Testing out the new Torum Liquidity Reward Program (on BSC)

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(Edited)

I have been a fan of Torum ever since its beginning. I saw its potential, I was impressed by its innovation, the quality of the product, but most of all .. I was inspired by the passion of its creators. The Team is what makes something stand out.

There's been so much going on lately with Torum that it makes it a little bit difficult for me to keep up with everything :)

I have seen recently the news about Liquidity Farming on Torum Finance and of course I had to try this out! I will be posting below the steps I followed as per their official announcement. To be able to do it, I invested some of my earned LEO, which I converted to bLeo and then in BNB - check it out below!

Please note that this is not to be considered as financial advisement - a l w a y s do your own research first!


About Torum Liquidity Programm

The program will feature $40,000 USD worth of LP reward, starting from 8th October 2021 and the program will continue perpetually, unless announced otherwise.

In addition to the 0.17% LP revenue on PancakeSwap, LP addresses can earn a share of the $40,000 USD LP reward, which is split into a $30,000 USD primary pool (LP tokens staking) and a $10,000 USD secondary pool (sXTM governance token staking).

Note: Only primary pool (LP tokens staking) is open as of now. Secondary pool (sXTM governance token staking) will be released in future, subject to changes in the rule.

source and further info

My goal?

To try this out and see what happens.
I have just started an online DeFi course offered by the University of Nicosia, I have been trying out the CubDefi but I really feel a bit ignorant so I really wish to explore more this Decentralized Finance field ... So, let's see what happens!

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Let's follow the steps of Finance.Torum


[PHASE 1] - Please follow the exact steps as presented to this post


[Please note that before this you need to use PancakeSwap to exchange BNB to XTM - or else the XMT you already have on Torum, you cannot use yet]

You may use my guide here where I show detailed info about how to exchange leo to bleo and then buy bnb

[PHASE 2]

.1. Entering Finance Torum

.2. I will be connecting my BEP-20 Metamask wallet

WalletConnection
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.3. Assuming that you have successfully completed all the previous step as mentioned below, you will see the amount reflecting on the torum page

.4. Click on Stake > max > confirm

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Attention - there are a lot of small fees that need to be paid, on every transaction being made - all of them paid in BNB

.5. And yes, finally!

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Please note:

  1. After the LP tokens are staked, your LP reward will start calculating automatically and reflected on the site whenever your BEP-20 Metamask wallet is connected.

.7. And it seems that I immediately have some sXTM to harvest!

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Everything is working perfect and I can always unstake or swap the sXTM to XTM

Please check out the official post of Torum here: https://medium.com/torum-official/announcing-torum-liquidity-reward-program-bsc-162793412471

My experience was quite good, I found it to be easy and I should thank a lot the Torum user '@arcequesea' (not sure if you are the same on Torum/hive :) who helped me out on the torum direct messaging :)

Do you use DeFi?
Where did you first hear about liquidity / staking etc?
Do you feel safe using these apps?
Which is your favorite DeFi Dapp and why?

Thank you very much for visiting my blog :)


Please note that this is not to be considered as financial advisement - a l w a y s do your own research first!

Posted Using LeoFinance Beta



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5 comments
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Great information and Torum is quite a revolutionary social platform of its own with DeFi and NFT integration. Supported by Huobi I think they will become huge in the future and challenge maybe Twitter or Reddit. A crypto and hopefully decentralized platform in the making!

Posted Using LeoFinance Beta

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Thank you for your input,I like your excitement! They sure have a good product and I like the fact that they make firm and steady steps to the right direction.
It is an amazing feeling for us to be part of 'history in the making'
(as we are part of the new generation social media such as hive and more..)

Posted Using LeoFinance Beta

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I tried Defi on Cub Finance and somehow turned $2,000 worth of my BNB into $40. So I don’t convert any of my BNB into anything anymore and just earn 30% APR with 30 day Locked staking of my BNB on Binance.


Posted via proofofbrain.io

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Oh no! This is unbelievable! Have you checked this with the team? I always try small amounts because I have the phobia that I will do something wrong...

Posted Using LeoFinance Beta

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Not unbelievable…. The only thing I did wrong was use $2,000 of BNB to buy Cub at $11 on the 1st day…. Now my Cub is worth about 40 pennies. So my 100 cub are now worth about $40


Posted via proofofbrain.io

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