Sirwin
Sirwin

Bitrue Progress Report

By Cryptoonestop | CryptoOneStop | 12 Nov 2020


Twitter | Facebook | Reddit | YouTube | Patreon | Store Front | Earn $100 in Promos

https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F5fec84ca-0e4c-4096-bb04-72371e5a2abc_10000x7496.png

Bitrue

DeFi (Decentralized Finance) Update

Bitrue has been busy preparing its DeFi Product: Yield Farming. I have happy to announce that it was launched on November 2nd, 2020.

Bitrue currently provides two ways to participate in Yield Farming and we can expect more to come in the future.

Initially two investment opportunities will open for our users:
1. Lock your USDC in Yield Farming to gain FNX, with an estimated APR of 60%.
2. Lock your XRP AND BFT in Bitrue Mining Pools to gain BFT, with an estimated APR of 500%

You can bet that I locked up some funds to experiment with what Bitrue’s Yield Farming has to offer.

Bitrue Yield Farming

I will document my progress with Yield Farming here.

Bitrue Mobile App

Currently, Bitrue Yield Farming is only available on the mobile app. The home screen of the app should have an icon labeled “Defi” and I added a red circle to help you locate it (see above).

Bitrue Yield Farming Screen

This screen shows the available two Yield Farming options available and the remaining cap. When I invested, the XRP-BFT pool was 64% filled while the USDC pool was only 8% filled. Pools are only opened for a 24-hour period and they each have a cap on the total investments from the community. So act fast or you will miss this window of opportunity.

Click the “Details” button on the pool of your desired choice to proceed to the next screen. I started with the XRP-BFT pool because it was filling up fast.

XRP-BFT Pool

The XRP-BFT pool requires you to deposit equal value of XRP and BFT. I had problems depositing into this pool as it kept saying I did not have enough funds but I did. I tried several different values before the app finally accepted my deposit of 1500 XRP and 3840 BFT. You just need to put in the amount for one asset and it will calculate the required amount for the other one.

USDC Pool

The USDC pool was much easier to participate in as you only needed one asset—USDC. I deposited 1002 USDC to test out the pool as it was not as popular as the XRP-BFT pool.

XRP-BFT Pool Rewards

As you can see, The XRP-BFT pool pays out in BFT as rewards and I earn roughly 90 BFT every day.

USDC Pool Rewards

The USDC pool pays out in FNX as rewards and I earn roughly 17 FNX every day.

Yield Farming Home Screen

Notice that the Yield Farming home screen gives a nice summary of what I am earning in terms of USDT—I earn around 12 to 13 USDT every day during this 7-day lock-up period. This results in an APY (Annual Percentage Yield) of 258% when combining both yield farming pools.

Yield Farm Timeline

Based on the timeline, I will be getting my rewards distribution on November 12th, 2020—one day after the pools’ Maturity Date. Since the pools are still ongoing as of this article, I am unable to report the final results until a future progress report for Bitrue. For now, I am satisfied with the rewards and will continue to use Bitrue’s Yield Farming services.

Interest Earned

I love looking at my earnings from Power Piggy and with the recent bull run, my portfolio grew quite a bit. In the last 4 weeks, my Power Piggy portfolio grew by 1659 USD—a 33% increase in value. You can use this Google Spreadsheet to track my earnings on the four major platforms I use.

Below is my earnings from Bitrue’s Lockup. So far, I have accumulated 5161 USD in interest. In the last 4 weeks, this portfolio grew 38% resulting in an extra 1413 USD in earnings.  I am taking advantage of the current high APRs on ETH and BTC with Bitrue’s Lockup. ETH is earning a whopping 11% and BTC is earning 8.5%. Since BTC and ETH make up a large portion of my lockup portfolio, it makes why it is up so much. BTC is at 14.9k USD and ETH is at 440 USD.

Overall, my Bitrue interest earnings grew 35%, netting me a total of roughly 3072 USD.  Given the recent mini bull runs, these numbers will only be a tiny fraction during a true massive bull run. The great thing about HODLing is that I am dollar cost averaging (DCA) into these cryptos which have huge potential to pump during the next cycle.  In my Bitrue Progress Report 3 months ago, I made over 3000 USD in interest in just 4 weeks and once again I am seeing the same earnings—the power of compounding is starting to be quite noticeable.

Conclusion & Prospect

It seems like Bitrue has been focused on releasing its Yield Farming DeFi product because not much else has been happening on the platform. Although it was slightly delayed—since it was expected at the end of October and not early November—I have strong belief that Bitrue’s Yield Farming product will do well.

The original post said that there would be 7 pools available in the beginning but so far there are only 2. Regardless, it is probably wise to start small and have a couple of successful products rather than several failing products. In the meantime, it looks like Bitrue is already working on selecting assets for the next pool(s).

Bitrue Tweet

What I Am Doing

This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.

You are currently reading the Free Version. If you would like more information, please consider switching to a paid subscription.

Each week I will report on a different interest-earning platform that I use—mainly, Celsius NetworkBitrueCrypto.com, and BlockFi.

If you are new to crypto or have considered joining new platforms, check out this referral sheet which organizes everything into a simple chart—you can earn over 100 USD in bonuses!

 

How do you rate this article?

16



CryptoOneStop
CryptoOneStop

Accredited Investor | Digital Asset Consultant | Keto Diet Adherent | Part Time Market Analyst | PharmD | Former Writer for Altcoin Magazine

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.