Chad is Ploughing on Binance Smart Chain for lower fees!

in #leofinancelast year (edited)

The spring is here and the nature is blooming. Green grass everywhere, birds tweeting and insects buzzing around. May sound nice but for Chad this is a nightmare, a living hell! Chad must get the fields ready, must plough, must put the seeds in and do all the preparations so the Harvest will be rich! An extra problem is "Ethereum", Chad's old and faithful horse. As he gets older and older, "Ethereum" takes more time to work the DeFi fields. An old horse will eat more and will do less work, which means less profit. Chad had to act fast , or face the harsh winter if the barn is not full with crops.


Chad decided to keep his loyal companion and also go for something fresh and cool. Chad decided to buy a strong colt, one that can plough the DeFi fields quicker than Ethereum, one that is strong enough to do a heavy workload. He went to the market and came back with his new companion, which he called "Smart-Chain". Chad started the spring preparation, and started using "Smart-Chain" for some easy work. Day by day, the colt grew stronger and stronger. "Smart-Chain" was so easy to care for, as he was eating green grass from the fields. Chad didn't had to spend money on expensive transactions, or to wait more than seconds for his young horse to be ready for work, which was quite the opposite from how he got used with the old and slow "Ethereum".


Chad was so happy with "Smart-Chain", with the fast and cheap way of doing honest work, that he wrote a beautiful poem. He stopped in front of the Village Hall, at midday, and shared his work with the other farms.


Binance Smart-Chain - The strong horse

Why Harvest Finance looked at Binance Smart-Chain? The main reason was the ever-growing ETH fees, which made it impossible for the humble farmers to stake their assets. Harvest Finance had to find a way to provide #BreadForThePeople and this led to the BSC side of the FARM. The transactions on Binance Smart Chain are fast and secure, thanks to the a matching engine built on distributed consensus. This move was made as a solution for slow and expensive transactions. You will need a BSC wallet to access the Smart-Chai side of Harvest Finance. The easiest way to create one, is to add BSC to Metamask. The first step of the set-up is to click on Networks and select "Custom RPC"


This will open the setting section, which must be completed as in the picture. The Network Name can be completed with "Smart Chain" or whatever you fancy while the RPC URL can be "https//" as more are available. Chain ID is 0x38 and has BNB as Symbol. All transactions can be easily checked in the BSCscan block explorer. Everything is ready to go! I named my Smart-Chain network "Smart Chain" ... like the horse! 


To log in to BSC is as easy as it was because that's what Harvest Finance does ... keeps everything simple. Once everything is set, click on "Connect Wallet" and choose Binance Smart-Chain and Metamask.


If you are still not convinced that "Smart-Chain" is the horse you should ride, maybe you will be convinced by a 12,223.76% APY. 

Ploughing Three Different Fields!

Chad set-up the plough, and took "Smart-Chain" to work. He had to plant seeds on three different fields, two fertile ones close to the Venus border, and the CAKE plot.

The headed first towards the Venus border, and once he reached his Venus (XVS) parcel, he started working BSC. Once the XVS plot was completed, he moved to the BUSD lot and left the CAKE plot last. The CAKE plot was more fertile than the previous ones, and Chad took extra attention, as this land will bring more crop than the others. The seeds he planted were new ones, and the beautiful crop that will grow from the seeds is called bFARM, which is the equivalent of FARM on Binance Smart Chain. The bFARM token gives the farmers a new reason to wait for the harvest, and the AnySwap Bridge is the place where it can be swapped to FARM.


The Harvest Finance ecosystem created a synergy between the top two chains in the Cryptoverse. Ethereum and Smart-Chain working side by side is the best way to work the DeFi fields!


The Venus (XVS) parcel - growing new crop

I withdrew the Venus (XVS) from Venus Finance and got them ready for the real deal. The combined APY for the XVS pool was 126.27%, a real treat compared to the 9% I was earning on Venus. I started the staking process by allowing Harvest Finance to spend my XVS, and paid $0.28 as a transaction fee. It was the first time I paid a fee under $30 on Harvest Finance.


After a series of straight forward confirmations and minimal fees, 7.328 Venus (XVS) were staked in the pool. The amazing set up of the Harvest Finance BSC pools earns more bread for the humble farmers, as the pool will generate profit in bFARM and auto-harvested Venus (XVS). 


The BUSD lot - creating a stable harvest

As a farmer, you want to make sure you will survive the harsh winter. My planning for the hard days that are yet to come is to have a stablecoin treasure chest. But why keep the chest locked in the basement when the assets can earn more assets. Loaded the truck with the BUSD and drove it straight into the BUSD pool, where the APY was 51.17%.


I will never stop to be amazed by the BSC transaction fees, as $0.16 paid to allow Harvest Finance to spend my BUSD feels like no fee at all.


The staking process involved a series of clicks and confirmation, and a transformation into bfBUSD. I paid $0.16 to allow Harvest Finance to spend it and few click later everything was completed.


This  pool will generate profit in bFARM and auto-harvested Venus (XVS). Feels good to put lazy crypto to work, and to explore new methods of earning residual income.


The CAKE plot - big fields and big rewards

The $CAKE is the BEP-20 token used by Pancake Swap to incentivize the liquidity and for governance. Pancake Swap was the DeFi AMM where I kept the CAKE to ear, except the short trip to Cub Finance. Seeing the 194.80% APY on Harvest Finance, and pushed by my farmer DNA, I moved the CAKE basket.

Working on the Binance Smart-Chain side of the farm is effortless and the fee is reduced to minimal. The transaction fee  to allow Harvest to spend my CAKE was only $0.14.


The staking process is automated, and I only had to press confirm and let Harvest do the hard work. Once the CAKE was transformed in bfCake, I had to pay $0.14 to allow Harvest Finance to spend it.


Few clicks later, and with less than $0.50 spent on transaction fees, the CAKE stash was staked and earning rewards at 194.80% API, in a mix of bFARM and auto-harvested CAKE.


Few days later, I took my Wellington boots and my straw hat and I went to check the fields, to see if the seeds are growing. I was surprised to see them grow so fast, as the fields were covered with beautiful shades of green and yellow. I think and I hope that the autumn will bring the biggest harvest ever. I think I will need a bigger barn!


Plough marks are forever!

The beauty of working on the BSC pools, is given by double reward, in both bFARM and the staked token. The APY is higher on the Smart-Pool side of the farm, and earning Venus (XVS), Binance USD (BUSD) and CAKE, along with bFARM, makes the honest work even better than it was!

My previous attempts to earn some residual income with Venus (VXS) were a disaster, as supplying on the Venus Protocol is as bad in 2021 as it was in 2020. Staking the amount of XVS that now farms on Harvest Finance, generated $0.11 per day. In the two weeks of supply I earned 0.03 XVS, which in good days is valued $2. A net APY of 9.75 is so low that will not even cover the fees for staking, claiming and unstaking.


I staked  7.3288 XVS and after 10 days I had 7.3643, with a 0,03 XVS increase. This looks similar to the reward earned above but the difference is made by the 0.0395 bFARM. The value of the reward is close to $10, which is not bad as the total staked in the pool is less than $500. Staking into the Venus Pool is a better option than supplying Venus (XVS) on the native platform. Higher numbers, bigger gains, top efficiency!


I usually keep the BUSD on Binance, and use them to farm new tokens when Launchpool projects are available. This pool farmed 0.0955 bFARM, which on a median value for the last few days will be $22. 


The CAKE Pool was expected to be the high earner, as the 160% APY is a no-brainer. I staked 391 CAKE and they grew to 413, and the 22 CAKE increase is close to $500. The bFARM reward was also a generous one, with 0.391 ($86) earned in 10 days. 


The Binance Smart-Chain side of Harvest Finance is more rewarding than the Ethereum side, with bigger rewards and lower fees. This conclusion is based on research, the results of the experiment and above everything else ... on  numbers and facts! I wish you all a cornucopia of rewards and never forget that ... it's all about honest work!


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