out of curiosity, has anyone used or is using syrup pools on pancake swap? I am doing my own research on how they exactly work. But Im curious to see if its worth to even put currency into these and just have them restake over time. Also is are syrup pools something you only do when you have large amounts of currency put it so the 5% yeild or however much it is is worth it? kinda like how MJ said in TMF that compound interest is only worth it only when you have alot of money and need to put it somewhere, where you can make every month off of it.
Appreciate the advice,LPing carries lots of risks. Lookup and try to understand impermanent loss. There are simulators out there as well to help you forecast different scenarios and calculate impermanent loss risks.
If you understand it, and can intelligently measure your risk/reward then go ahead. If you don't understand impermanent loss or you feel iffy about the topic - stay very far away from LPing.
Some protocols, like Bancor for example, offer what's called single sided LPing with IL (impermanent loss) protection. It's a more advanced AMM (automated market maker) mechanism but it has a lot less risk involved in providing liquidity. Unfortunately, most Bancor pools are full and smartcontracts are constantly monitoring the pools to algorithmically add liquidity when pool space opens up.
*EDIT: this does not even include protocol or smart contract risks. There are several points of possible failure. Locking funds in a liquidity pool is no joke - it requires serious vetting imo.
Food for thought: read stories of failures/hacks on REKT news to gain some perspective. Saying all of this, not to scare you, but to make you take a hard look at the technicals in order to educate yourself and have a better understanding of the underlying risks.
Clicking around on web3 is easy - making winning/losing also very easy. The right click makes you rich, the wrong one can lead to serious damage to your wealth.
*EDIT: tagging @Kevin88660 because he is experienced in yield farming on BSC. He might be able to offer more hands on insight.
Holding in the short term is a good choice! Is the first choice for investmentists! But digital currency will be recognized by more and more countries!I agree that leverage trading might be not a good idea. But can you please explain how investing into cryptocurrency (I am not talking about businesses based on crypto) satisfies CENTS and especially the Commandment of Control? I think that crypto can be an opportunity for winning the Slowlane. Yet, in my opinion, crypto is not Fastlane at all.
I'm curious to see how the supply unlock will affect the price once mainnet launches.
Thus, validating this network = significant earnings potential.
Would you mind expanding on this more? How would you go about doing this? Are the criteria for validating the network known already since mainnet hasn't launched yet?
And in general, what approach would you recommend to A) learn more about LUKSO B) start getting involved in LUKSO?
Staking is the mechanism for validating the network under Proof of Stake consensus. It is akin to running a "mining rig" albeit the way it works is you put your tokens up as stake in order to validate the network. I have attached the Casper FFG consensus mechanism paper for you to dig a little deeper if you want to understand the exact mechanism. This is the same consensus mechanism ETH2.0 will be using.
In fact, the LUKSO network will be using all ETH based components (Geth execution engine + CasperFFG consensus mechanism). In the LUKSO network, these will be called the Pandora execution engine and the Vanguard Consensus Mechanism. The below diagram is a simplified overview of the mechanisms involved in how the engine operates.
View attachment 39858
The exact criteria for validating the network have not been announced but expected to be announced at the L16 testnet launch. An update was posted by Fabian on the state of the L16 testnet launch on July 28th.
Many are speculating on the validation requirements, but if we assume ETH2.0 design principles, then 32LYX is what you would need to run a node. So if you have 3200 Lyx, that would be 100 nodes you can operate. But this is still not officially confirmed so take it with a grain of salt.
A) To learn more about LUKSO here is what you can do:
1. Read thru the Official website and dig thru the whitepaper
2. Read the Official Medium Articles
3. If you understand code - or if you're simply curious, you can dig thru the official GitHub repos
4. I personally find this Telegram Archive which is built and managed by the community to be an excellent source of recent-most information with all kinds of links to articles, interviews, and short clips that drive the point
B) To start getting involved:
1. Stay up to date with LUKSO's main Twitter profile
2. Join the official Discord server
3. Join a LUKSO community - I recommend this Telegram group because it contains many veteran contributors
4. Follow some of the community contributors on Twitter to stay plugged into the latest.
In no particular order, here are some members I personally follow:
https://twitter.com/m_h_d_v (this is Marjorie Hernandez - she is Fabian's wife and co-founder of LUKSO)
https://twitter.com/feindura (this is Fabian's official twitter)
I do not vouch for any of these members or what they shill - simply trying to curate you a list of people I've personally known for several months now to have been positive contributors that understand the vision and the technology stack pretty well.
From there, you can continue to dig and find additional resources, make new friends, contribute to ideas/projects you are passionate about, and get your hands dirty.
You now have access to the same resources I use at this point. All the best my friend!
So far, so goodKeep an eye on ATOM Cosmos people. I think this coin will explode once the market rebounds or possibly before. Really good project and the technicals on the chart look very promising.
Currently around the $26 - $27 range
Let's see what happens in the next few weeks, all dependant on if bitcoin stabilises/rebounds or decides to dump again
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@nitrousflame I know you're probably stoked. This is exciting stuff!
For sure man. I keep saying I haven't been this excited about something since first jumping into BTC. The cohmmunity is just awesome. There is a vote out to bring OHM to Arbitrum too. Things are really moving now and it's still only getting started.
Chainlink is massively undervalued at the moment. Things will change come 2023. Most of DeFi now is very unstable, overinflated projects just one bug away from disaster. The major projects that will survive in crypto land a few years from now, are the ones with entire ecosystems that they're supporting: Cardano, Solana, Polkadot, Chainlink, Algorand, etc.After months of studying and using DeFi, I've simplified my bets on how to capture upside in this space:
1. Investment in base settlement layer upon which majority of DeFi use is transacted upon (mainly ETH atm where there is the largest TVL WITH velocity (please note dormant TVL is not a good sign, in fact is a bad sign of simple yield farming with no real user activity))
2. Investment in DeFi reserve assets upon which, again, a majority of DeFi demand will come from (things like OHM with its diversified reserves of decentralized assets and UST which piggy backs it's stability off of the Terra networks economy). Those using USDC or even DAI ought to think twice - if regulators go after Circle, your stables can see a lot of volatility off-peg and make you very uncomfortable.
3. Investment in oracle solutions like LINK - DeFi relies on a diversified set of price-feeds and unique mechanisms to ensure efficient and unbiased delivery of the data. This will not change - and LINK has a massive monopoly in oracle solutions. They even have a partnership with SWIFT
Investment in DEXs imo is also not a winning strategy at the moment, because DEXs simply act as a front-end with some simple LP curves as smart-contracts rigged to some settlement layer. Again, the real value is in the risk LPs take on, and the DEX offers next to nothing in risk. So for governance tokens like UNI to command such a high price makes me wince - the UNI token generates no income, and is currently used by DAO whales to pass spending proposals using the treasury, thus dumping UNI into the market at the expense of holders. The situation might change - but at the moment I stay away from governance tokens that don't generate income.
Ok here's a solid set of resources for all things related to LUKSO. Keep this channel at hand and review frequently as the community updates this archive with the latest and greatest. I believe the interview as well as questions about token distribution are addressed in this archive.
Telegram: Contact @luskoarchive
Not officially but In LUKSO's teaser of the app there are many clues as to what brands will likely be using the network. Read the following article one of the community members wrote today - it goes over the LUKSO digital wallet app which is to be released at mainnet.
Sneak Peak of the article:
View attachment 39585
View attachment 39586
I am not DCAing in or out - I subscribe to the idea that holding+staking is the strategy.
Here's a quick overview of what things can look like with staking:
Imagine a $1M portfolio size. a 10% staking reward yields $100k/year in token rewards. Assuming lukso prices do not go up, that is still a sizeable $100k/year income strictly from validating the network (gloriously satisfies commandment of time).
If the underlying skyrockets 10x - your now $10M portfolio size with perhaps a more competitive validator landscape yielding a 6% staking reward now nets you $600k/year income. Again, you never have to sell the underlying.
Now assume you want to do something with that accrued wealth. Solution? Borrow against it.
$1M out of your $10M portfolio of LUKSO can be used as collateral, and you can take a safe $100k loan against this collateral. In fact, you can use self-paying loans to do this. Meaning you put your $1M lukso as collateral, and you borrow $100k cash to use for whatever you wish. Your $1M collateral is used by the self-paying-loan-protocol across safe-yield assets, using the yield to pay off your own debt. Whenever the loan is paid off by the protocol, your $1M collateral is released back to you from the smart-contract. This idea is relatively new - the essence is that you can "front" future yield today.
If the price of the underlying skyrockets even more, you have never needed to sell and you can reap the long-term benefits that come from participating in an exponentiating network. In the interim, you had staking rewards as income and you were able to borrow against the underlying for large purchases if you had wished to do so.
And that, my friend, is the SIMPLEST form of playing the game. Next up would be to use the LUKSO you have and create businesses around it. You could become your own "gas-station" that offers to pay for users transaction costs across the network in exchange for them to perhaps view an add, or perhaps subscribe to a newsletter, or any other campaign you wish to execute. Human capital and attention in exchange for transaction costs across the network.
There are more emerging business models but this is where my head is at currently.
Look at coinmarketcap, Lukso is traded (f.e., you see the markets near the bottom) on uniswap. You need WETH for it. Buy Weth on the exchange and transfer it to your wallet. Open uniswap. Connect your wallet to uniswap. Change Weth for Lukso. Now you have Lukso in your wallet@AceVentures, thank you a lot for your insights. Because of your posts, I have decided to join the crypto world.
I am noob at this time but I just bought some BTC and ETH and ADA to start learning. Created a wallet and looking for a hardware wallet (trezor from what I was researching to keep my coins).
Now I was searching how to buy LUKSO, and still reading (Haven't figure it out yet). Just wanted to say that I appreciate that you invest your time to teach others.
Thank you Ing. So it seems that I need to have a metamask wallet. My wallet was created initially on coinflux. So I guess I must transfer the ETH that I have to metamask. I am reading this article which to learn how to do it (How to participate in LUKSO’s reversible ICO using MetaMask ). Looks so advanced, but I will take the time necessary to try to understand as much as I can. Thank you for the reply. It means a lot.Look at coinmarketcap, Lukso is traded (f.e., you see the markets near the bottom) on uniswap. You need WETH for it. Buy Weth on the exchange and transfer it to your wallet. Open uniswap. Connect your wallet to uniswap. Change Weth for Lukso. Now you have Lukso in your wallet
Thank you Ing. So it seems that I need to have a metamask wallet. My wallet was created initially on coinflux. So I guess I must transfer the ETH that I have to metamask. I am reading this article which to learn how to do it (How to participate in LUKSO’s reversible ICO using MetaMask ). Looks so advanced, but I will take the time necessary to try to understand as much as I can. Thank you for the reply. It means a lot.
Thank you for the input. I will go with the Ing steps. I saw on uniswap that I can choose ETH to swap for Lukso. So I do not need to change ETH in WETH. So the steps as I see them now are:This article is outdated and only applies to the ICO. To swap coins, use Ing's description. Swapping fees are pretty high though(like $50), so be aware of that.
Thank you for the input. I will go with the Ing steps. I saw on uniswap that I can choose ETH to swap for Lukso. So I do not need to change ETH in WETH. So the steps as I see them now are:
1. Use metamask wallet (where I will receive the ETH from my blochchain info wallet)
2. Swap the ETH for Lukso and the LUKSO will remain in metamask wallet.
Do you guys store these coins/altcoins on a hardware wallet or is it safe to keep in metamask for example?
@AceVentures I need your expertise on Lukso. I've considered throwing in some eth, but before I do that there are some things I must understand. Personally, I found both the lightpaper and the whitepaper quite disappointing. Aside from introducing Lukso as a domain-specific blockchain, I couldn't find much about any new technical advancements compared to for example Ethereum.
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