Also check out some index products like DPI and the like. Saves on gas.
DeFi - going bankless
- Thread starter Sprout
- Start date
Also check out some index products like DPI and the like. Saves on gas.
BNB has been on
Tried interacting with CAKE but still trying to on-board on BSC, this cross chain swapping still is a bit buggy.
Main disappointment about BSC is that items a walled garden and will geoblock even with a supposed DEX.
Yes!
I had bought a brand new laptop a week ago to dedicate for all kinds of coins that use different wallets and blockchains (i.e. Doge, Terra, etc). Noticed some really old projects are mooning again, BAT, DASH, which is a function of too much money coming into the cryptos space
Anyway, back to Binance, I made the mistake of connecting the brand new, out of the box laptop to the Binance liquidity bridge without VPN, this thing is key as it will allow you to tokenize your Eth to BEP-20 Eth version that you can use on cakeswap and other BSC dexes and Defi ecosystem
I said, hey no worries, fire up the expressvpn, pick a good place in Asia, that stupid thing put some kind of cookie or tracker on the laptop, couldn't fool it. I wiped all the cache and cookies, still no luck. I finally reformatted the laptop clean and never used it without a VPN, lol
Anyways, bro, Defi on BSC is pampin'!
My 3 coins on the Binance Smart Chain have absolutely destroyed bitcoin returns the past 48-72 hours. BNB, XVS, and BSCX (just got into this today after converting all my Badger to Eth to bep-20 eth then to bscx)
One more thing on the Eth Defi fiasco, I spent about $250 in gas fees to withdraw from the Badger platform, spent hundreds more in gas to convert Badger to Eth using Uniswap, can't do in one shot too much slippage for the amount of Badger I was converting
Went over to BSC, use the liquidity bridge (drop down on Binance website called dex brings you to binance.org) to convert all the Eth (several passes, don't want to risk $45K in one transaction), this process takes time, but once on bep-20 eth, cake swap fees are like 25 cents, and almost instant!
I'm not bitter on Eth/Badger, turned $16k to over $60K (still have the Digg position in-play part of which is from Badger profits), but just the horrendous experience of high fees and slow confirms on the Eth defi is why many are flocking to BSC
And on that note, that walled garden is an opportunity for anyone able to maneuver around it. Check out these yields on the BSCX
(full disclosure, I'm not yield farming and not sure I will be as I like the coins quickly accessible for trades/cashout, I know I'm leaving a lot of $ profits on the table but I'm also lowering my risk exposure, ymmv)
https://launchpoolx.bscex.org/#/
What are your guys thoughts on the current situation with ETH’s gas fees? They’re currently around 173 Gwei which is over 10x what it was a year ago. If it continues to go higher, it’s going to make some of the Defi platforms unusable unless you are transferring large sums of money all at once.
I’m pretty sure that they are working on fixing this with ETH 2.0 but given the track record in the past, it could be a long time to fully transition to the new chain and get everything resolved.
I’m pretty sure that they are working on fixing this with ETH 2.0 but given the track record in the past, it could be a long time to fully transition to the new chain and get everything resolved.
Yea.... On my previous post, I said that Defi projects are moving to Binance Smart Chain hence the incredible run of the Binance BNB coin, as well as projects on the Binance Smart Chain like XVS, BSCX, (pan)CAKE, etc.
The gwei when I initiated the withdrawal from the Badger staking platform (Defi) was 177, and this was because I had waited about half hour, when I was considering it, it was over 300, then stayed in the mid 200's, and when it hit 177, I hit save and confirm
The agony did not end there, gwei jumped to over 200 and after waiting another 5 minutes, I sped it up on Metamask using 201 gwei and paying 0.21 Eth in final fees (over $380)
That's ok since the value of the withdrawal was over $45K, but if someone had a smaller deposit of a few thousand $, I do not think that would be feasible and that's why Defi on Binance Smart Chain is exploding, fees are pennies and instant
I'm not saying Binance is going to flip Ethereum since all the billions of $ stable coins (i.e. USDC, GUSD, PAXOS, etc) are on the Ethereum blockchain, but there is a small chance it could as you said, Eth 2.0 is going to take a while, some Defi projects are not going to wait and starting now on the BSC
PS: It's better to have VPN with an IP that is outside of certain countries, Binance does not want to be in trouble with the authorities enforcing AML/KYC and until there are solutions for Defi AML/KYC (there's a project called Litentry, coin LIT, that may address this or another solution) this is what has to be done
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For those yield farming with LP's, came across this super handy tool;
https://apy.vision/
Did I mention zerion.io ? Just love what these folks have done. Clean and elegant interface and seamless trading within it.
https://apy.vision/
Did I mention zerion.io ? Just love what these folks have done. Clean and elegant interface and seamless trading within it.
Might format me a linux client and try this on the weekend. What's the minimum stake? Clean binance account? How'd you deal w/2FA w/o using your personal phone?
Google authenticator with vpn
I recommend Authy instead, you can have multiple devices (i.e. another phone or Android tablet, chromebook). So if you lose the phone, you have another device with all your 2FA setup
Linux FTW! By the way, 2fa is not required on any account, but highly advisable, but yea, use Authy or google authenticator
You should buy a prepaid SIM on ebay (even US based) that will allow you to sign up for a google email account (you can use the same phone number on a few, I think, before Google complains). Don't use email associated with you IRL, sign up with all kinds of junk subscriptions like Target and Walmart to show activity on the email account
For bonus kicker, you should buy a roaming SIM card from overseas (preferably Asian country) on ebay, you can also load it up using ebay or bitrefill. Now you have an Asian phone number you can receive text messages while you're in the US. profit$
