I been reluctant to jump into DeFi the entire year, I felt I did not know enough about it and that as a father of now two young kids. I could not risk it.
I have preferred the CeFi options I been familiar with.
Nexo, Celsius and BlockFi for my asset accumulation. My goal has been a mix of being financially independent and FIRE through crypto. It’s at odds with each other it might seem, cause FIRE assumes a safer accumulation of wealth generating assets than volatile crypto.
But thanks to the recent Bull run in this field my stock assets now dwarf my crypto assets. So I found myself with little stable coin to burn on projects. I stumbled upon a YouTube video talking about a relative new super risky project called KogeFarm.
I decided to jump in and risk it.
I put $1000 into Kogefarm AutoVault as a test.
I just started to yieldfarm so I haven’t seen any great gains but the yields look very promising. Although I know about rug pulls and the fluctuation of prizes in small projects I decided to risk it.
Yields are now for KogeCoin up to above 400% which is amazing. I have to say that Kogecoin is on the Polygon network so you will need some Ether to burn to get into Matic network. I took this quote about Kogecoin from CoinMarketCap website.
“
KogeCoin’s goal is to become a store of value for the Polygon community. It is a deflationary token that launched via airdrop to all early QuickSwap users who had around 4 weeks to claim. Too often, “fair launched” tokens get sniped by bots who then dump on the rest of us. KogeCoin avoided this problem and built up a strong community of dedicated HODLers.
The devs are fully committed to KogeCoin and the Polygon/Matic defi space. Holders of KogeCoin will benefit from the fees generated at KogeFarm.io, an auto-compounding utility we built for defi users. We view KogeCoin as a token that allows us to grow with the community, and expect to both grow KogeFarm and build other utilities for holders in the future.”
To make you understand how risky the endeavor is the market cap of the coin puts it on #3029 on CoinMarketCaps list.
But with great risk comes hopefully a reward. It’s been a week so far and I lost a little to price fluctuation but I hope the APY will in time balance it out.
I will keep everyone updated on my progress.