I want to share with you my success in investing with the Binance Smart Chain (BSC) etwork. After a short time, I do not regret having bought some BSC native tokens. And they are behaving pretty well. I don't do often like this, but this post will be a list of things I've done with the BSC DeFi projects around. Up till now, they are all rewarding me succesfully. I'm using mainly TrustWallet on smartphone, and sometimes on the pc. Please keep reading because interesting things are happening here :-)
1. Pancake Swap (CAKE)
This is the most famous DeFi service living on top of the blockchain developed togheter with the Exchange Binance. I've started using it a couple of months ago, but I'm not sure. I've bought initially some Cake tokens, which powers the platform, and put to stake togheter with BNB, to partecipate in the CAKE-BNB pool, as a liquidity provider (LP). After some time, I decided that I was earning enough, and I was afraid of impermanent losses because of the price of CAKE against the giant BNB. This was my first error, but the most important thing is that I made good profits after all.
What I'm doing there now is to use my residuals Cake tokens to earn some BTCST: the one appeared some weeks ago in the Binance LaunchPool farm.
Hopefully I've finished by having 125 Cake tokens after the Cake-BNB LP pool period, and now they are still bringing me profits by earning this fantastic token, BTCST, which is equivalent to owning 0.1 TeraHash/second of mining power on the Bitcoin Network. I refer to my previous post here for further explainations about it. Since BTCST is worth around 65$, I've farmed more or less 10,4 $ ! This is really not bad, considering that the farming period for this tokens is just a little bit above the half, before ending.
But expecially I want to stress the fact that few weeks ago CAKE tokens were worth maybe 0.40 $, and now 1.5$ !
I decided to farm BTCST because then I'll put to stake them on the official platform to earn Bitcoin mining rewards. So this is real double gain.
2. Bakery Swap (BAKE)
This is a second swap and farm platform running on the BSC. It is less famous and still not audited. However, I've made the couragious (stupid?) decision to stake there some ETH for earning ETH-2.0 rewards. I remind the reader here for more information ( official Binance communication).
Essentially, I've converted some Ethereum I had to BETH (Binance ETH), wich is just a tokenized form of ETH: by holding it on the Binance Spot Wallet, you'll daily receive mining rewards from ETH-2.0 protocol.
But I sent those BETH to my TrustWallet adress, BEP-20, and put some more ETH to acquire Liquidity Providers (LP) tokens of the pair ETH-BETH.
This is a really good choise, because the relative price of the tokens should not diverge, so no impermanet losses in the long term.
And the APY is above 30%!!! Much better than just 10% on Binance, or other platforms. At the same time, I'm earning BAKE for staking those ETH-BETH LP tokens :-)
I've already harvested once my BETH and BAKE rewards. Again, here, I'm not just improving the APY compared, I'm enjoying profits also by the recent upward movement of BAKE tokens: more than +60% in one week .
3. Beefy.Finance (BIFI)
Here is the link , as is a more difficult site to find. This is simple smart aggregator for BSC. Simply put, they are automatically compounding staking rewards with high frequency: this is possible (actually, profitable) only because of the small fees on that chain. So that a farm with, say , 50% APY can be transformed into a 500% APY thanks of this frequent compounding.
Their native token, BIFI, has a low max supply of 80'000 so the price is already high, around 600$. I bought a bit some time ago, maybe when it was around 400$. I was sure the price would increase because is really a good service the one they offer.
So in this smart farm aggregator I've staked:
- more BETH with a variable APY moving from 20% to 35%. The smart contract uses Venus platform and their Lending/Borrow service to earn more BETH.
- BDO-BUSD LP tokens: BDO is a "stablecoin", as Ampleforth, with elastic supply but living on Binance Smart Chain. I believed that staking in this pool would be a good idea, again, because the relative price of BDO and BUSD should not diverge, but should remain close to 1, as they both seek to be worth 1$. But most importantly, as you can see in the screenshot below, the APY is extremely HIGH. 1,54% DAILY!!!!
- the BIFI tokens I bought some time ago, with a "normal" APY of 14%
4. BSCX-LaunchPool X
I wrote and article about BSCX platform some time ago, the link is here .
Shortly, they are a DEX+SWAP+FARM decentralized with the aim of mimicking Binance services. For now, they offer only Swap interface and the LaunchPoolX page, where users can stake LP tokens into 3 pools, to earn more BSCX tokens. I've started some weeks ago with 10 BUSD and 5 BSCX (roughly) that I used to create LP tokens and put them so stake, as always. Two screenshots will let you understand better:
As you can see, the APY for the BSCX-BUSD pair is over 1'500%!! But when I started with it, was over 4'000%. However, I've earned around 8 BSCX, which will be locked for 1 year, and 2.5more BSCX you don't see in the image becase I've already swapped them for some BNB. So 2.5 unlocked and 8 locked, that's the proportion (25% unlocked). That's pretty fair, maybe in one year the price will collapse, but I think before that day I'll be more than doubling my initial investment. And there is always the possibility that the price will surge, indeed :-)
Happy to have make you a favour! Have a nice day,
Ariman
Best crypto derivatives and futures platform ---> FTX Exchange
Register Binance, if you haven't ---> Binance Referral Link