DEC-BUSD: Step by step guide - CubFinance (DeFi)

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(Edited)

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With the introduction of the Farm DEC-BUSD LP on https://cubdefi.com/ a further connection has been made between Leofinance and Splinterlands.
Splinterlands and Leofinance are two great projects born and developed on Hive and I am convinced that this new connection between them will bring a great benefit to all parties involved including Hive.
In this post I wanted to write a step-by-step guide to help those who want to start using Farm DEC-BUSD LP.


Requirements


To use the Farm DEC-BUSD LP on https://cubdefi.com/farms you need to meet three requirements:

DEC-BUSD LP: step by step guide - CubFinance (DeFi)

Let me show you all the steps I performed to use the DEC-BUSD farm on CubFinance (DeFi).


Step 1: Add BUSD (BEP20) and DEC (BEP20) tokens on Metamask


1. To allow Metamask to display, receive and send BUSD (BEP20) tokens and DEC (BEP20) tokens, I added two "Custom Tokens" to my Metamask wallet:

  • 1.1 in the main screen of Metamask I clicked on Add Token as indicated by the arrow in the next picture

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  • 1.2 on the next screen I clicked on Custom Token (Arrow 1) and entered the address of the DEC Token contract (BEP20) (Arrow 2).
    Note: you only need to enter the address because all other fields are completed automatically)
    The address I entered is: 0xe9d7023f2132d55cbd4ee1f78273cb7a3e74f10a
    Finally, I clicked Next as indicated by arrow number 3 in the next image.

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  • 1.3 I repeated the exact same operation performed for the DEC tokens and to add the BUSD tokens (BEP20) to my Metamask wallet I only changed the address: 0xe9e7cea3dedca5984780bafc599bd69add087d56

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As you can see from the next image now my Metamask wallet also displays the BUSD and DEC tokens in the Assets section of the main screen but obviously their value is still 0.

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Step 2: Transfer BUSD tokens to Metamask

BUSD -> BUSD (BEP20)


I bought the BUSD tokens on Binance.
If you don't want to use Binance you can convert your LEO tokens to bLEO tokens (BEP20) and send them to your wallet (BSC) from https://wleo.io/bsc and then you can convert them to BUSD from the exchange section of CubFinance.

To transfer the BUSD tokens from Binance to my Metamask wallet, I performed the following steps:

1. After logging into Binance, I clicked on Wallet and then clicked on Fiat and Spot as indicated by the arrows in the image below.

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2. In my Binance wallet I clicked on Withdraw .

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3. on the next screen I entered:

  • 3.1 the address of my Metamask wallet (you can use the wallet compatible with the Binance Smart Chain network that you prefer)
  • 3.2 the type of BUSD token to send to my wallet (remember to select the BNB BEP20 - BSC version)
  • 3.3 I have inserted the quantity of BUSD to send (in my case 22.51679800)
  • 3.4 I have clicked on Submit

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4. After performing the Binance security verification operation (email code and SMS code) the BUSD -> BUSD (BEP20) -> Metamask token transfer was performed.

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Step 3: Transfer DEC tokens to Metamask

DEC -> DEC (BEP20)


The next step is to transfer the DEC tokens from Splinterlands to the Metamask wallet.
First, however, I checked the amount of DEC corresponding to the value of 22.51 BUSD (the amount of BUSD I decided to put in the farm).

I went to https://exchange.cubdefi.com/#/pool, clicked on Add Liquidity and checked the amount of DEC I needed (23541.7 DEC).

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1. I went to https://splinterlands.com/ and made the login

2. I clicked on the amount of DEC tokens in my Splinterlands internal wallet as indicated by the arrow in the following image

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3. on the next screen:

  • 3.1 I entered the quantity of DEC tokens to send on Metamask.
  • 3.2 I have selected BINANCE SMART CHAIN WALLET
  • 3.3 I clicked on the TRANSFER OUT button.

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Note: If this is your first time doing this, a screen will open where you must enter the address of your Metamask wallet (or the wallet you use for the BSC).

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After I hit TRANSFER OUT I gave an additional confirmation and the DEC tokens arrived on my Metamask wallet.

As you can see from the next image at this point I have everything I need to use the DEC-BUSD LP farm.

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Step 4: FARM DEC-BUSD LP


1. I went to https://cubdefi.com/

2. I clicked on Trade and then clicked on Liquidity as indicated by the arrows in the next image.

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3. On the next screen I clicked on Add Liquidity.

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4. On the next screen I selected in the first field DEC and in the second field BUSD.
In the BUSD field I clicked MAX to enter the total number of BUSD tokens in my Metamask wallet.

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5. Next, I clicked APPROVE DEC and authorized the transaction on Metamask as indicated by the arrows in the next image.

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6. Next I clicked on APPROVE BUSD and authorized the transaction on Metamask as indicated by the arrows in the next image.

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7. Next I clicked on Supply and on the next screen I clicked on Confirm Supply as indicated by the arrows in the next image.

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8. I went to the Farms section of Cubfinance and clicked on Approve Contract in the window for DEC-BUSD LP.

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9. I clicked on Stake as indicated by the arrow in the next image

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10. On the next screen I clicked on Max and then on Confirm as indicated by the arrows in the next image.

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Operation completed
I will now start earning CUB tokens from my DEC tokens and my BUSD tokens.


Final Considerations


I wrote this step-by-step guide to help users who wrote to me on Discord asking how to use the DEC-BUSD Farm, and I hope my guide will be helpful to other Hive, Leofinance, and Splinterlands users as well.

The APR of the Farm DEC-BUSD LP is currently 230.40% and after 4 hours I have earned 0.013 CUB ($0.038636).
The transactions to start using the Farm cost me 1.3$ and this means that I will return the initial expense in about 5-6 days.
Obviously this time interval will decrease as the value of the CUB tokens increases and will increase in the reverse case.

I see a lot of potential in the LeoFinance community and in the projects made by its development team, so I decided to start my adventure in the world of DEFI with CUB Finance.
Obviously it's just my personal decision, every investment has a risk factor to be considered and evaluated.
The major risk that characterizes liquidity pools is the Impermanent Loss that occurs when you withdraw tokens from a liquidity pool and their value has changed from the value at the time of deposit. The greater the change in value, the greater the loss due to Impermanent Loss and that is why I prefer to invest more in the Dens section of CubFinance.
If you want to deepen the discourse on Impermanent Loss I recommend you to read the post of @edicted that explains well what is the impermanent loss: https://leofinance.io/@edicted/impermanent-loss-and-gamblers-syndrome


Important note


**I am not a financial advisor and if you decide to invest on Cub Finance or any other DEFI platform you do so by your own choice and at your own risk.

My advice is to always invest only what you can afford to lose with a light heart.


Unless otherwise indicated, the images in this post are screenshots taken from the sites:

https://cubdefi.com/

Binance (Ref.)

https://metamask.io/

https://splinterlands.com/ (Ref.)

The font I used in my images and in the images I edited is Open Source


I use other blogging platforms to promote Hive, Leofinance and Splinterlands

Follow me also on:
Twitter: https://twitter.com/libertycrypto27
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ReadCash: https://read.cash/r/libertycrypto27
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Posted Using LeoFinance Beta



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43 comments
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@tipu curate 2

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I decided to start my adventure in the world of DEFI with CUB Finance.

I did the same. I wasn't going to bother because I didn't have a Binance account and didn't want to go through all the rigmarole to get one but then, after reading another post I twigged that I could swap half my DEC for the BUSD so that's what I did.

The major risk that characterizes liquidity pools is the Impermanent Loss that occurs when you withdraw tokens from a liquidity pool and their value has changed from the value at the time of deposit.

I still don't really understand this but my DEC was just sitting in my wallet doing nothing so I'm hoping that even if there is a loss I will still come out ahead.

Posted Using LeoFinance Beta

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Hi @gillianpearce
Yes exactly there are so many possibilities to convert so many tokens and when the new Leobridge feature will be active it will be even easier and more convenient.

After reading your comment I added in my post a link to a post by @edicted that explains very well and with examples what is the impermanent loss.

Thanks for stopping by and thanks for your comment
Have a nice day
!BEER

Posted Using LeoFinance Beta

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Nice work, I appreciate the effort. A lot of new users will def find this useful.

Posted Using LeoFinance Beta

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Hi @mistakili and thanks for your comment
Yes, my intent is to help new users who may find some difficulties.
Have a nice day :)
!BEER

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Wow questa guida sembra fantastica! Domanda a @liberycrypto27, hai intenzione anche di scriverla in italiano? (Preferisco l’italianonper queste operazioni delicate). Se SI, aspetto la guida in italiano. Saluto e grazie mille!!!

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Ciao @stefano.massari e grazie per il tuo commento
Si volevo già pubblicarla ma non ho fatto in tempo a sistemarla perchè nella versione in italiano alcuni link sono da cambiare perchè devono indirizzare alla versione in italiano.
Cmq tra oggi pomeriggio e stasera la pubblico ;)
!BEER

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Grazie Liberty! Non è mia intenzione metterti fretta! Assolutamente!! Fai con calma

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Sorry, you don't have enough staked BEER in your account. You need 24 BEER in your virtual fridge to give some of your BEER to others. To view or trade BEER go to hive-engine.com

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Thanks fot the tutorial!
This will help a lot of people for sure :)

I will also join CUB today or tomorrow and i‘m kind of excited 😄

Posted Using LeoFinance Beta

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Nice guide! I threw some DEC in the Farm right when it opened up. I thought it was a bunch of DEC (it was for me). Apparently it wasn't as much as I thought. My CUB earnings from that farm have been pretty minimal.

Posted Using LeoFinance Beta

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Thanks @bozz I'm glad you liked my guide.
I put some DECs in the farm to help those who had asked how to do it and to try it out but I still prefer the Dens section of CubFinance.
!BEER

Posted Using LeoFinance Beta

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Dens has been doing better for me as well.

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Thanks for sharing! - @ashikstd

Maaaaan... I've not checked but your post should already be on the top of trendings with all those big upvotes.
After I checked your post a little, I got to know why all those rewards in a single post.
You really did well with the post.
Keep up the good work.

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Hi Thanks for this tutorial saw it late. I tried it but I'm stuck at Step #2.
I tried swapping my wleo to BUSD like you said but for some reason it won't go through

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Am I doing something wrong?

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Hi @jlordc
I tried to do the same operation as you but my screens are different.
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To make any transaction on the BSC you need a small amount of BNB (BEP20) on your metamask wallet.
If you don't have BNB then maybe that's your problem.

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Yep! That is indeed what I initially saw, a fee of $0.12 for the transaction. That's why I click on the 'edit' part and chose the 0 transaction (slow) since I don't have any BNB hence the different screenshot.

Maybe this really is the problem. Maybe one really needs to put in some BNB first for the transaction to go through. It would be nice if there was also a leo to bnb conversion as I don't have any Binance account.

Still, thanks for the tutorial. XD
It's pretty good I must say.

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Still, thanks for the tutorial. XD

Thank you, I'm glad you found my tutorial useful and liked it.
!BEER

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Sorry, out of BEER, please retry later...

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