If you have steem and want to convert it to another crypto that you can stake in a defi pool and earn more crypto.
There are two ways to do it...
The old and traditional way
The conventional or the traditional method would be to send your steem tokens to an exchange where they are sold and tokens compatible with the binance smart chain such as busd.
These tokens are bought and transferred to a bsc (binance smart chain) mining platform.
Here they are staked to earn more crypto.
When a user wishes to get back his tokens he would need to follow the process in the reverse order.
First withdraw from pool and then send crypto to an exchange and convert it to steem there.
This is a valid and legitimate way of doing things however it is long and circuitous route with multiple steps.
There are fees to be paid every time you make a trade and withdraw from an exchange.
The multi step process makes it time consuming.
What if there was a way to take your steem directly to a BSC based project and stake it there?
The idea is good but can it be done?
The Bridge to move funds between steem, blurt and BSC is here
This service is developed by the team behind robiniaswap.
The service can be accessed by visiting the url https://bridge.robiniaswap.com/
Taking a closer look at the bridge
The bridge is a crypto conversion service which acts as a bridge to convert from steem to Binance smartchain BSC
From the functionality part it is BSC , Steem and BLURT listed on the left hand side which can be selected from the left drop down menu.
Correspondingly the same set is listed on the right.
One can select steem on the left side and BSC on the right
If one were to use this pair then one can easily convert steem on the left to bsc on the right.
The steem token on the BSC would appear as bSteem.
A couple of things to be noted while doing this transaction.
At the time of writing this post a minimum of 200 steem is required in your account to execute this conversion.
The fee is 1% so if you were to convert 200 steem to bsteem you would receive 198 bsteem in your bsc wallet.
You would require the steem keychain to connect your steem wallet to the service and carry out the transaction.
Lets carry out the steps
click the "Connect wallet" button to connect your steem wallet to the bridge service.
When I clicked it I got the error shown in red.
The reason for this error was that steem keychain was not installed. such a case one can install the steem keychain extension. For chrome one can find and install the extension from here
For firefox use this link
If steem keychain is installed it would look like this
Click the "Connect" button
Fill the amount of steem you want to convert to bsteem and the metamask bsc address.
Click the swap button
In a short while the bsteem would reflect in your metamask
In case they do not appear make sure you have added the bsteem contract address in metamask
Lets start staking
Since we have added bsteem so we scroll up to the bsteem pool
click the "approve contract" buttom
This would require a small fee a few cents that need to be paid from the metamask bsc balance. So make sure you have some bnb in your wallet to pay the fee.
Next click the stake button under the bsteem pool
After deduction of a small fee the staking would begin
Happy staking & earning
Now the liquid steem that was lying idle would be earning you some rewards.
Currently I am studying and experimenting with robiniaswap a new Pool and farming platform
RobiniaSwap Official Documentation:
Standard Disclaimer: Please do your own due diligence and research before making an investment. The purpose of this post is for educational purpose only and it should not be considered as financial advice.