An Oasis for DeFi farming

An Oasis for DeFi farming

By Jinno | Remember that one time? | 26 Dec 2021


 

  When I first decided to dip my hand into DeFi yield farming there was no Wiki How to with Pictures that walked me through the process. I lost a fair amount in Ether fees because I didn't know what I was doing. First I found a Dapp I could trust which was Sushiswap, then I looked for Liquidity Pair that had the highest APR at the time this pair was WETH/ALCX with an APR of 86% to 95%. The first mistake I made was not realizing that Wrapped Ether is not the same as Ether as I've come to understand it Ether is the network fees that are paid to move around in the network WETH is a more manageable form of Ether for liquidity pairs. So when I went to Pool to add my liquidity positions I created a liquidity pair of ETH/ALCX which did not unlock the SLP needed for the farm I wanted. Long story short I had to wrap it up first and then re-add the correct liquidity pair. From here you would use the unlocked SLP to unlock the pair you are trying to farm. I made it through trial and error but with Eth fees currently being what they are there had to be an easier way to learn...

 

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Moonriver is a sister network of Moonbeam, and provides an environment to test new code under real economic conditions. Developers now have access to start experimenting and building on an incentivized canary network connected to Kusama. The vision for moonbeam is to create a multi-chain future with many chains, and many users and assets on those chains. Moonbeam was designed to serve these new kinds of assets and users that exist across two or more chains.

 Existing smart contract platforms are designed to service the users and assets on a single, specific chain. By providing cross-chain smart contract functionality, Moonbeam allows developers to shift existing workloads and extend the reach of their applications to new users and assets on other chains.

 


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 I'd been interested in getting on the Moonriver network every since I heard of the network and with the recent dip now was a good time to buy MOVR except I forgot my Kucoin trading password. In order to recover it I had to go full KYC and I was like fuck that noise, I've learned as long as you got some skin in the game you don't have to willing give your identification to CEXs, most will allow you to trade and withdraw without KYC to a certain extent. I had some spare Matic on the Polygon network maybe I could bridge my Wrapped Matic and exchange it for MOVR through Relay App.

 

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 Guess what my WMatic arrived on the Moonriver Network but you can't make an exchange on said network without any MOVR first? Solarbeam saw what I was trying to do and they gave me some MOVR 0.0008 for my first transaction which I tried to tweak it to spend as much as I could so the transaction would go through unfortunately it failed. Spending the only bit of MOVR I had at the time. Then I saw this.

 

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Within the ecosystem of Solarbeam the built in bridges are Ethereum: DAI, ETH, USDC, USDT, WBTC & FRAX and Binance Smart Chain: BNB & BUSD for supported tokens for MOVR. Through this DEX I have an onboard ramp to Avalanche, BSC, Polygon, Pokadot and Fantom networks although I would pay exorbitant fees (did you see how much MATIC it cost to send to MOVR?) through the Relay App it is possible.

 

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Now normally when a Platform offers their token I don't really care because the token's evaluation is somewhere in $5.00 - $20.00 range not worth the exchange transaction on the Ethereum network where the fees are higher then my token's value. For all my months farming on Sushiswap I accumulated 1.198 Sushi, I wasn't there for the Sushi but it was dual yield farm. Here on MOVR it cost me 0.0001 MOVR for a transaction probably more than that with slippage but I'm happy to harvest rewards or make exchanges whenever.

 

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Moonriver is roughly 3 months old and how quickly things have changed the yields used to be in the 1000% APR two months ago but I'm not here to emphasize the great yields at the start of the project but how MOVR is EVM compatible which allowed me to access the network in a decentralized manner through mainnet. Most networks are EVM compatible but what separates MOVR from the rest is cross-chain smart contract functionality. I don't have to go through Centralized Exchanges to get me some DOT,AVAX or FTM. I'm not going to lie I've mostly lost money buying MOVR and SOLAR but here is a great DEX and Network for Crypto Noobies to get his/her feet wet before dealing with the unbearable network that is not scaling well and at current price evaluation is only for whales and early adopters.

 

♪ Wherever you're goin', I'm goin' your way

Two drifters, off to see the world

There's such a lot of world to see

We're after the same rainbow's end

Waitin' 'round the bend

My huckleberry friend

Moon river and me ♪

 

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Jinno
Jinno

Shisō hanzai-sha


Remember that one time?
Remember that one time?

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