Pancakeswap.Finance is a BSC-based DeFi project. CAKE token recently skyrocketed from like $0.5 to $8, and I think pretty much everybody knows about Pancake by now.
Besides liquidity pools, Pancake has a nice feature called Syrop pools. They're "one-sided" stake pools for token distributions: you stake CAKE (or another token, depending on the pool's rules) and earn another token in return. E.g. there's a CAKE pool to stake CAKE and earn more CAKE, a LIT pool to stake CAKE and earn LIT, and so on.
About a month ago I (and other Binance clients) was fortunate enough to get 100 TWT tokens as a gift from Mr. CZ of Binance. At that time TWT was not listed on Binance and I had to withdraw it to my Trust wallet (it was Mr. CZ's condition) for a 1 TWT fee. Then I started to research what I could do with my 99 TWTs -- and I found Pancake's syrop pools!
At Pancake my 99 TWTs were worth like $10 at that time. But instead of selling them right away, I staked my TWTs in a syrop pool and started to earn more TWTs. I made it just for fun, mainly because the transaction fees were less than a half-buck overall. When the TWT pool ended, I swapped all my TWTs into CAKEs. It was 20 CAKEs, nearly the same US$10 of the total value, at that time.
I've been pushing my 20 CAKEs in any syrop pool I found appealing. It was fun, and I could afford the fees. I still own some TEN shit staked somewhere, I had EGLD and sold it at $205, I have some LINA shit which is pretty much useless, and LIT, I've made a fraction of CAKE too, and so on. However, I doubt I earned much: a capital of 20 CAKEs is still too little to combat fees. When CAKE price doubled, I sold 10 CAKEs for about the same 10 bucks in total and left another 10 CAKEs for "breeding". And shortly after CAKE has exploded...
Two days ago I went to Pancake to check my pennies and saw a new Syrop pool. It was a COMP pool -- you stake BSC-pegged COMP and earn CAKE. And the pool's APR was like 385000% (three hundred eighty-five thousand percent)!
I quickly grabbed all the cash I had on Binance (about $150), bought 0.3 COMP, hedged them with a short, transferred BSC-pegged COMP to my Trust wallet, and staked it in the pool. With less than $1 of fees overall I was earning some incredible APR at Pancake and also a penny from my short's funding fees.
I'd managed to get about 1.75 CAKE before Pancake's devs came out and said that APR was way higher than intended, because of a mistake in the pool's contract. They launched a new COMP pool, with a much more modest APR of "only" 300% in the beginning.
I sold my 1.75 CAKE for about $14 in total (minus $1 of fees, plus $1 of funding from my useless short). I'm still hodling my 0.3 COMP and 10 CAKE in syrop pools.
That's the DeFi I like! If only I could borrow COMP (or at least any stablecoin) at Binance against my BTC bag...
Dear Pancake devs! Could you please airdrop a "governance token" or something which would pump to thousands of USD?
Posted Using LeoFinance Beta