Hello gang!
This is my first post on leofinance, although I've been in the scene for a long time. Been into crypto since 2012, so have had my fair share of the boom/bust cycle we all love to hate/hate to love.
Anyway, I'm not interested in getting rewards for blogging, I tried my hand at Steemit a long time ago but got disillusioned by the system pretty fast. My wife made the jump to hive and seems to be thriving there. Here's a shameless plug for her stuff: https://hive.blog/@amy-goodrich. It's mainly about healthy food :)
Reason Im making this post is because I've seen layered farming in the roadmap.
This worries me.
After seeing the whole fiasco that unfolded in Goose Finance with their launch of layered farming, I was wondering if there is more information about how the layered farming will be implemented for Cub.
The whole concept seems to be based on cutthroat competition and FOMO. Only a lucky few (most likely bots) will be able to 'game' the system and walk away with 80% of the profit, just like what happened at Goose. There is no actual economic mechanism that can make it work as far as I know.
Any devs that could shed some light on how these risks will be mitigated by Cub? I hope I'm completely incorrect in my assessment and someone can enlighten me to the real benefit and use-case of layered farming...
Cheers!
M
Posted Using LeoFinance Beta
Welcome to the blogging world of LeoFinance! You should really give it a shot. No need to actually post. Just commenting on a few posts here and there can really start to add up. Anyway, your actual questions....
I'm pretty sure the devs have put some major reins on the whole layered farming thing. From what I've read, they've seen the disasters other platforms have gone through and are really taking their time to make sure they understand all the pitfalls before delving in. With their track record, I feel confident that they're not going to rush anything here but will instead do extensive research before making any decisions. The bot problem has been recognized throughout the defi world and solutions are being devised. While nothing is certain, like I said, I feel very confident that the devs won't take any premature or rash steps in adding this to the platform. They are now getting to the point with this place that they have too much to lose.
Just my opinion but....there you have it.
Posted Using LeoFinance Beta
Thanks for taking the time to comment.
Like I said, Im new to leofinance but not new to the whole crypto world. So I don't know the devs and how they handled previous releases of applications. It's reassuring that there is a community behind the project that is actively thinking and talking about these issues.
But to be fair, I was massively impressed with the current ecosystem. I've not been paying attention to the Hive chain at all over the last 2 years as I've been more involved with Ethereum but props to the devs for all the work. Looking forward to see how it will all unfold.
Posted Using LeoFinance Beta
Well then you should be one of those people who can take advantage of the LeoBridge when it comes out on Cub in the next couple days. If you don't know what it is, you'll be able to move ETH tokens to BSC tokens (and vice versa) with a single click for a .25% fee. In other words, you could swap ETH to BNB without having to transfer things all over the place. It's set to be "released" in the next couple days so you should maybe check it out. I'm pretty sure they're starting small ($1000) but will be gearing up as the volume rises. Just passing it along in case it's something you might be interested in. By the way, that .25% fee goes to burn Cub and Leo. No cash to the devs. Strictly beneficial to the community.
Posted Using LeoFinance Beta