I recently changed some crypto holdings to a sort of new wallet. Specifically, I moved SURGE from Hive Engine over to Base. And things are now set up to move LEO on Hive Engine over to Arbitrum for staking on LeoDex. These changes make things simpler in some ways. We will first go over the details that led to these changes.
Migrating sLEO
There was a post on Inleo reminding people to migrate their sLEO to a new contract on LeoDex. When I logged in to LeoDex, it had a notification that it detected my staked LEO in the 1.0 version, which should be migrated to the new 2.0 contract. There was a link to a page where I could do this. However, it required using a browser extension wallet to do it. The problem was that I had my LEO on a keystore wallet I created when LeoDex incorporated Maya Protocol. If you're not familiar, keystore wallets are plain text files with some encryption that you can unlock with a password. The gist of it is, I could not migrate my LEO to the new contract unless I was using a browser extension wallet.
In order to move my keystore wallet to a browser extension, I would need either the seed phrase or the secret key, of which I had neither. I found some claims online that people had done it with some command line tools and such. I'm not about to download some unknown utility to my computer for that. Then I remembered that I had previously imported the keystore wallets into the ThorWallet. Sure enough, the wallets had both the seed phrase and secret key options for me.
With those details, I added those accounts to the Coinbase wallet and was able to migrate sLEO (staked LEO) over to the new contract.
Now What?
Using a keystore wallet was a bit of a pain in the rear. Moving it to a browser wallet unlocked some new powers. I could also add the wallet to my tablet. Thinking about it, I had hesitated to move LEO to LeoDex mostly because of how inconvenient it was to use the keystore. There's also the issue of taking a haircut when you bridge your LEO from Hive Engine to Arbitrum.
Assuming I'm willing to take a haircut, then it makes sense to move my crypto over to LeoDex where I can earn something, versus the status quo. It's staked. Yet, I'm not seeing much advantage to staked LEO on Hive Engine. I don't use Inleo to post as I have a ton of Ecency points that I use to promote my blog posts. Therefore, I don't get much in LEO rewards other than from using Inleo Threads. Having mobile and browser access to that wallet now makes it more convenient to use Inleo.
I bridged my SURGE holdings. I'll now earn USDC from SURGE. And staked LEO on LeoDex also pays out in USDC. I was planning on sitting out the rush to buy TGLD, but now I think I'll get in on the action.
LeoStrategy, the creators of LSTR, SURGE, TTSLA, and TGLD have also added the ability to manage how you want your yield paid in your Base wallet. For now, I'm going to stick to USDC as I need to buy more ETH on Arbitrum and Base to pay for transactions. Arbitrum, particularly, flakes out when your ETH balance is low. You may have enough to cover a transaction, but it refuses to execute unless you have excess ETH.
It seems like the old keystore wallet is destined to be a yield wallet. I had previously thought about separating my LeoDex holdings from my main wallet. Things worked themselves out in that regard.
To that purpose, I have unstaked my LEO on Hive Engine and will be bridging it over as soon as each chunk becomes available. In addition, I have been slowly unstaking my purchased HIVE on alt account and using it to buy SURGE. That will continue. At some point, that wallet will be self-funding to where I no longer need to sell HIVE.
I've also been converting any liquid HIVE to HBD. My long term goal is to have more HBD than HIVE on my accounts. My overall goal is to generate yield. Therefore, I'll only be withdrawing HBD interest.
Watching the Crypto Market
All the while, the crypto market has been tanking. I've had to keep an eye on another wallet I use for DeFi borrowing. I've been shoring up my collateral to keep it at a minimum amount. It's not so much fear of liquidation, I have plenty of cushion. It's more about loading up on discounted crypto so that when things get better my available credit will increase. But, I'm running out of places to pull money from.
Why DeFi credit? It's cheaper and easier to pay down than credit cards.
I also saw that privacy coins such as Dash, Litecoin, and Zcash have recently had increased interest. All three can be accessed with the old keystore wallet. That's something to keep in mind. I already had the Litecoin and Dash wallets. On Litecoin, my coins are pegged in to MWEB. On Dash, I have enabled the CoinJoin option. The only thing missing was to have a Zcash wallet. Yes, I have Cake wallet for Monero. I don't use these wallets much as there is little opportunity to use them for anything. I've had more use for EVM chains. But it seems wise to have the privacy coin wallets ready to use, if ever the need should arise.
That's all for today. Thanks for reading if you made it this far.