Preface
I have been playing with Defi on BSC for a few months. The return was OK however, in hindsight, I might just as well hold on to the BNB I have vs. exchanged and farmed other tokens :-(
BNB Staking
With the BNB price skyrocketed, I decided to stake it in Trust wallet instead of risk it in Defi. I have seen very few articles write up about BNB staking. So below is my experience.
The easiest way I found is to use the Trust Wallet. I believe they are owned by Binance now (correct me if I am wrong). It is a mobile only wallet. Just download for Android or IOS app store. If you already have Metamask wallet, there is no need to create a new wallet. Just select "I already have a wallet" and use your saved mnemonic phrase to import it.
Once wallet are set up, transfer some BNBs using the Binance Chain (NOT BSC) to the wallet. (I did a withdraw from Biance.US) Once the BNB showed up, you can click on the ... (more) icon, there should be a Stake option. You can select from a list of Validators to stake your BNBs. I have chosen Ankr as I know the company. The return has been fluctuating and I think it has been between 25 -15%. Like all the good Defi stuff, the good rate won't last long. But this is a good way to get some returns on you BNBs while HODL.
Stable Coin Farming
Recently, I have seen Autofarm added a few more single coin farms. There should no be any IL for them and other than the standard contract risk, I think it is pretty safe to stake some stable coin to earn some extra interest. The USD we have is doing nothing at the bank anyway. Please message me if you think I missed any risk here.
So, I used ACH to deposit some USD into Binance.US. Then traded for some BUSD and USDT ( you only need to choose one, I was doing some testing) Just pickup which ever gave you the best returns. For some reason, Binance.US only support withdraw on USDC in ERC20 chain. So even though USDC has a better return at the moment, I cannot use it for my strategy.
Once the coins are available to be withdraw, withdraw them to the Trust Wallet's BEP2 address. This is the Binance Chain, not the BSC. Here in US we cannot direct withdraw to BSC for what ever reason.
Once you see it in Trust Wallet, you can click on the ... (more) option to "Swap to Smart Chain". From there on, you just do the normal autofarm stuff to deposit to Vault.
Note
For people using Metamask Wallet , you might be surprised that there is no balance for USDT or BUSD. You need to add a custom Token as the BUSD and USDT are the Binance peged version. BEP-20 token. By default, Metamask doesn't recognize them. Just search for them using Bscscan and copy the contract address.
Hopefully this tip can save someone on getting heart attacks :-)
Disclaimer
Nothing I wrote can be interpret as any advise (financial or otherwise) I wrote this blog just to capture my experience moving alone. DYOR (do your own research) and never play with anything you cannot afford to lose.
