Morphswap
I don't write about a ton of different projects like I used to anymore. Mainly because I don't have the time or energy these days to do a ton of research and shit. Every now and then, though, I come across a project that kicks ass and I kinda have to write about it. This is LeoFinance, after all, which started as a community focused on alpha. So if you haven't heard of Morphswap, it's a cross-chain decentralized automated market maker. I know, that's a mouthful. Essentially, what this means is that you can swap assets instantly on different blockchains in a completely permissionless fashion. With the recent centralized exchange collapse, people are looking more to DeFi.
I'll also say this - this is not financial advice, and you should definitely research before doing anything you see on the internet. I used to write about yield farming and stuff like that a lot, and this is bringing back some memories. I used to play with all kinds of different DeFi platform. Feels like I found a new one like every other day. Lately, I've been drawn more and more to platforms like Thorswap and Morphswap. I want to be able to move my assets between chains instantly, and easily. This is something we just don't have enough access to.
So let's jump right in and do some cross-chain yield farming!
Step 1 - head to Morphswap and connect your wallet. Most people use Metamask.
Step 2 - click Liquidity at the top of the page.
I recommend going to Dashboard, then Available pools so you can see all of the different options on one page along with their APY.
Step 3 - select whichever token pair you want to add liquidity to.
I chose the MS (Polygon)/BNB (BSC) pair, which means I'll need MorphSwap on Polygon and BNB on Binance Smart Chain. The cool thing is, you can get the necessary assets by clicking the Swap tab at the top of the page. In one single click, you can swap from token A on one chain to token B on another chain.
Step 4 - Add liquidity, one side of the pair at a time.
Providing liquidity to these pools requires 2 transactions. You'll add each token individually instead of adding them together like you're probably used to. This means you'll switch chains in the process, but Metamask will handle that for you provided you have the appropriate tokens on either chain.
You will have to calculate how much of each token to add manually. Hopefully that will be added to the UI soon, but for now... All you have to do is attempt to get as close to the same dollar amount of each token. Coingecko is your fren.
Step 4a - Add BNB
Confirm transaction in Metamask and wait for the confirmation pop up.
Step 4b - Add MS
You'll be prompted to swap Networks, so do that. Then confirm in Metamask and wait for the confirmation pop up.
Step 5 - watch your stack grow
You're done at this point. Now all you do is sit back, relax, and watch your stack of MS tokens pile up. I've been letting mine build up and adding them to different pools because I'm a degenerate. This particular pool is over 9000% APY. You can view your positions and weekly rewards estimate on the Dashboard page. I've been rebalancing my positions on a lot of platforms and this is a great opportunity in my opinion.
Never invest more than you're willing to lose. This project is in beta. Do some research. Happy farming frens.
Thanks for reading! Much love.
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I feel it's inevitable that Rune's native cross chain swaps will propel them to be a top 5 coin.
Do you agree?
If so, do you see Morphswap's similar model being able to ride on Rune's coattails so to say?
Or do you think they'll each have their own, entirely separate niches to fill?
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Yeah 100% RUNE is going to be top 10. I think morphswap has the potential to rocket up there as well. They both have incredible potential with the way CEX seem to be collapsing like dominoes. Decentralized AMMs are the future.
MS is my moonbag, RUNE is the safe play in my opinion.