So how do you go about farming online?
By this, I mean participating in Liquidity Pools. What do you do to prevent losses or mitigate them on your LPs?
I went to visit my little "farms" and whilst my chest tightened and had me heaving a sigh seeing how my farmers (LP'd assets) got a beating, I had a little bit of consolation at how my lovely farmers (the Zombie and Tropical Gull) are working diligently without asking too much from me.
The Zombie was one of the 10k LawPunks minted on the SmartBCH network last year and although I missed the minting because I wasn't well-informed back then, I was lucky enough to have won one on a Twitter giveaway. I could have sold this punk back then because prices were crazy but learning there was a staking possibility, I held on to it and when the staking went live, I upgraded it a wee bit and sent it to the PoPunk farm and it has been getting me some $LAW token since. I sent most of those earned $Law to other farms, sold some, hold a few. Thanks to this, I was able to experience how it is to "farm" on the internet.
Back to "virtual farming," I can say I've had my share of not-so-good experiences from it. And since I am still learning, I would just like to record and share some of my blunders in LP-ing (I just coined that word, don't know if such term can be understood in crypto-verse, lol!)
And here they are. I realized that they are things I must learn from:
- I should really ask myself, "Will farming this token worth it to risk any of my paired assets?" If my gut says no, I shouldn't go in, but there were times when I get swayed by the APR. (It's not really worth it to chase the APR.)
- I should know when to exit. There were times when my gut tells me "Alright, you've tried it, you've tasted how it's like there, now it's time to pack up your bag and go!" but then I still insist on staying and in the end, I'd find myself shaking my head because you know, I regret not listening.
- I should know when to let go. There are times when I "feel" that a farmed coin is no longer giving me any benefit nor have any future to it but I still keep it like it was a treasure. I should have sold it while it is still worth something! Oh, I can't even count how many sh*t coins I've accumulated due to this mistake.
- I should just go on with the stablecoin pair if I really want to farm. Take for instance pHBD-USDC on Polycub. There's no impermanent loss in such LPs. If there's a risk, it's on the coin being farmed.
I am just glad to have learned some things here in Hive. The opportunities that this blockchain offers is vast. Talk about the ability to stake Hive (Hive Power), Leo (Leo Power) and some Hive-Engine tokens and then being able to "farm" more of them through different ways like curating, delegating and even earning APRs on some of them. This reminded me of an awesome post I read last night, "How Hive is a Gateway to Crypto" and you might wanna read it too especially if you are new or still learning just like me.
In Hive, we also have a safe haven, the "oasis in the sea of red" as TM puts it, Hive's very own stablecoin, the HBD which is holding up nicely amidst the uncertainty of these times. And talk about the HBD Savings where it pays 20% APR and the compounding opportunity that it presents.
And so, the grind continues and gonna keep building! And yes, with the current price of Hive, we can buy more of it (than before) with HBD.
Photo my own. One screen captured from BlockNG & Tropical Finance Dashboard. 130522/11:50ph
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Keen to buy more Hive soon. I am terrible at the other things so decided I'd just stick to Hive. Everything else was too much of a learning curve for me and I have other real life hobbies that take time. I liked reading your post where you suggest your gut feelings matter... We are told to think with our head but other parts of our body know too.. it's all connected
That is awesome. Good to have more of it while we can and have the resources to buy it.
Hive is a vast community and so much to learn that sometimes it gets overwhelming so having an offline hobby is a blessing❤
I often say it's my gut when I hear another voice inside my head, lol! And you are right, everything in our body is connected so it's good to listen to them too hehe.
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STOPHurray!😀 Thank you❤
The market is the only red that hurts right now, sis hehe.
That's very true sis. It's an eyesore, lol!
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Let's hold a lil bit tighter, sis! We got this! Xoxo.
Yep sis, holding tightly here, hehe. Thank you and yes, we got this! Good afternoon sis!
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And yes, some !LADY for you :)
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View or trade
LOHtokens.@ifarmgirl, you successfully shared 0.1000 LOH with @bloghound and you earned 0.1000 LOH as tips. (5/7 calls)
Use !LADY command to share LOH! More details available in this post.
thank you so much!
That sounds cool, thanks a lot :) I appreciate it.
Goodluck sa mga nsa farms...laki impermanent loss dhl sa bear market 😥
Thank you sis and syo rin. Hoping mgrecover market soon
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farmgirl and farmboy tickled me CJ ;)
I didn't you got your lawpunk free in a twitter giveaway how cool was that! I got mine from the marketplace, but it is still great.
Farming is cool but yes don't chase the APR it will bite you in the end.
IL yep too many people forget about that, well stable coins are cool which is why I went and did the pHBD one recently.
Great post and have a great Saturday CJ
Haha, is it ticklish enough Tito Ed?
Yes, I won it on Twitter. It's one of the good wins I've had and is with me until now. Yes, I was stubborn to not take profit at once from the farmed coins. I should remember to do that from now on, lol! All the best to your LP Tito Ed. Thank you and Cheers!
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hehe yes it was super cute CJ!
Good win darn it is a great win CJ and the value of LAW is slowly going back up, it is the only thing of notable value that I do on smartBCH now
Happy Sunday when you wake CJ
Haha, that's true though, a great win and LAW is one of my best on the chain.
Thank you Tito Ed and good evening to you. Just woke up and you know, Hive's the first to go for me, hehe
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oo LAW is the best on that chain as far as I am concerned, good morning to you , yikes Monday morning , another weekend down the pan, ah well, hit that Leo over breakfast;)
It is for keeps but we do need to TP, haha. And oo, how fast time goes. A very lovely Monday morning here and work goes on naman!
TP what is TP, I think I need bed ... I read TP as ToPee haha enjoy your work and your Monday CJ:)
I can relate so much with the need to keep all these points in mind. Even though, some habits are hard to turn around. We have to learn from our mistakes ;)
However, let's not miss the opportunity we have today with Hive. If we don't have the funds to buy, it is time then, to write, curate, and look for new ways to earn more.
Happy Sunday to you sis when you wake up😊
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That is very true sis, some habits are hard to get away with but working on them, hehe. And yes, the best time indeed to accumulate and work more. That you amiga and good evening❤
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Yep, sis. Let's take advantage of the moment and grind more and more.
Happy evening!
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That we do. Thank you sis and happy Sunday morning to you.
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😄🤗☀️