I fully understand this and it’s really time consuming. If you don’t want to have just some coins on an exchange or even on a hardware wallet where you can basically just hodl and do nothing, then you’ll have to read deep into the ecosystems and do your own research. Just don’t listen to all the people there on youtube etc. which mostly want to shill a stupid coin because they are mostly paid to do so.
I had a little bit more time with all the pandemic going on and even then came to conclusion that I had to focus. My portfolio consists of almost 90% BTC and ETH. The rest is in DOT/KSM, XRP, EWT, KLIMA and LINK (plus a long tail of sub 0.3% holdings… like ADA, MOVR, KILT, DOGE…).
I use the CEXs to buy cryptos and payouts (I like Kraken far more than Binance, because you can use CHF). After buying I transfer it either to my hardware wallet (ledger). DOT/KSM I have on polkadotjs extension in browser (not over ledger) for staking and parachain auctions. The best resource for learning how are the docs on polkadotjs site and the auctions sites of the projects. I’m in now for Moonbeam, Acala and Astar… soon Centrifuge. That’s it for me and the auctions. KSM auctions I had a great run with MOVR and some others I really don’t care… just keep it).
I’m not pro on MATIC… I just needed it to buy KLIMA on sushiswap… so I don’t hold it. I used Polygon network on MetaMask (where you send your MATIC and go to sushiswap and swap it for KLIMA… those are then in the metamask wallet or as sKLIMA after staking it).
At the end, if you don’t want to spend a lot of time in deeply understand everything it’s maybe better to keep it on Binance (or better Kraken)… there you can participate in the DOT/KSM auctions as well but you have the downsides of being on a CEX (the strategy would be to split it on different CEXs).
Well, I spend some some of my time with crypto/blockchain 1. because I think it’s a great technology (mainly for finance but also supply chain) and will be the future for some areas and 2. because I could still hit myself that I was “offered” ETH at the time were it was 45$ and have not bought it while others have invested all their funds in crypto and are now around 30 FIRE (I was in a different situation where I would never had taken that risk but still it hurts )
I have BTC, ETH, DOT, ADA, VET, CAKE but currently my main part is BNB around 20’000$. I would like to switch away from BNB to more decentralized options but I would still like to use DeFi with “normal” gas fees and not using to weird project (for me the CAKE DeFi team is somehow suspect, but more on a personnel level) therefore, I use ACryptos to farm USDC and all the other coins with quite high APY. I also tried the liquity pools but with the impermanent loss that is to risky for me or the returns are not great with stable coins only. Therefore, it comes down to BSC.
You have just give me the last push to download focus on the DOT actions and to use the DOT wallet
Do you also use some DeFI options are really more on the Hodl and trading site?
Well, I mined my BTC on my computer in the early stages… but couldn’t find any backup with the keys or even addresses I used (I tried everything)… yes I kick myself twice a day for that. As well later, for as I sold all my BTC for 300euros which I bought for 1 usd. I had other priorities…
For DOT auctions it’s quite easy. Just download the extension polkadotjs… create an account. Use the address to send DOT there (e.g. from Binance). Then go over to parachain.info to the auction you want to invest in (or directly like centrifuge’s one tomorrow)… follow the instructions on the projects website… have to sign several transactions with the polkadotjs wallet and it’s done.
Don’t forget to leave at least 1 DOT in the wallet as it’s mandatory for active wallets.
Thanks to @stojano I made an effort last night to educate myself for polkadot and started to support the crowdloan for Clover finance, Efinity and Litentry all with 5 DOT’s as a test. At the end it’s not rocket science to set up the wallets and send the coins from binance, but still it took me from 11pm until 2am to set everything up and send the DOT’s over. Now I’m into it and will most likely also try Kusuma. @stojano do you choose the most interesting parachain or simply invest in all of them? I saw that in the last auction ending tonight all the winners were DeFi projects (also Clover is one) so does it make sense to choose your favorite or just invest into all of them? You are gaining anyways even if it’s “just” additional coins and not in USD.
I had a pretty good video yesterday to help me. Let me look for that video again. Haha the only problem is that I do not have sufficient money to try everything out in the crypto space
I set my max at 6 projects for KSM and 4 for DOT. Except from Moonriver and Moonbeam, Altair and Centrifuge which I wanted to invest, I picked the one which gained quite a lot of contributions from the start. They got traction and I researched a little bit (too much time needed if you want to check 100%) and went in.
In Crypto Twitter there are some DOT/KSM real person accounts which can give a hint which of the projects have a potential. In this batch of DOT auctions I have only centrifuge and no KSM.
But at the end you never know which will be successful. it’s forced saving of DOT and KSM which you get back after max 2 years with potentially good winner tokens (like MOVR).
Sure the DOT’s are looked for quite some time, but I’m in crypto to stay so I’m looking to have more coins and not focusing to much on the related USD value and hence every auction which is successful is “free” money. knowing that my total DOT and related coins should not be more than 10% of my crypto which itself should be not more than 10% of my portfolio (this number was lower before and will most likely be lower again in the next crypto winter). However, as sad before currently my crypto portfolio is around 80% BNB which needs to be adjusted. I guess the goal would be to have 70% between BTC/ETH and the remaining 30% in other projects. But agree that risk management and feeling comfortable with the risk is the key
Site note for Swissborg, I do have an account as well but do not use them as you get better returns if you use the protocols that they actually use. I check regularly their yield report where all the protocols which they use are listed and so far I was able to always outperform them in both crypto as well as stabelcoins. Furthermore, even if they claim to have a safety net we all know that so far these are just words and in the bull run that is easy to say but winter is coming .
I use https://app.acryptos.com/ (ACS) for yield farming and so far that was easy to handle, low fees as it’s on the BSC and the returns are great but unsteady. The main focus was on USDC which was yielding between 6-40% at an average of 16% (currently relatively low, correlation to the volatility). Now they even build in a NFT and metaverse, but for that I’m to small minded to see the use of the NFT
Does anybody have experience with ACS?
It’s truly amazing how many different platforms / exchanges / apps are existing…
If you have time and money you can try 5 new platforms a day….
Side note about Swissborg because I read also somewhere else about potential concerns for Swissborg… am I naive that I believed they are a very promising Swiss startup - safe and reliable somehow?
I have invested a small amount to CHSB with 22% yield which I considered a pretty safe investment up to now and considering maybe to put more now that it’s at a low level….
Well, I have learned in the past to think globally and not get to biased for swiss companies at the end what makes a swiss company or swiss people “better” than others? I know it’s probably a sensitive topic and somehow personal but coming back to Swissborg I do not really see the USP except the possibility to send in directly CHF. From my point the data that I see is that they are a CeFi with relative high fees, average yields and a native token CHSB which does not gives you any benefit outside of the app (What makes CHSB different from any other CeFI token? Just to compare with ACryptoS native token ACS (not saying that ACS is perfect, there is a big risk to that but I think comparable to Swissborg) ACS has more or less the same purpose but yields around 100%. Of course there are other DeFi native coins which yields several 1000% yield.
Interesting reading all this information about staking. While I only understand only half of what was said , the key take away that staking for proof-of-stake crypto is a nice opportunity to earn some “interest” on one’s coins. However, I also see offers to “stake bitcoin” (for example by Swissborg allows to earn “yield” on bitcoin). What is the background of these offers? Do you estimate them to be serious? What are possible risks?
I’d never stake big amounts of bitcoin (again) e.g. on celsius… for me it’s a shady business. I mean they use it to secure some kind of borrowing or for more complex financial contracts. When the sh.t hits the fan, they will be the first to suffer. In that sense, BTC should remain the secure store of value.
I use inlock.io since almost a year now. Very good technical team behind it. They are 2.5x is insured for the amounts lended. 10%usdc, 5%btc, weekly pays. Nice extract for the tax declaration
As stojano says it’s somehow sketchy as BTC itself does not have any interest within it’s protocol and the amount is limited. Therefore (not the only reason), the majority of the yield providers use a pegged version of bitcoin (also to make it usable in their native chain) in my case I use ACS witch operates in the BSC universe an hence the BTC that I stake are bBTC pegged to the BSC. There are several different versions of these pegged assets and to the best of my knowledge these are more than there are actual BTC. As long as not all users want to change them back into “real” BTC it’s not a problem but if there is a panic and all want to change their pegged versions back that might be a big problem. Therefore, use these protocols but use it with a risk based approach.
So, we went from fractional banking is bad to the opposite stance in crypto circles? Will there be an equivalent to the Basel standard for those to improve the stability?
(I still find it funny how it’s reinventing/rediscovering the past centuries of financial evolution)
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, the key take away that staking for proof-of-stake crypto is a nice opportunity to earn some “interest” on one’s coins. However, I also see offers to “stake bitcoin” (for example by Swissborg allows to earn “yield” on bitcoin). What is the background of these offers? Do you estimate them to be serious? What are possible risks?