You may have noticed some great changes to our platform of late.
Our lead dev Eric has been working very hard, and has come up with some very cool stuff!
– Added a leaderboard so you can see the top contributors to the Trybe platform– Made notifications more useful so you can see all the activity on your posts and comments– Changed the layout of our editor to make it more intuitive and easier to use!Thanks Eric for all your great work!
DEFI EXPERIMENT
We have also been running some experiments on a number of DeFi platforms and would like to share our results. For the full list of results, visit the DeFi page in our wallet.
DeFi is the flavour of the month for crypto, and I can really understand why. Crypto enthusiasts don't like KYC or any centralized entities having control over their funds, so the ability to exchange, borrow, and lend their crypto assets in a fully decentralized way is a dream come true.
Many people criticise Ethereum for the high fees, but the truth is that Ethereum is the only place there is any real liquidity at the moment for a wide range of tokens locked into DeFi platforms.
There are a number of contenders though for new Layer 1 DeFi applications, and these are what we've been exploring. The ETH fees are just too high to make it possible to make money on ETH unless you're investing thousands or even tens of thousands of dollars.
The ones that we like best are:
LUNA – LUNA is the token of the Terra network. LUNA is used to mint stablecoins on Terra such as UST and therefore the more demand for stablecoins, the higher the price of LUNA.
Given that the CHAI app has over 2 million users and processes tens of millions of dollars in transactions per month (real transactions of real businesses), the demand for Terra stablecoins is growing rapidly (and so is the price of LUNA).
If you stake LUNA, then you earn a part of the transaction fees of the Terra network. Not only that, but you also earn MIR tokens on top of that, leading to a very high APY.
MIR – Mirror is a synthetic assets platform which allows you to get exposure to regular stocks (APPL, TSLA, etc.) on the blockchain. Mirror is also on the Terra network (as well as ETH and BSC) and is growing hugely in popularity. By staking MIR tokens, you earn more MIR tokens based on the transaction fees of the platform.
LTO – LTO also has a large number of real transactions by real businesses, and the fees are paid to stakers of LTO. The returns are good but not as high as LUNA or MIR.
Telos – You all know TELOS, and the returns for staking TELOS are also quite good. Again, not as high as some of the others, but pretty reasonable all the same!
CAKE – PancakeSwap is one of my new favourite platforms, as it takes all the good things from Ethereum platforms like Uniswap and Sushiswap but because it's built on BSC (Binance Smart Chain) the fees are MUCH LOWER.
Liquidity is also starting to really pick up, which means there is less slippage when you trade. There are also a wide number of tokens available on there (many of them traditional ERC-20 tokens). You can use the Binance Bridge to transfer from the ETH network to the BSC network, and then trade on PancakeSwap with low fees
PancakeSwap also has yield farming. What this means is that you can add liquidity to any pool (eg. the BNB/CAKE pool) if you hold both tokens, and then you will earn a certain number of CAKE tokens each day for doing so.
Once you add liquidity, you simply need to go to the correct farm (the same as the pool where you added your tokens) and deposit your LP tokens (these are the tokens you receive after contributing to liquidity). By doing so, you start to earn CAKE tokens.You can also just stake your CAKE tokens directly on the platform, and earn even more CAKE tokens
CAKE is rapidly increasing in price and I can really see why. As the ETH fees get too high, people are looking for better places to trade and farm their tokens. Binance has a good lead in this regard, and probably already has the highest amount of liquidity and token options.
Anyway, check out our DeFi page in the Trybe wallet for some more exact figures on the returns provided by each of the above platforms.
If you're going to hold these tokens anyway, you might as well make some extra profit on top by either staking or yield farming!
