Yesterday I decided to test this new platform. I have to admit I have a slight preference upon EOS architecture based blockchains due to the free transfer feature.
After watching all the DeFI wave with phenomenal token price increases as well as the first drama with Hotdog meme coin droping from $4000 to zero in 5 minutes as reported in Cointelegraph, I thought it was about time to test Defibox for several reasons.
- It is the most relevant EOS defi project according to EOSPayout with a total locked value over US$32M
- Its smart contracts have passed the security audit.
- They also have implemented multisig, wich means their control is now decentralized into several node accounts and not in just one centralized account.
- It offers BOX (their token) mining when you create a liquidity pool, on top of the commissions out of the transactions in that pool.
So three days ago I decided to unstake (power down takes 3 days in EOS) some of my EOS and add them into the EOS-VIG liquidity pool. I tested with 10 EOS (and the corresponding VIG) first and I added 20 additional EOS this morning. I also decided to do the transactions using the new Greymass Anchor Wallet.
All in all, anchor works great, similar to scatter but without all the noise the apps add to the wallet basic features. I like it much better.
Here you can see the liquidity pool I ended up with as well as the liquidity record with the initial 10 EOS transaction and the second one with 20 EOS and the corresponding VIG tokens.
Not all liquidity pair offer BOX mining rewards, you have to check the ones that do in the corresponding page , if you take a look you will see the EOS-VIG pair offers a 1.2 weight. The smart contract releases 0.0896 BOX per second for liquidity mining which is count and settled every hour and can be claimed at any time
Here you can see total mining details and the amount I have cumulated and claimed so far.
Defibox has also a decentralized USD pegged stable coin called USN you can use in their sister site danchor.io
I will have to see the total revenues I get from the liquidity pool and the mining rewards once a few days have passed but all in all it works quite smoothly and feels great to pay zero fees for all transactions.
For those wanting to see a step by step guide, here's a great tutorial video from HODL EOS.
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Interesting
@tipu curate
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