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.

Posted Using LeoFinance Beta