I have been wanting to try out Uniswap and the post by Splinterlands today pushed me over the edge
I figured it would be a good introduction to uniswap and learning more about some DeFi tools as experiment for Hive/Peakd role.
Perhaps this will help other OR this will just be good recorder of experience for myself.
THE STEPS + FEES
- I started with 1 million DEC test from Hive-Engine wallet
- Transfer the 1million to spliterlands wallet = FREE
- Transferring 1Million DEC to Eth wallet = 1000 dec fee from splinterlands = $0.72
- Transferring ETH to new wallet (from different wallet) so new wallet can pay gas fees = .001626 eth FEE = $0.55
- Approve DEC for trade = .0021364 FEE = $0.72 (The next transaction was the actual swap so not sure why or what this transaction does)
- Swap 499500 dec for ETH = .0061358 ETH FEE = $2.08
6b. I got 1.0969188 ETH for this swap
- Add liquidity to pool = .06440976 ETH FEE = $2.19
7b. I added 499500 DEC and 1.09423214 ETH to pool
Which if you check 6B you'll notice is a .002686 ETH difference (positive difference than the other half of the 499500dec i traded to get that eth for the other half of the pool
.0163399 eth = ~$5.55 + $0.72 = ~$6.27
How much is it going to cost me to REMOVE the DEC and ETH from the pool some day?
- I suppose to remove from pool is $2?
- The question is if i want to convert eth back to DEC then $2?
- And then there's likely a transaction size fee to send DEC back to splinterlands wallet? Which looks like the ~$0.72?
Ethereum sucks in many ways.
- The fees are crazy for someone used to HIVE.
- Having to wait minutes between each of those transactions was sucky and inconvenient.
And now I still don't really have a solid grasp of what's next.
- How often does the pool earn
- Where do i go to look at the results as they roll in.
- How do i know if it's valuable enough to do to add 8 million more DEC to the pool.
Benefits outweigh the costs
- Looks like I'd need to earn like $6-10 to make this expirement worth it.
- However Splinterlands is saying a month of about 55k dec is worth a plot and most plots will be purchased at 7500dec ... and that presently is a value of $5.53
- I put in 499500 dec (which came from 1 million dec split into dec/eth)
- So that puts me at about 9 plots or about ~$50 of value
BUT Splinterlands said this number earlier today when the pool was at $128k value now it's at $140k value which is an increase of 9.3% which maybe means every 60k dec may get a plot of land for each 30 days given the present stats??
These stats may be off but it's a decent ballpark which does still state that it is still worth while to handle those $5-10 of fees but probably not for the uniswap rewards since i now represent .54% of the pool and the fees the last 24hrs were were $24 and so my share would have been like $0.12??
I guess if nothing changes and every day is the same I'd earn back those $6 of fees in ~52 days?
BUT despite the fees the incentives from Splinterlands company are likely very worth it so the recap is I am happy with the decision. And I learned something new
Check to see the status of how it does and then possibly add a bunch more but I assume doing a lot more at a time is better return because even if it's 8 million DEC the fees are likely going to be about the same.