If you are looking for a way to earn passive income on your HIVE or HBD holdings, you might want to check out CubFinance, the leading decentralized exchange (DEX) on Binance Smart Chain (BSC) that offers attractive yield farming opportunities for various tokens, including HIVE and HBD.
CubFinance is a DeFi platform that operates the Multi-Token Bridge (MTB), a service that allows users to swap tokens across different blockchains without intermediaries or custodians. The MTB enables users to convert their HIVE or HBD into bHIVE or bHBD, which are BEP20 tokens that represent HIVE or HBD on BSC. These tokens can then be used to provide liquidity to CubFinance's pools and farms, where users can earn CUB tokens as rewards.
The native token of CubFinance is CUB, which also serves as the CUB DAO's (Decentralized Autonomous Organization) governance token. Holders of CUB can take part in the platform's decision-making process and profit from its purchase and burn strategy, which over time limits the supply of CUB and raises its scarcity and value. To earn extra CUB or other tokens, CUB can also be staked in dens.
In this blog post, I will show you how to use CubFinance to earn 50%+ APR on your HIVE or HBD holdings. This is not financial advice, but rather my personal experience and opinion. Please do your own research and due diligence before investing in any platform or token.
Step 1: Convert your HIVE or HBD into bHIVE or bHBD
Your HIVE or HBD must first be converted utilizing the MTB into bHIVE or bHBD. You will need a BSC wallet, such as MetaMask or Trust Wallet, and sufficient BNB to cover the gas costs in order to complete this. Additionally, you must have a Hive account with HIVE or HBD in it.
Visit https://cubdefi.com/bridge and connect your BSC wallet to gain access to the MTB. Next, choose the desired token from the dropdown menu. Either HIVE or HBD are options. Click "Swap" after entering the amount you want to exchange. A QR code and the address where you must transmit your HIVE or HBD will be shown. Go to your Hive wallet and copy the address there. Within ten minutes, send the specified quantity of HIVE or HBD to the address. Make certain the memo contains "cubdefi".
On the MTB page, you will notice a confirmation message after sending your HIVE or HBD. The processing of the transaction and the appearance of your bHIVE or bHBD in your BSC wallet could take a while. By inputting your BSC wallet address, you can use https://bscscan.com/ to check the progress of your swap.
Step 2: Provide liquidity to bHIVE-BNB or bHBD-BNB pools
Adding liquidity to one of the CubFinance pools that supports bHIVE or bHBD is the next step. Depending on which token you switched in the previous step, you can select either the bHIVE-BNB or bHBD-BNB pools. You must have an identical amount of both tokens in your BSC wallet in order to provide liquidity. For instance, you must have some bHIVE and some BNB in your wallet in order to give liquidity to the bHIVE-BNB pool.
Visit https://cubdefi.com/swap and select "Liquidity" to contribute liquidity. Then, click "Add Liquidity" and choose the pair from the dropdown menu to which you wish to add liquidity. Either bHIVE-BNB or bHBD-BNB are options. Enter the quantity of one token you wish to contribute, and the other token's value will be computed for you automatically based on the exchange rate in effect. Confirm the transaction in your BSC wallet by clicking "Approve". Next, select "Supply" and confirm once again.
As soon as you provide liquidity, you will get LP tokens that correspond to your portion of the pool. Your BSC wallet will automatically get these LP tokens. By selecting "Liquidity" and then "Your Liquidity" on https://cubdefi.com/swap, you can see your LP balance and pool share.
Step 3: Stake your LP tokens in CubFinance's farms
Staking your LP tokens in one of CubFinance's farms that offers CUB payouts is the last step. Depending on the pool you gave liquidity to in the previous stage, you can select either the bHIVE-BNB or bHBD-BNB farms. Visit https://cubdefi.com/farms and select "Unlock Wallet" to stake your LP tokens. Click "Approve Contract" after choosing the farm you want to stake in. Log into your BSC wallet and confirm the transaction. Click "Confirm" after entering the number of LP tokens you wish to stake. Verify once more in your BSC wallet.
You will begin receiving CUB tokens as rewards as soon as you stake your LP tokens. By selecting "Details" on https://cubdefi.com/farms, you can examine your CUB balance and APR. Clicking "Harvest" or "Unstake" will allow you to receive your CUB prizes or remove your LP tokens from your stake at any time.
You can also check this video out to get full guide
Congratulations! You have successfully used CubFinance to earn 50%+ APR on your HIVE or HBD holdings. You can repeat this process as many times as you want with different amounts of HIVE or HBD. You can also use other tokens that are supported by the MTB, such as LEO, ETH, BTC, USDT, etc.
So guys we can conclude this with the following. CubFinance is a great way to earn passive income with your HIVE/HBD tokens. By using the MTB, you can easily swap your tokens across blockchains and access the DeFi opportunities on BSC. By providing liquidity and farming CUB, you can earn high yields and also participate in the governance of CubFinance. By holding LEO, you can benefit from the growth and development of both LeoFinance and CubFinance, and also earn dividends in BNB.
If you're interested in learning more about CubFinance, LeoFinance, and the MTB, you can check out their official websites and documentation:
You can also join the communities on Discord, Telegram, and Twitter:
I hope you enjoyed this blog post and found it useful. If you have any questions or feedback, feel free to leave a comment below. Also Please do your own research and due diligence before investing in any platform or token. CubFinance is a decentralized platform that operates on smart contracts. There are inherent risks involved in using DeFi platforms, such as hacks, exploits, bugs, impermanent loss, volatility, etc. Please use CubFinance at your own risk and discretion.
Otherwise have fun my friend. And until next time, happy farming!
References:
Cub Finance - CubDefi. (n.d.). Retrieved from https://cubdefi.com/
Introduction - CubFinance - CubDefi. (n.d.). Retrieved from https://docs.cubdefi.com/
Cub Finance community - CoinMarketCap. (n.d.). Retrieved from https://coinmarketcap.com/currencies/cub-finance/