Lift.Kitchen is a Decentralized Autonomous Organization formed on the ERC20 Blockchain technology to bring investors to blockchain products but for me was an absolute waste of Ethereum (ETH) and such a disappointing experience!
The project was founded in 2021 to improve the human experience and acts as a DAO that is intended to be a prototype crypto incubator. It was announced that iFARM staking will be available upon launch and I was looking forward to the event. Staking iFARM will reward LIFT tokens, which than can be staked to earn Control (CTRL) tokens. The (LIFT) token will be the reward token for protocol participants and can be staked in the boardroom to accumulate CTRL tokens which will give holders voting rights. CTRL is not immediately redeemable and will become available by the Idea Fund at the 45th day mark.
And when the day has come, I was ready to stake the iFARM holdings into this innovatory platform. First step was to allow Lift Kitchen to spend the iFARM and the requested fee was 12.97 USD.
The previous fee was followed by another fee. I had to pay $37.56 to stake the iFARM and start earning LIFT. Because 9.8 iFARM are a considerable amount and because Lift.Kitchen was just launched, I hoped that the farming reward will cover the fees I had to pay.
Once the staking was confirmed, the rewards started to accumulate. According to the whitepaper, the rewards are available to individuals that help the platform expand and those promoting Lift Kitchen. The new dynamics will make the rewards far more profitable for the participants by providing a reliable long-term return to investors. I couldn't find any APY or reward formula to track or forecast my staking rewards.
I staked iFARM on Lift Kitchen for a month and I wasn't sure if it was worth it. When the ETH gas fees were low, I decided to unstake and convert the iFARM in FARM. For every other ETH transaction, withdrawal or deposit, I paid under $5 but when I clicked to stake the LIFT in the Boardroom, the requested fee was 0.0427 ETH, an estimated $174.40. Seeing the value of the fee, I was thinking that my iFARM is now stack on Lift Finance.
The next day the ETH fees went even lower and I managed to withdraw the iFARM for a minimal fee. This was converted in FARM and staked on Harvest Finance, in the auto-compounding pool. At today's price ($125), the amount of LIFT I farmed will be worth approximatelly $15 which is not even a third of what I paid in fees.
When I tried to stake the earned LIFT in the Board room, I encountered an error. The LIFT couldn't be transfered from the Stake Pool into the boardroom. I tried several times in the next days and same error again and again. I abandoned the idea and moved on.
A week after I remembered about Lift Kitchen and decided to try again. I had to pay 1.81 to allow Lift to spend my LIFT and after the wallet connected, I couldn't find any LIFT balance. I checked every single tab of the platform and I couldn't find any trace of LIFT. Has a perfect way to complete a disappointing experience which ended up with no reward and over $52 paid in fees.
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