Martin Martz | Unsplash
I was looking at Binance's Launchpool as an interesting feature to participate in, but I hadn't dared to do so until recently. I noticed that there was a lot of talk about the arrival of a project called PIXEL, which gained great popularity on social media, somehow leading it to success.
Having missed that opportunity and not having done much research, I waited for the next one which was $PORTAL. To participate, I needed to have at least 0.1 BNB that would be staked and allow me to start generating this other cryptocurrency.
Binance Launchpool - PORTAL Token
I like to experiment with things I am not familiar with, and I think it's a good way to learn and explore the possibilities of the crypto space, in this case another section of Binance.
In this Launchpool, over 16 million BNB was staked with 221,219 participants. What I never found out was the APY, as I don't know if it was a display bug, but I would only know by discovering it myself (though I assume there might be a way to do some simple calculations and estimate this rate).
Once I staked my 0.1 BNB, I started receiving rewards. These were generated approximately every 1 hour and needed to be claimed to be credited. I decided not to claim them until the last minute to have a better idea of how much I had generated. At the end of the session, I received a total of 0.2028 PORTAL, which is very little but could be an extra if its price multiplied a few times, say by x10, making it $2 more. Although this was unlikely, I chose to not focus on that and concentrate on the learning experience.
When I bought the BNB, I did it at a price of $375-$385 approximately, and since we are in a bull run, it gave me the confidence that if the price fell, I would lose a few dollars but if it went up it could be profitable or at least not lose. So that's when I was lucky that the Binance coin started to rise to a peak of $427.3, and I was already in profit with a few days left for the Portal launchpool to end.
However, when I noticed that there was a loss in buying pressure where you realize that sales in greater quantity exceed those of buying, I stopped. Indeed, the price started to decrease from $412 to almost $400, showing a quite significant drop percentage (at this precise moment it is at $405).
As soon as it ended, I decided to change the BNB (once they have been returned to me, as it is an automatic process and they will end up in the Spot wallet) to USDT to secure profits. It doesn't seem like much as I sent $38 and turned it into almost $43. But this experience is very useful to me so that, in the future, I can do it with much larger volumes that allow me to make much greater profits.
One important thing I must say, and I disagree with a comment I saw, is that the price does not pump when it is launched on the Binance platform, as it already has a previous price that is precisely the one obtained in the private presale. When it is launched on the exchange, it simply takes that reference value and that's when trading starts, which in this case was not as expected and had a price drop from the current $2.19 (the previous price was $3.5, it even reached $4.3).
This is for analysis and I believe we should find the meaning and the way markets work. In my opinion, the initial price in the pre-sale was $0.05, which then had a very big boost and these data are received by Binance, reflecting it on the chart giving the impression that the coin has exploded. Although I reiterate, it is just an opinion.
The truth is that if you prefer to have BNB staked, it is a good way to take advantage of these launchpools and farm some coins in a relatively short period. For me, it took less than 7 days since I entered a little late. If the price of BNB is upward and remains so in that period of time, you will undoubtedly be in profit. In any case, it is also possible to stake FDUSD (First Digital USD), which is a stablecoin backed by reserves. However, as it lacks volatility, rewards will be in smaller proportions.
I consider this to have been an interesting experience that allows us to keep our funds moving and at the same time participate in upcoming launches. One can also place their BNB in the BNB Vault and take advantage of the APR yield based on various factors that can increase returns, although there are many more options.
I take this opportunity to mention that I have powered up 10 Hive for this new month of March. With this, I have surpassed 2,200 HP, which is very positive because I am getting closer to 1/4 of the goal (the idea is to aim for the 10K HP goal), which, even though it might seem like a lot, we are progressing very well.
In addition, with the staking of LEO and ZING we are also doing well, approaching 1,500 and 13,000 respectively. Two tokens that I know will have a great momentum during this year and that I have no doubt that investing in them (when the circumstances are right) will be a very positive thing.
I know this year is the year of opportunities. Let's take advantage of this bull run to grow our portfolios, or at least, find a way to invest wisely in those projects that have great growth potential.
This year will be ours. This year will be great! 🚀
- I have used Canva to edit the main image.
- Translated from Spanish with Hive Translator.
- Screenshots taken from the Binance website.