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Hi guys. I'm back with another transfer worth USD30 (I'm a krill compared to the crypto whales out there).
In case you've missed it, please check out the details of bridging in this article I wrote: https://www.publish0x.com/kopiarticle/polygon-to-fantom-possible-let-me-try-xppxmqk?a=ELe32719d6
Skip right ahead if you're done with the bridging specifics.
Bridge to Fantom
I decided to go back to xpollinate, and am I surprised that there's a v2 now. Upgrades are supposed to be better right? Not for my case, I'm unable to bridge over due to "No route found". Hence, I decided to pop back to v1, which was the way I bridged over previously. How to get to v1? Please look out for the button on the top right-hand corner.
Back on v1, it's clear that liquidity is very low on Fantom (below screenshot is available on v1 for your own monitoring). I wanted to go via DAI (because this has a higher APY compared to USDC), but with only 4.78 available... Looks like it's USDC for me.
What's the fees? Well, about 2 cents' worth (literally). Keep your fingers crossed while you wait for the transaction to flow through.
Earn 50% APY on stablecoin
Link: https://fantom.beefy.finance/#/
57.89% to be exact for today's APY (see below screenshot). Using Beefy, an established auto-compounding protocol, all I had to do was clear a few transactions to deposit. Just this farm along already commands USD17m in TVL, so it's pretty established to me. For those who are sensitive on fees, happy to share that the cost for depositing my USDC on Beefy in Fantom took less than a dollar. Let me just repeat that, less than a dollar.
Total fees = 0.01515 (bridging) + 0.004 (approving usage on Beefy) + 0.277 (depositing on Beefy) = USD 0.33
How much to recover this with my hefty USD 30 capital? USD 0.33 is 1.1% of my capital. Assuming a 50% APY, which translate to earning over 365 days, it'll take me 8 days to recover USD 0.33.
Let's face the reality - some of us wouldn't even pick up a coin (dollar, quarter, cents, whatever it's called in your region) that we happened to chance upon on the floor. USD 0.33 really isn't much in the grand scheme of things, especially if you scoff at me calling USD 30 "my capital".
Fee for approving: 0.00315 FTM @ USD1.36 = USD0.004
Fee for depositing: 0.203792 FTM @ USD1.36 = USD0.277
Current Fantom price:
Why an auto-compounder you may ask? Protocol tends to payout in their own token, and you'll have to swap it for the original token and add it into the farm to compound it if you DIY. The fees that auto-compounder charge is worth the convenience it provides - and 50% yield is attractive enough! P.S. the reported APY already take into consideration the fees involved.
If you're still on the fence, it's your choice really! All I'm doing is showing you that it doesn't cost you an arm and a leg to chase yields. If Fantom the blockchain or Beefy, auto-compounding protocol, or Scream, the protocol providing this yield, go bust (yes many risk factors, the blockchain and the protocols you interact with, with each layer adding on a layer of risk), well, USD 30 is something I can afford to lose.
Above are not financial advice, and as usual, please do your own research. Cheers guys and have fun exploring crypto!
