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Mistakes were made: Failing to use Bella Locker's potential

Mistakes were made: Failing to use Bella Locker's potential

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While surfing on Twitter, I seen an update from Bella Protocol, announcing the launch of Bella Locker. WoW! Great news! But what is Bella Locker? This can wait for few minutes as before we unlock the Locker, lets have a quick reminder about Bella Protocol, the BEL token, and the One-Click Banking. Bella was introduced to the crypto world by BINANCE Launchpool, when Bella (BEL) farming was available for 30 days. The project aim was to be a solution for high gas fees, low speed and complicated methods to deposit or staking. The Bella Protocol (BEL) has a hybrid build, both DeFi and CeFi in the same time, providing custodian services as a DeFI gateway, simplified deposit, high yield farming from high tech arbitrage strategies. Bella has the ability to be integrated with CEX's for yield farming and trading and aims user friendly mobile banking experience, with the 1-click design. Bella 1-Click, Bella Lending and Bella Flex Savings where the available products before the Locker launch.

Bella Locker is a staking pool for Bella (BEL) where providers can get up to 50% APY for locking BEL tokens on a set period of time. The range of products is 30 days at 18%, 60 days at 24%, 120 days at 36% and 360 days at 50% APY. Once the staking period is chosen, the staked asset starts accruing interests immediately, and can only be claimable along with the interest earned at the end of each staking period. That 360 days lock is definitely to long!

It has a Liquidity Mining tab, where BEL/USDT, BEL/ETH and ARPA/USDT parings are available. The reward pool for BEL/USDT consists in 8.500 BEL tokens. The Liquidity Mining was audited by PeckShield and seems to be secure.

The Governance tab will open the proposal page, where existing proposals can be voted, or new ones can be created.

I have all my BEL tokens on Binance, and previously locked them for 30 days at 20% APY but that offer was limited. I decided to move them into the Locker for 120 days at 36% APY, which in my opinion is more profitable than having them locked for 360 days. Maybe I am wrong.

At the moment, Bella is worth $0.89 per token, so my Bella stash is valuated at about $58.42

Setting the transfer is so easy on Binance, and I am amazed every time by the low transfer fees on Binance Smart Chain. To send my Bella to METAMASK I paid only 0.063 BEL, approximately $0.06, which is as low as it can get. The tokens where in my Wallet in less than 5 minutes.

Connecting to Bella Locker with Metamask, selecting the 120 days pool, and approving the BEL spending on Metamask. Everything went smoothly until I noticed I have zero Bella to lock. What happened?

Did you ever used the expression "Mistakes were made!" in your day to day life? Is an expression that is commonly used as a rhetorical device when the situation was handled poorly, without specifying the person who has the blame. No Bella here? Mistakes were made! Can you have a guess why the BEL balance was zero? School boy error and lack of research is the answer, because Bella Locker runs on Ethereum, so the Bella had to be sent as ERC not BSC. Had a look on Medium, Reddit and Google and couldn't find any solution on how to shift BEL tokens from Binance Smart Chain to Ethereum so I went for the simple option and sent them back to Binance, to be sent as ERC tokens and try again.

Few minutes later, a deja-vu, as I was trying to send Bella from Binance to my Metamask. Gently clicked the ERC20 for withdrawal and stopped when I seen a transaction fee of 4.66 BEL, which is $5 and a big portion of my stash. I decided to call the day as I see no point to lock my tokens for 3 months only to get back what I will pay as transfer fees.

Now lets assume you are not doing a school boy error as I did, and you have the BEL tokens on the Ethereum Chain not on Binance Smart Chain. After approving on Metamask, users can add the desired amount and click "Lock". After another approval, the "BEL Locked & Rewards" will show the amount of locked tokens and reward which will be available at the end of the locking period. When the deadline is gone, clicking "Unlock" will harvest the staked BEL tokens and the reward. Today's experience is another prime example on why research is mandatory before trying new projects.