Splinterlands Players' Guide to Farming DEC on CubFinance

in Splinterlands2 months ago
Last week, Yabapmatt announced a new liquidity pool for DEC on CubFinance. As Ethereum gas fees have made it to expensive to add to the Uniswap DEC pools, I decided to try it out. Most of the steps are well-documented and pretty easy -- until you realize that you need BNB to pay the Binance Smart Chain (BSC) gas fees.

CubFi.png

Moving DEC to the Binance Smart Chain is trivial if you've already moved DEC to Ethereum. If you haven't already, you're going to need to install Metamask so that you have the necessary wallet address. Then, in Splinterlands, click on your name in the upper right corner and select Link External Wallet and the Binance Smart Chain. Once you're linked, just click on your DEC total in the upper right of the main screen and transfer normally.

In order to move DEC back from the BSC to the game, you going to need to connect your Metamask to the BSC -- another pretty trivial setup. Again, just click on your DEC total in the upper right of the Splinterlands main screen and transfer normally.

So . . . you've got some DEC on the BSC. Now it's time to add liquidity to the DEC-BUSD pool. If you're like me, you probably don't have any BUSD, so you'll have to swap for it before adding to the pool. In either case, the first step is allowing CubDefi to spend your tokens. And here is where it gets nasty if you don't have BNB. The transaction only costs $0.13 worth of BNB, but getting your first BNB to your wallet is ugly -- making the normal crypto on-ramp look easy. Or, at least, it was for me. If anyone knows of a better way, please post it for those who haven't tried this yet.

First, you need to be on the Binance exchange. I'm already on Bittrex and Kraken, but neither sell BNB. Plus, since I live in the US, I'm stuck using https://www.binance.us. This matters because BinanceUS only talks to the Binance Chain (BC) rather than both BC and BSC like the normal Binance. Due to transaction/gas fees, I decide to use EOS to transfer across exchanges. Quick sales of ETH (one of my HODLing cryptos) to USD and USD to EOS, a quick transfer across exchanges, and quick sales of EOS to USD and USD to BNB and I'm almost ready to go.

NOT! Finding documentation on how to withdraw BNB on Binance.us to MetaMask is not easy (you're welcome). Moving the BNB to Metamask requires a Kabuki dance via yet another middleman, the BSC Extension Wallet, in yet another three step process (no, apparently Extension Wallet BC to Metamask BSC does not work):

  1. BinanceUS => Extension Wallet BC
  2. Extension Wallet BC to Extension Wallet BSC
  3. Extension Wallet BSC to Metamask BSC

FINALLY, you're ready to swap tokens if necessary and add liquidity to the pool. The CUB instructions are very good but DO NOT FORGET to also stake your LP tokens for liquidity rewards on Cub Finance vaults.

The rates of return do make all the hassle worthwhile -- but this is a great illustration of why most people are terrified of crypto. My progression to here was the normal crypto on-ramp, joining a UniSwap liquidity pool and now joining a CubFinance liquidity pool and using CubFinance vaults. Each required far too many steps using too many new websites and pieces of software -- not to mention the uncertainty of repeatedly sending monetary value to addresses that you pray will accept it.

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Each required far too many steps using too many new websites and pieces of software

This is why I haven't joined the DEC pool despite having DEC sitting around doing nothing. I just can't face the hassle of signing up for a Binance account and buying BUSB.

I was hoping someone in the Splinterlands discord might be interestd in doing a DEC/BUSB trade but there were no takers. So, until there's an easier way to get BUSB I'll probably give it a miss.

I admire your stamina though. Well done you!

Posted Using LeoFinance Beta

Nice job @tipu curate

Upvoted 👌 (Mana: 98/112) Liquid rewards.

I found SouthXChange carries BNB and has no KYC. (https://main.southxchange.com). Not a giant exchange, but it's been around for a few years now and is reasonably safe to transact with in my estimation.

BinanceUS really had no KYC to speak of for just getting BNB. Enter name, address, SSN, done! There is more required for higher levels (send PDFs of license/passport, bank statement), but none of that is necessary unless you're going to be depositing or withdrawing fiat.

There are several US States where Binance.US does not allow accounts, so for some people that's not a valid option.