've a bunch of Matic on Trust wallet but it's on the BEP-20 blockchain. Anyone know how I can swap it to Matic ERC-20 within the Trust wallet? Trust wallet won't let me swap between the blockchains. Will I need to use the Binance Bridge? I want to stake my ERC-20 Matic on Celsius.

    Same issue here and as far as I can see, you'll have to use the bridge but it was pretty expensive when I looked into it. If someone has a cheaper way, that'd be great!

    Binance has decent short term staking rates if that's any good to you.


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    #6
    massdebater
    Registered Users Posts: 2,251 ✭✭✭massdebater


    I don't use Trust wallet but I bridged my ERC20 coins on my Metamask wallet to the polygon network easily and kept them in my metamask.

    First you have to add the Polygon network to your metamask, this link shows you how https://medium.com/stakingbits/setting-up-metamask-for-polygon-matic-network-838058f6d844
    Then you need to bridge the coins to the polygon network, I used zapper.fi (it cost me ~$25 in eth). They should show in your wallet on the polygon network after that and you're free to use any of the staking/farming platforms on polygon for pretty much zero fees. The whole process takes about 10 mins.

    I spent an hour or so one evening watching a couple of videos on how to do it. I transferred a small amount the whole way through, to make sure it worked properly, and then sent the rest of it across. Measure twice, cut once


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    #7
    massdebater
    Registered Users Posts: 2,251 ✭✭✭massdebater


    Aave reduced their apy's to near 0 now so the fun is over for the beefy pool. Curve still going well, going to move the extra matic in there for now


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