Moving Cosmos Ecosystem Staking and LP Rewards to pHBD-USDC on PolyCub

in LeoFinance2 years ago

In one of my recent posts, I said

Looking for the best approach for Cosmos assets... They are 98% of them locked for 14 or 21 days and volatile

I decided that besides the LPs which involved LUNA and UST and which are in the unbonding process I will keep the other stakes and LPs.

Being volatile, they already lost quite a lot of value in dollar terms, and it makes little sense to unstake or unbond them now when they can still produce some nice rewards.

However, I won't compound these rewards back to the Cosmos ecosystem for now, because as I mentioned on other occasions I expect the crypto market to suffer for a longer time and see lower levels. Since there isn't any reliable way to temporarily choose a safer option in the Cosmos ecosystem (maybe ATOM can be seen this way, as Ethereum is for EVM chains, but it's still volatile).

So, I decided to move the staking and LP rewards from the Cosmos ecosystem to pHBD-USDC on PolyCub regularly, but not too often to avoid fees.

This LP has a few characteristics I like:

  • it's on a platform and a blockchain I am familiar with (although not really a fan of Polygon due to the instability of its nodes and often high congestion of the network)
  • pHBD relates to a coin that I understand more than others, even if we are talking about the wrapped token of the one I'm familiar with
  • it is a farm of stable coins
  • it is instantly available if/when I need them
  • a deeper pool helps promote HBD outside the Hive ecosystem

How to Move ATOM from Cosmos to MATIC on Polygon

One route - which I haven't taken - would be to follow these steps:

  • move ATOM to Binance
  • exchange to USDC
  • move USDC to BSC
  • use a bridge to move USDC from BSC to Polygon
  • swap (if needed) USDC to MATIC

Instead of going through all these steps, I searched for a more direct and easier to use route, especially since we are talking about a small amount and I can afford to test new things.

I found the ChangeNow non-custodial exchange with no signup or KYC needed.

After checking, the fees to transfer 1 ATOM to MATIC on Polygon were around 30 cents, which seems comparable to or lower than the fees I would have paid using the method described above.

How does the exchange work on ChangeNow from the user's perspective?

  1. You choose the two tokens (what you send and what you'll get in return); you'll be presented with a rate of exchange:
    image.png
    If you like the rate, you click Exchange and move to the next step.
  2. On this screen your rate is updated if too much time passed and you are asked for the recipient wallet (in our case your MATIC address):
    image.png
  3. After clicking next, you'll be asked to confirm details. If you confirm, you'll be asked to send your funds (in our case 1 ATOM) to a certain address and using a certain memo:
    image.png
  4. After they confirm the transaction, and make the exchange, they'll send you your MATIC to the address you've given them on Polygon. Here's my screenshot:
    image.png
    I sent more than 1 ATOM thinking I'll pay for the fee on Cosmos. Apparently, they covered that.

This guide may be too basic for people who are involved with the Cosmos ecosystem. But that came to my mind a little late, lol. Anyway, just wondering, if you are involved in the Cosmos ecosystem, how do you handle this volatility? Does it matter to you there isn't any stablecoin in Cosmos now or not?

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I am not in the Cosmos ecosystem but I heard there were a lot of opportunities and airdrops over there. Have these paused or do you just prefer to maintain the fiat value of your portfolio?

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As far as I can tell, they stopped... Who wants to launch new products in the bear market, right?

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If the airdrops just stop, what does COSMOS have to offer its investors outside of that? I don't really follow that chain much.

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Interconnectivity of the blockchains in the ecosystem and defi mostly.

But they have other types of projects. I remember one launched a couple of months ago which was marketed as decentralized Twitter, but when I got my airdrop and checked it out, it worked very slowly.

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Can you just tell me what small p ahead of everything means? I know it's past the time where anyone should be unfamiliar with it, but I genuinely don't know and I see it a lot so it must be important.

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Can you just tell me what small p ahead of everything means?

Small p, huh? :) Nice one!

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Lol! I am really not kidding and you're not the first person I ask and think I am, which I understand. I genuinely understand that my question might be too dumb at this point, but I am actually wondering and I can't google it because google can't tell the difference when something is capitalized or not.

"pHBD" that p.I have been seeing it for a while and I don't know when it was added.

Lol, I thought you were joking, sort of...

Didn't get from your question you were referring to "p" from pHBD.

pHBD means Polygon HBD, it's a token that resides on the Polygon blockchain and it's backed 100% by HBD held by Leofinance team on the Hive blockchain.

pHBD is also referred to as the wrapped version of HBD because the process of exchanging HBD to pHBD between Hive and Polygon is called "wrapping". And the reverse process fof transforming pHBD back to HBD is called unwrapping.

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THANK YOU!

Lol, I thought you were joking, sort of...

That's my own doing to myself. I joke, or attempt to, way too much.

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You're welcome! :)

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