Whaleshares Logo

Which Low Gas, HIgh APY DeFi Pool Platform Are You Using, Other Than BSC?

xyzashuPosted for Everyone to comment on, 3 years ago4 min read

Ethereum network has always been a go-to place for most DeFi activities. Success of DeFi has encouraged many other Layer-1 and Layer-2 projects to introduce DeFi on their platforms. So these days, there are several gas-free or low gas options for liquidity mining & yield farming, that are also serving the interest of smaller investors.

Binance Smart Chain has undoubtedly gained the most share outside of Ethereum chain. But where else are you finding good opportunities?

I know some projects on chains like EOS, Tron etc. starts with 1000s of percentage in APY returns on yield farming. Of course, these APY rates ain't sustainable and rapidly declines with a few days or weeks. But what sets these chains apart is there isn't any switching cost when you want to move your investment from one project to the another to keep getting the best yields.

However, I've never tried these chains so far. But last month I happened to enter one such project and I'm amazed by its performance with consistent returns of over 500% APY and is still going strong. Today, I'd like to talk about it.

For a long time, I wanted to accumulate 100K coins of few low cap projects to HODL for long term. Yes, I've a unit-bias as 100K figure looks very attractive to me and I believe it could turn to be a life changing investment at some point.

So I was monitoring low value coins like ADA when it was just 3 to 4 cent per unit. I wanted to buy ADA in exchange of my STEEM but STEEM's prices continually kept moving down in proportion to ADA's prices and I could never accumulate that much ADA. At one point, I gave up.

I also tried accumulating 100K HIVE for a long term HODL ...and I'm still trying :) Similarly, I had many other coins on my radar like ONE, IOTX, IOST, ZIL etc. when they were all below half a cent. But somehow I always fail to accumulate them.

Last month, I noticed IOTX started quickly moving up from half a cent to 1 cent. I don't wanted to miss on that. Iotex is one of the few decentralized IoT blockchains which boast of actual working products built on it e.g. UCAM, Pebble Tracker etc. It's CCTV camera UCAM which gives you true ownership of your data was recently covered by tech media like Mashable, theCHIVE and dailycaller.

I had some IOTX which I bought at almost its peak during its launch. So I though even if it's 1 cent, I can average down total cost of my holding to a comfortable level.


image.png

I also noticed the launch of CYC (Cyclone Protocol) on Iotex. So I rushed to invest a little over 100K IOTX in its anonymity mining. Cyclone is a multi-chain privacy protection protocol which anonymizes the transactions by breaking the on-chain link between depositor and recipient addresses.

I got something like a couple of CYC coins on day 1 from anonymity mining, and I put that into liquidity pool on IoTeX's AMM Mimo. Staking my LP tokens is generating a yield well over 500% which isn't too low from the initial crazy days of 1700% APY. The prices of both coins IOTX & CYC are on an uptrend. In the beginning, I was not very optimistic of CYC prices, so I used to sell my yield twice daily starting with $75 per CYC. But CYC prices kept on increasing every day. When it reached over $400, I started taking it seriously and started adding to my liquidity position :). Now it has reached over $650.

Today CoinGecko listed CYC. CYC also became the first XRC-20 (IoTeX) token to get listed on a centralized Exchange yesterday.

All IoTeX tokens and dapps are very easy to manage from its mobile app. Binance Smart Chain pegged IOTX was also launched the day before. Thus pegged IOTX can also be stored in BEP-20 wallets like Trust Wallet. ioTube v3 of Iotex supports two-way ERC20 - XRC20 token swaps.

In hindsight, I think I should have invested more in IOTX esp. in IOTX/CYC LP but honestly, I wasn't expecting this much APY and price increase in CYC in such a short period.

Sometimes, I get things right merely by chance or I'd say, I sometimes get lucky!
Or so do I feel. But ain't there better opportunities out there? Do share your experiences where you stuck gold in DeFi pools outside of ETH & BSC ;)

Sign Up to join this conversation, or to start a topic of your own.
Your opinion is celebrated and welcomed, not banned or censored!