Newbie Guide To CUB Finance with bLEO & BNB

in LeoFinance5 months ago

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I'm almost ashamed to admit it took me a good part of 7-8 hours today to wrap my head around DeFi in a crash course with the launch of Cub Finance. But hey it's totally brand new to me and sometimes new things can take a bit to grasp.

Note: I've never really researched or touched DeFi till now so that should go to tell you something lol

This article is going to go over my understanding and how you too can get started with Cub Finance. It's going to be the biggest newbie post ever but I feel like a lot of people are in a similar spot and this could help.

Consider this the DeFi CUB training for dummies

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Primarily this article will go over the bLEO and BNB
IMPORTANT NOTE: YOU WILL NEED The Following
METAMASK Converted to BNB
HIVE KeyChain
LEO UNSTAKED
BNB and possibly a lot of it!
*There are possible errors in this article so consider it a work in progress. As I get feedback and learn more I will update this article to reflect that.

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Setting Up MetaMask To Work With BNB

Step One: You need Metamask and you need to have BNB in it and a decent amount. You need to cover the cost of BNB with how much bLEO you'll be adding.

You can view details on getting a Metamask wallet here

https://docs.cubdefi.com/tutorials/how-to-download-and-setup-metamask

For instants let's say you want to add 100bLEO which is 100 LEO wrapped to the pool. That's roughly a $66 value at LEOs price of $0.66 each.

That means you need $66 in value in BNB as well in order to match that plus some on top of it to pay fee's which are rather low.

Step Two: Update MetaMask to use BNB

Details on this found here

https://docs.cubdefi.com/tutorials/how-to-connect-metamask-to-bsc-and-cubfinance

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Wrap Your Unstaked LEO into bLEO

This step is rather straight forward and well written here.

https://docs.cubdefi.com/tutorials/how-to-wrap-leo-into-bleo

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Add Liquidity bLEO

https://docs.cubdefi.com/tutorials/how-to-add-liquidity-to-pools-on-cubfinance

Basically you visit https://exchange.cubdefi.com/ with your MetaMask wallet and connect it. From there you will be changing your bLEO into liquidity. This is done at a 1:1 conversion $ value in BNB token plus a small fee on top of it.

Once this is created you now can add it into one of the farms. In this case since we are working with bLEO your farm would be bLEO-BNB LP

You will first need to click Approve Contract which has a small BNB transaction fee plus a 2% fee. From there you can then stake your bLEO-BNB LP

Once completed you have the option to now stake your bLEO which comes with a transaction fee in BNB for whatever the current rate is.

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This will at least get you setup and start earning and understand Cub Finance. Like I said up to this is a totally newbie post from what I learned in a few hours today after never having messed with DeFi before. I figured there are others in this spot and thought this might be helpful.

If you have questions please drop them in the comments as I plan to write more about Cub Finance in the future and continue researching all the workings of how it all operates.

The questions I still have

  1. What are the risks when investing into a pool?

  2. What gives value to CUB?

  3. A host of other questions but leave yours below and I'll do my best to get you answers ASAP.

  4. How the heck can I add BTC to the Den with Metamask?

That and more coming soon!

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Sort:  

I'm literally going to have to go back to school (haha!) to understand all of this.

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Nah! You got this just gotta keep learning and it's well worth it to learn things like this I feel.

Just woke up to see that the CUB launch happened while I was asleep. Already feel like I've missed out. 😂

To be honest it wouldn't have made a difference when it launched as I wouldn't have a clue what to do and . . . I don't have any liquid LEO.

I've made a note of your post and will return if I decide to get involved but not sure this one's for me. 😊

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Totally haven't missed out the air drop didn't happen yet :)

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Yeah. I realised that as the day went on. 😁 After reading a load of posts about it I feel even less inclined to get involved. I think I'll stick to staking and curating my LEO for now.

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I went through it step by step and even if is a small amount, I'm farming!
It worked!
Thank you so much for this guide!
I'm so glad that I didn't mess up ahaha
Thank you!!

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Welcome! Congrats on Farming and getting into DeFi!

Farming like crazy! What a wonderful feeling when you know this isn't a rug!

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I have a good feeling about all of this, but I don't really know. What if it is a rug? What would that do to LEO and HIVE?

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I can't imagine how it could be a rug.

Exactly something I can learn, feel good about and work on knowing it's all helping the back end LEO token itself!

Yep - that is awesome!

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7-8 hours....Sounds about right!

Was banging my head against the wall all afternoon LOL

This is a post that will help a lot of people...Because it's a pain in the butt if you are new to this.

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It wasn't really hard. I mean to just wrap your brain around the idea of DeFi and how it operates is the hardest thing! At least for me.

The biggest issues I'm having now is metamask and how to put Bitcoin in there etc If you're comfy with MetaMask I feel like this is 100% easier.

I screwed up by thinking in Ethereum....Rather than in BNB lol

how to put Bitcoin in there

I think for this you can go to trade > exchange - https://exchange.cubdefi.com/

At least that's what I did to get BUSD.

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I moved my Bleo to Cub finance .... I see it when I’m connected to BSC... how to I convert my Bleo to Cub . I AUTHORIZE them to take the .19 pennies in BNB, My BSC is connected to Binance ... but nothing happens ?

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If you want to add it to the Farm for bLEO-BNB you need to go under Trade > Liquidity and add liquidity for BNB + bLEO. It's going to cost you the $ value in BNB plus about $0.30 transaction fee. After that you can then add it to the farm.

Best article I've read today...and trust me, I've read many lol
Tomorrow will be the big binance sign-up and then following your advice, I will see how many days err hours it takes me to get sorted! Thanks and best wishes :-)

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Good luck! Claim drop should be a little later today if you had staked LEO. No idea conversion till it happens :)

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I managed to add the smart chain thanks to another post just earlier. Now trying to think of a game plan moving BNB to one of my accounts because I was planning on moving the BNB there to buy some UNI yesterday. I find metamask annoying so far (mostly thanks to the high fees of course, so that could change now lol) I will try to wrap my head around this for a few hours first and then make a decision hopefully in time for the cub drop (if I got any lol).. It's quite overwhelming so far already, but it will only get more complicated so it seems :)

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Going to be another crazy busy day in the land of Cub Finance today

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How do we receive our CUB airdrop?

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later today it should show up in your hive-engine wallet

24 hours maybe 48 hours after launch. They are coupons though you need to claim them within Cub Finance so there will be a process on how to claim with the announcement. I'm not 100% sure but I suspect the drop will show once hive engine normally updates once a day here in 2-3 hours.

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This was really helpful. I was reading all around the community about the CUB coin and everybody is just expecting a huge APR but this guide is certainly helpful for the newbies to move ahead and invest

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Hope you can get in and test out DeFi a bit :)

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Great walkthrough, I know many people needed this :)

Result of a lot of people from good people in LEO discord server lol otherwise I'd still be spinning

Great guide. It helped a lot but now I need to know how to stake and farm my cub. Don't understand what I need as I have never used metamask before and know nothing about defi.

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You're welcome! Glad it could help out :)

Why the dashboard not load after connecting to metamask

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Might just need to refresh the page. Haven't run into that issue myself yet.

Yay! 🤗
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For a long time even until now, I really hate to use the Metamask, but it seems that I have no choice. LOL

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I feel ya on that one lol I hate using it as well.

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Were you able to convert your Bleo to Cub ? I can’t get it to work.

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Yes I am still very confuse of adding bitcoin on my metamask wallet. Can someone explain it, please.

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I was in that spot too. It was a bit of a nightmare getting everything in place before we had the documentation. Once they got that out there it was all pretty easy. I wrote a post about it this morning. So far I am not really impressed with the returns I am getting, but maybe I am not looking at it through the proper lens. I still think it is cool and I am definitely not giving up on it.

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Boom staking framing and Staking! I feel like a lot of people in LEO are heavy stakers. Should be interesting you do need to pull a sizable amount in order to nullify the fees still.

Yeah, I feel like if I keep pulling out my .1 CUB every hour or so I am going to blow through so much BNB in fees. Thankfully this is not on ETH otherwise I would be looking for a second kidney now!

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Thanks for this. I learned a lot from the write-up.

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This indeed a detailed and well explained article for any new bie to understand but as a newbie who knows nothing about this tokens, and all about the metamask waller and the rest of them, I bet we will still face a lot of challenges but not to worry, this things needs time and attention.

Thanks for this great post, it will be of help to everyone who are planning of doing this but have got no knowledge about it.

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Still learning more I just figured out Cub-BUSD lol kind of a pain honestly.

Lols... you are indeed funnyn. It is just for the time being, along the line, I bet you will use it with ease.

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I was able to ask on discord
how to use it. Finally I did.
This is a gold mine, I should
say it is a cub mine all lions
ready to attract.

!BEER

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Nice! Happy farming and staking! and thank you for the beer!


Hey @bitcoinflood, here is a little bit of BEER from @pouchon for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Dude I haven’t even started yet.. I’m pretty excited though. I’m about to get the BNB experience

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Get to it! biggest pain is getting enough BNB but if you already have a sizable amount you're in good hands

Well, most important thing is it worked in the end! Day 2 and I'm thinking of putting a little more in now that I'm a bit more confident about navigating the place.

I'll try to answer a few of your questions:

  1. What are the risks when investing into a pool?

There are two risks mainly.

a) A common one is called impermanent loss. You can read about it here:
https://academy.binance.com/en/articles/impermanent-loss-explained

Impermanent loss is practically inexistent if you have a pair of two stable coins, or a coin and its wrapped version.

  1. What gives value to CUB?

I can think of two elements on the top of my mind:

  • synergy based on the overall potential of further development of the defi market
  • fees which are 80% burned

-4. Here's a guide:

Helps if you have access to binance.com, directly or via vpn.

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There a step who say "Note: you may need to add bLEO as a custom token via Metamask. To do this, just follow these steps"

This address will be delivered when i make a transaction LEO to bLEO?

Because i saw it's a different adress than the metamask adress

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You can decide to simply stake your CUB and earn over 2000% APR right now. There is no need for BNB except for the fees. I documented my journey here.

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