Hi all,
for my first Saturday savers post I'd like to speak about a recent finding of mine.
Last september i was able to double a 50$ investment in a liquidity pool farm on Kyberswap, it was amazing to think I would have earned 500$ if i had 500$ to invest!
Sadly Kyberswap got hacked [1] and i was lucky i didn't lose any money in that, that adventure basically ended there.
Recently i got in contact with people that create a real income with DeFi by investing in farms, and I joined a course studying yield protocols and lending protocols that use DeFi farming strategies and allow people to add new farming strategies to their Liquidity Protocols.
And there i realized i could actually integrate my monthly income by usinf what i know about DeFi, and that kinda made my day :)
So here I am trying to make my next steps to understand Liquidity Pools farming and DeFi in general I found that Base was a good point to start, but as many of you surely remember I am a afficionado of Arbitrum and Hive, so I'll probably try and post something about these ecosystems in the next weeks.
By now I'm gonna speak about my ExtraFi [2] investments on Base, I first invested to a very high yield liquidity pool farm between ETH and the extra token, and i went sideways very fast because the farming APY factor is due to automatic looping (3x for the farm I chose) and this widens the fluctuation of the market a lot, in both directions.
I invested 80$ and lost about 15$ before leaving the farm, if you add the gas costs i basically ended up losing about 16.5$, but luckily it didn't scare me, maybe because the amount of investment was so insignificant, i ended up investing on a stablecoin pool, and setting up the farm with a 1x leverage to avoid the looping mechanics, since then I earned more than 10$
I just withdraw my HBD savings last week and I'm gonna invest about 100$ with similar liquidity pools farms hoping to earn the rent for my mountain house from there...
I just want you guys to pay attention to the default configurations of the pools before putting money in there, because they trick you into multiplied leverage farms in order to keep the projected APY high, but you need to turn down that 3x menu on the right
That said when the rent for my mountain house will be paid I will use my DeFi investments to power up the nestedneons [3] community and start earning curational passive income from that, in order to be able to update my art blog with ease, without having to think about affiliations or other stuff to pay my bills.
The only reason why i want to earn for my mountain house before the nestedneons community is that i invested in @eds-vote half of my Hive power for nestedneons, and because i dreamt of managing to go on vacation on that house thanks to Defi investments in the last week!
[1] https://cointelegraph.com/news/kyberswap-hacker-offered-4-6-million-bounty-for-return-of-46-million-loot
[2] https://app.extrafi.io/farm
[3] https://peakd.com/c/hive-196294/
Posted Using InLeo Alpha
Welcome to the Saturday Savers Club! And congrats on your liquidity pools success on Kyberswap, that's fantastic.
!BEER
Thank you so much, at the time I got insulted on the crypto community I was working in... They said that I was "only interested in money" and other petty stuff, so I left... Now I'm wondering if I should analyze all insults I get to find out the treasure behind it 🤣😅🤣
Hi, it was great to read your first saturday savers club post ! Sounds like those pools are pretty complicated - best of luck with them.
Keep on stacking
!ALIVE
!LOLZ
!PIZZA
!LUV
@jilt! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @ hoosie. (3/10)
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