Where Do I Begin?
If you've been paying attention to what's going on around the Hive ecosystem then I am pretty sure you already know of ways to earn extra with our Hive and HBD.
There are HP delegation rewards/returns, HBD Savings that currently give 20% APR, second layer tokens, games, etc.
Then, if you are updated with Leo Finance, then you would know that pooling HBD and Hive on CubFefi could let you earn high yields, up to 45% APR.
It's overwhelming.
DeFi has always been overwhelming. Oh boy, crypto is. That is why I have stuck with Hive with the majority of my time and effort. At the same time, I tried to learn a few basic things required to participate in DeFi, like bridging and adding liquidity.
Adding to the BHBD - BHIVE Pool
If you have liquid Hive and HBD on your Hive wallet, you can take advantage of the high yields on CubDefi by adding liquidity to the pool. We cannot transfer Hive and HBD to the BSC Chain (where CubDefi runs) that is why we have to use the LEO Bridge so that our Hive and HBD will be "wrapped" into a format that BSC Chain accepts. Hence, once transferred, our Hive or HBD will have a new name - BHive or BHBD (for B inance smart chain).
There's a video tutorial that Khal has created for us which you may find it useful when wrapping tokens for the first time (or again after a very long time, like me).
Simply, here are the steps:
- Open https://wleo.io/, choose the token you would like to transfer to BSC chain.
- Example, you chose Hive, then the below screen will appear. You need to copy your BSC address linked to CubDefi, paste it on the "Receiving BSC address" box. Specify the amount you would like to transfer, then approve the transaction on Hive using your Hive Keychain, or Hivesigner, etc.
3. Do the same step for HBD. The transactions will be approved after a few minutes and the tokens will appear on your BSC wallet.
4. To add liquidity, just go to https://cubdefi.com/farms and choose the pair you would like to put on. The choose the applicable link you prefer and that would take us to Pancakeswap. Take note, you would have to enable the tokens to add liquidity.
5. Start Farming! First enable the farm you have chosen, then add liquidity. That's it! Enjoy the returns!
Important note:
For those who are yet to try this for the first time, please note that most transactions on the BSC chain require transaction fees to go through, hence you need BNB in your wallet. For example in the Pancakeswap screenshot above where I enabled bHBD, the transaction fee was $0.07 worth of BNB.
That is why it also makes sense to wait for the earnings to accumulate first before harvesting to save on fees.
Disclaimer: Nothing in this post is a financial advice. This is just me, trying to explore the opportunities Hive, Leo Finance, and crypto in general, is presenting to us.
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