Baking Cakes

in LeoFinance2 months ago

Before the New Year I got lucky enough to get 100 TWT tokens for free as an airdrop from Binance. TWT is Trustwallet's "native token", it's not traded at Binance, so I had to install the wallet on my smartphone and to withdraw my TWTs there. I paid 0.5 TWT fees and 99.5 TWTs landed in my wallet with no problem.

TWT is on BSC chain, so I could just swap my free tokens for about 10 bucks of BNB and withdraw it back to Binance. However, I decided to try BSC-based DeFi and headed to Pancake Swap, a DeFi dApp promoted by Trustwallet.

Pancake has "pools" (a kind of "single-coin staking") and "farms" (for "liquidity pairs"). I headed to pools, because I didn't want to add anything except my free TWTs.

First I staked my TWTs to earn some CAKEs. Then TWT staking finished, I swapped TWT into CAKEs and staked them in the CAKE compounding pool. After some time I withdrew it all and got about 20 CAKEs in total. I staked them in TEN pool, to earn Tenet project's tokens (simply because I've been monitoring the project for quite some time already). Then I got out again and put my 20 CAKEs into BTCST pool.

Well, no matter how low BSC-based pools commissions are compared to ETH-based ones, hopping from pool to pool with a 10 bucks stack will eat almost all the profits (unless some mined token pumps hundredfold). I expected it, however.

I only wonder, what if we remove the CAKE token (or any other "incentive token", for that matter) from the system? That is, what if "liquidity mining" would profit from "transaction fees" only -- would all that DeFi thing so desirable then?

Anyway, right now Pancake bakes its CAKEs at the speed of light.

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That takes a lot of know-how to do all of that moving and trading around, I wonder if there is a job market for that kind of thing.

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I think it should be. Two years ago I've got a job as "mining advisor" -- I had to set up a mining rig for a guy who wanted crypto but didn't know anything about computers. Today there must be something like "crypto investment advisor".
In my area most people have a problem with cryptoinvesting simply because they don't know English (and Chinese, etc.) well enough to read what's on the website. And they know almost nothing about how all this stuff actually works.
However, there's a problem of trust here -- will you trust your pile of money to some guy to move it around various websites you don't understand what they are for? My wannabe miner guy had enough money to go in big, and he would definitely need an advisor, but I don't work for him for quite some time already and didn't have a chance to talk about that.

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This makes me realize how far ahead of the pack we crypto bloggers are, I can remember how green I was when I found Steemit. lol

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