It depends on how hard you throw.
Now it does seem the same principle applies to yield farming and trading in general. Maybe not.
Many people smarter than me got into this DEFI thing a lot sooner. I am not really concerned with it because many also got wrecked.
For one I did not like that most of it seemed to be on Ethereum and still do not. I was adamant also that this is not exactly new tech or whatever they were preaching.
However, I did not look for alternatives of which I knew there had to be. This week I did though.
Opt Out
I get the phrase opt-out and opt-in is catchy which is maybe why it irritates me to my core. Ethereum may have started this whole Defi crap but they do not really possess the ability to end it.Ethereum never has, the only reason it gets traded is that it has been traded. Just how Bitcoin will be Bitcoin. The money knows the brands and money loves brands.
However with some patience, many options are out there for us plebs. If you are not a pleb I assume you are not reading this anyway.
So with Eth fees making people take a pause and unwillingly opting them out of the network anyway. Many have happened on the Binance Smart Chain
Basically
How I understand it, is that the BSc (Binance Smart Chain) is Binance's answer to the ERC20 Smart Contracts on Eth which out of pure brute force has cemented itself as the de facto thing to wanna be when Chains grow up.However, calling it smart is pretty warranted because they seem to realise that lower fees are good for user satisfaction. It is also a bit faster but I am not sure whether it will be much different with Eth2. Anyway enough of Eth they make me ill.
Why does this matter?
Because I like things to be convenient. I have been slowly using Binance more and more, especially with all the hype here about Rune and Ava. Although I lost out on staking Ava and really am on the fence with that one.
I do like the potential interoperability between the Central Exchange, the Binance Dex and the Uniswap BSc clones.
Like @belemo mentions in his post. I also prefer having a token I can somehow lockup and just earn.
Outside of Hive I have never really happened on anything like that which has value. Not that I was looking too hard. I can only think of EOS tokens doing that and EOS is in my fuck that shit book so it is a no go.
So with the DeFi thing of providing liquidity and staking I have been itching to try it. I did a bit of liquidity for the 1up token but really only got out even after 3 Months.
That is when I started moving all my stuff to Binance, combined with being able to quickly use my card to buy new stuff in my usual pleb quantities.
Convenience. Like I said.
Baby Trading
I have been holding on to quite a few tokens for well over 2 Months which I just kinda always bought on Binance because I am not a fan of holding ETH or BTC. Shhhh, I know.
Somehow I got some BNB and for the whole time I discounted it but I kept it only because it was not ETH or BTC.
So basically my thing is if something goes very green against something else I swap it out.
Right now that is not going so well.
So basically that is what I do, I am not a trader by any means but in the crypto landscape it seems you kinda need to be. That or you need to learn how 20 different chains operate and utilize whatever earning opportunities they give you.
When I say I do. It just means the last few weeks finally fiddling with stuff. In general, I just keep and forget about tokens.
Rundown
This has gotten very longwinded and I forget what I was writing about.The point is that although Binance is a dirty central exchange it is convenient. That is what I like in Crypto projects because they do have the Smart Chain and this opens it up to a dex with a lot of solid tokens. Beyond that, they have some level of interoperability due to Bridges.
It is currently the better option for earning passively. You have $Rune, for example, giving liquidity options on BepSwap
It is also familiar. Originally $Ava, for example, is a NEO token and seriously who has used or been inclined to use NEO?
$Ava is also now pegged on the Binance Dex as a Bep2 Token or you can exchange the real thing on Binance itself.
You are able to utilize staking and yield farming on the few operable interfaces PancakeSwap and Beefy Finance. Both are pretty solid and familiar to Uniswap users.
Unfortunately, the rest of the ecosystem is not as user friendly as those two. Juldswap for example is basically just unusable and there were other I checked out with the same issue.
Regardless, just from Binance itself, you have quite a few options easily accessible and with low costs. Behind all that is the BNB token and combined with how simple they seem to make buying crypto it makes sense to stay in the ecosystem for new users.
We will hopefully very soon also see $LEO on Bepswap which gives added benefit to holding $LEO even if you are like me and not exactly, a $LEO quality content creator.
Now I have to get back to obsessing over the stupid tokens I bought earlier with no clue what comes next. All in all I think the BNB chain will go a long way and until $Sol, $Dot and $Ada get their shit together with actual products it is the better option for right now.