Cosmos (ATOM) is one of those projects that I was never really hyped about, mostly because I just wasn't in that circle. However, in terms of potential and scope, Cosmos rivals Polkadot and Ethereum. It's that big.
With Osmosis (https://app.osmosis.zone/), you get the first legitimate defi on Cosmos. The app serves as a hub for all of the network's major projects and partnerships. Right now that includes Akash (AKT), Crypto.com (CRO), IRISnet (IRIS), Ion, Persistence (XPRT) and Sentinel (DVPN).
The APYs on the initial yield farms are huge — in the range of 1,500-3,500%. As a new project, timing is everything. But if you're getting in, go early and go big if you want to see the gains.
Most of the projects in the ecosystem are established (as much as crypto projects can be established). Crypto.com is the biggest, boasting a centralized, regulated Gemini-type of onboarding/wallet ecosystem that competes for noob mrkt shr. Isn't that what everyone gets excited about and pumps to the moon — shit that prioritizes dumbasses? Well, if you're into that, Crypto.com is your project. The others are a bit esoteric, but they all play an important part in an ecosystem as big as Cosmos.
Watch the video below for a tutorial on yield farming on Osmosis. There's an extra step you have to do.
https://www.youtube.com/watch?v=W9Bdp5_q6jI
Oh by the way, transactions are free for right now. Interesting.
Three things to keep in mind, caveats if you will:
1. Osmosis doesn't seem to have a stablecoin to swap into. So if you go there, realize there's no peg for you to easily cash out into and hold.
2. The yield farms have different "bond" periods — 1 day, 7 days, and 14 days. You get higher APYs for longer bonds, but you also can't remove the farm until the bond is over. So if you pick 14 days, you're in there for 14 days. This may not be the best move (I did it anyway) because of the bearish sentiment of the market. Those APYs seem high, but farming a 3,500% APY and a 15% loss in the value of the token is a NET LOSS. Don't let those APYs fool you.
3. Do not, do not, DO NOT perform profit calculations based on the APYs staying the same. They will drop. In the video above, which was made days ago, you'll notice the APYs were at like a 4,000% max. You see the numbers as I write them today. They dropped. They will drop more. It's difficult to say by how much. But normally, I perform potential profit calculations based on the APYs I see in pools that have already stabilized. For projects like the ones in Osmosis, that means somewhere in the 150-200% APY range. Anything I get on top of that is icing.
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