We all take part in all types of Twitter giveaways hoping to earn some free stuff. The HYPE now is NFT giveaways but before that was token offerings. I don't win giveaways so often but when I win them ... I win totally useless staff! This time I won 0.50 PHO, the native coin of Phoswap. I don't see a better opportunity for a "Crypto Cooking" article than today!
I didn't even knew that Phoswap existed or what is but winning that 0.5 PH0 made me presearch it. Looks like it can be traded in BKEX, Hotbit and Pancake Swap. The Phoswap AMM is powered by the PHO token, which can be bought, or earned through staking and farming. In real life (yes... legends are talking about something called "real life") Pho is a dish consisting of broth, noodles, herbs and meat. Pho is Vietnam's national dish and was invented over 200 years ago, being a popular dish in restaurants and street vendors.
Moving back to our fake like on the WWW, where everything is cool and we are all happy, I had to check what the 0.5 PHO can do. The easiest option was to trade it for half BUSD and forget about it but I never chose the easiest option. I had a look at Phoswap and the first impression is disappointing, as the dashboard looks ancient and unattractive. I tried to stake 0.5 PHO but the minimum cap is 1 PHO. At least the pool is auto-compounding and the reward is added automatically to the stake balance.
For the sake of the experiment, I shifted some Binance Coin (BNB) and staked to earn some PHO. This transaction wasn't for free, and I had to pay 1% of the deposit.
The whole process and page looks overwhelmed with useless details and too many numbers, and I honestly believe that the platform could be simplified to achieve a fresh look. As you can see, only 13.8 BNB are staked in the pool, that's not even half of my BNB stash. The reward after one day was 0.446 PHO, about $0.50, which is not yet claimable.
The "ROI" button will open the earnings details, a pop-up square full of numbers and mostly boring information such as earnings per seconds. The current APR per Binance Coin (BNB) in stake is 37.54%, nearly $98 dollars per year. The APR per PHO in stake is 252.29%, adding $2.61 to the pot, however the reward will be bigger as the pool is auto-compounding.
After one week of staking I wasn't sure why my PHO is not yet claimable so I decided to unstake my BNB and use it to earn some rewards on Binance. I will do this on Thursday, after a full week of staking
Resources:
The fountains: PipeFlare ZCash, GlobalHive ZCash & Get.ZEN
Publishing bundle: Publish0x, ReadCash, LBRY & Presearch
- This article may have been published on ReadCash or Publish0X
