Further adventures with HECO

By Reaverraver | new to crypto | 6 Sep 2021


First things first, a HUGE thank you to @Mfa for providing me some HT token which allowed me to get all the bridged tokens I had changed to more HT. Now I'm up and running on HECO, yay!

First thing that struck me was the Huobi hub is very similar to Binance, even down to the "convert small balances to HT" button on the wallet ( I didn't have enough to withdraw it ).  The next is the price. Binance is sitting about $496.24 per share, Huobi is sitting at $17.29, and using it for a few transaction, it seems to use up roughly the same number of tokens as binance, so the price for most transactions is cheaper than Binance. 

Another major point I noticed, is that pretty much all the random HECO sites I visited came natively in Chinese. Took a little hunting to find the button to change to English, but lots of interesting projects I found on DeFi BOX.  Another thing that struck me is that aside from the finance and yield sites, a lot of the gaming sites where very obviously targeted at the Eastern market. Case in point Cultivation Wolrdl token ( not a typo ) Can read more here if you can find the English button https://www.chainnews.com/articles/783508445058.htm  .  I resorted to Google translate. 

Ok, First things first I needed to get all my bridged assets changed into HT.  It seems THE king on HECO is MDEX. Bridging from Binance is a breeze, and as long as you have some HT token, changing these bridged assets to almost any other token is a really quick and easy. 

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Ok, enough HT under my belt, off to butterswap to finally get my NFT'S unwrapped, and my abysmal luck, as usual got two of the lowest NFTS 

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I had to spend some butter to unlock the place, but they are generating more butter for me to stake.  I've been popping the earned butter into the auto compounding pool. If you know pancake swap, this is pretty much the same with an NFT staking bit. 

Then I headed over to FilDA as recommended by Mfa. 

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Huh, this is pretty much AAVE.  You can put tokens into savings and borrow tokens.  Or you can go to invest and it uses third party websites to offer better rates for saving only. I popped a bit in here to make sure I don't easily run out of HT tokens again.  I try not to get into any Leveraged positions, as I have been badly burnt this way before. 

I was also surprised to find out Beefy and Autofarm had expanded to HECO, I use them on Binance, and I think everyone has at least dabbled in one of them,  so not going to cover them. 

I also had a look at https://channels.finance/ .  I really like the way they laid everything out, so I popped a bit more HT token in to earn more 

And that's where I am now. I will keep playing around.  I like the fact that there don't seem to be anywhere near as many scam coins or meme coins around.  It is heavily into finance and yield sites, and I couldn't really find many of the Pay 2 Earn games or NFT exchanging sites, or at least none natively catering for English speakers.   If you spot any that you have personally made a profit from, pop it into the comments.

So my overall thoughts are positive.  Onboarding Fiat is a huge nightmare, but transferring a token like Tron or XRP across to Huobi is pretty painless, and runs pretty much the same as Binance, along with the minimum withdrawal limits.  Once you have HT tokens, using Mdex to transfer from binance to HECO is a breeze, and not too expensive. You also get the Mdex tokens as fee refunds for most transactions.  Actual transactions seem to be cheaper ( not as cheap as Matic ) but the execution speed was far faster than Binance or Matic.  The first time you go onto a lot of the websites I had to guess which bit of Chinese characters was the change to English button, so this chain is definitely far more based for Eastern customers, but it does have staples like beefy and autofarm.  If you think I missed any good sites, leave a comment and I'll have a look at them.  

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Reaverraver
Reaverraver

Just started getting into crypto.


new to crypto
new to crypto

I finally fell down the crypto rabbit hole, and I thought I would put my thoughts and perspectives as a complete newbie finding his feet.

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