Yes, I'm late. I know what is Decentralized Finance for a long time now, but I never tried it before. As I had time those few last days, I found an interesting Liquidity Pool pair with cryptocurrencies that I was holding in my wallet. However, I've had few problems transferring my funds and activating smart contracts.
Liquidity Pools on Pancakeswap
On Pancakeswap, you can provide liquidity pair. You'll be rewarded thanks to people swapping the cryptocurrencies you have provided. I'm personally providing BNB and EGLD for about 40% APY.
The reward you receive are CAKE rewards. Then you can compound your cake tokens with a pretty interesting APY too.
I chose to use Pancakeswap as it is using the BINANCE Smart Chain and the fees are very low compared to the fees based on the Ethereum Blockchain.
The problems I encountered
The reason I was not using DeFi during all this time is that I was afraid of making a mistake and lose everything. And to be honest, I once thought that it happened.
Indeed, sending my assets from my Binance wallet to Trustwallet was not so complicated (even if Trustwallet use is really not instinctive).
Then, you need to create some "LP tokens" which are a mix of both tokens. No problem at this stage, but I wasn't able to stake them in the pool. The problem was due to Trustwallet, which is a bit bullshit, in my opinion, but anyway.
Currently, I'm earning $CAKE and I'm waiting for to put them in the auto-compound cake farm, in order to have a "worth" transaction, even if the fees are pretty low.
If you have any tips for me about DeFi, don't hesitate to tell it in the comment section, I'm a DeFi "noob".
If you enjoyed reading please give a tip, follow me and put a like, thank you !
The best faucet on the market : http://cointiply.com/r/PX6p5
Other BTC faucet : https://freebitco.in/?r=37298674
Multi-crypto faucets :
https://firefaucet.win/ref/Clemnms51
https://autofaucet.dutchycorp.space/?r=Clemnms51
https://www.faucetspin.com/?ref=87627
