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.
IMPORTANT NOTE: YOU WILL NEED The Following
METAMASK Converted to BNB
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.
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
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
This step is rather straight forward and well written here.
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.
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
What are the risks when investing into a pool?
What gives value to CUB?
A host of other questions but leave yours below and I'll do my best to get you answers ASAP.
How the heck can I add BTC to the Den with Metamask?
That and more coming soon!
Posted Using LeoFinance Beta