Farming new assets (REEF) by staking BNB tokens on Binance Launchpool
These free days I am wrapping my head around the Binance Launchpool and trying to see what it is all about. In general when users stake specific crypto assets in the DeFi projects, such as provide liquidity to a liquidity pool, they will get rewards in return. This is well known as yield farming. It seems that Binance capitalized this trend with the Launchpool, an option to allow users to farm new assets by staking BNB, BUSD, and other tokens. The sers can withdraw their deposited assets at any time and the reward is updated every hour, which is pretty cool for any Speedy Gonzales trader.
As I have some BNB tokens on Binance I've decided to dive in the Launchpool and the project that I've chosen to do so is Reef Finance (REEF). REEF is a multi-chain smart yield engine and liquidity aggregator powered by Polkadot. It states to be the first cross-chain DeFi operating system that gets liquidity from everywhere - both CEXS and DEXS. While at this moment only farming is opened for it, Binance will list REEF into the innovation zone at 2020/12/29 6:00 AM (UTC) and open trading with REEF/BTC and REEF/USDT trading pairs.
I have initially staked 1.2973 BNB and than added 3.6524 and reached 4.9497 BNB from which I succeeded to farm 3.2232 REEF in rewards.
The farming period is between 2020/12/23 0:00 AM (UTC) to 2021/01/21 11:59 PM (UTC) and the Daily Rewards are decreasing in time. Thus is important and incentivized to participate in the early stage of the launch in order to get more rewards for your staking.
Probably I will explore and get involved more in the future within such pools as I find it easier rather than going to decentralized liquidity pools on Uniswap and others alike. Nevertheless once the REEF token will be listed in 2 days I wonder what the price will be and if all this was worth the time. But if you don't try you cannot know about it so let's see where this first experiment will take us.
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https://twitter.com/behiver1/status/1343196551032807429
I think you're right to try your luck, sounds quite safe and trx free.
I've gambled on OG and Atletico Madrid tokens this time, hoping for good surprise :)
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You are right on the FANS tokens, there is a world just built on that. In Rabona I've named my team Atletico Madrid so probably I should get some tokens as well :)
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I’m disappointed to say the least 🤣
Absolutely true that football economy is just madness.
And I put some on OG as I see a bright future for professional gaming :)
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You can also farm some football team tokens.
I farm PSG and Juventus. I staked some 400 BUSD and got round 0,3 from each thus far.
Binance has many choices and it is becoming a one-stop economic institution.
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Indeed it is right to call it a one-stop economy, it seems to taggle every angle in the DeFi and simplify it for its users. While it still might look as an intermediary, the easiness of doing things and be able to farm brings new users to the table.
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And it also increases the value of BNB...
Thanks for the tip, just staked 17 BNB to the pool. :)
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Great to see you joining the pool, there is still time for 1st Layer distribution where are most of the tokens. Nevertheless in 2 days REEF will be listed and there is also time in January to keep piling up.
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Thank you. I'm doing this for the first time and I'm curious how it will be.
It is part of the learning process about crypto ...
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Good luck and hopefully you will have some nice gains once REEF is listed on Binance.
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Thank you! I hope so. In this case you will have higher gains.
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