A novice in DeFi update
A few short days ago, three if I remember correctly, I finally set up my USDC - PolyCub farm on PolyCub. It was an historic moment: An utter DeFi novice worked through all the steps necessary to set up a farm. And didn't wind up inadvertently donating his hard earned crypto to ISIS.
So let's check in and see how things are progressing
Unsurprisingly, since I purchased my PolyCub in order to set up my farm, the price of PolyCub has dropped dramatically. My initial purchase price was around $1.50. As with any poorly organised investor, I don't record my buy in price or maintain a spreadsheet to record the ups and downs of my investments.
The current price of PolyCub is $0.777, so almost exactly half of my buy in price. Great.
But do I really care? No, I haven't put a significant chunk of money into this. And, realistically, the price of PolyCub is expected to be highly volatile in the first few weeks following launch. We'll see where the price stabilises in the coming weeks.
Earnings
For the first couple of days since setting up my farm, the distribution per block was 5 PolyCub. As of last night or today at some time, the distribution has been reduced to 4 PolyCub per block. And every week from here on the distribution is progressively reducing. I'm sure this will have some impact on the price per token. What that will be I have no idea. Don't ask me for details about how it will be reducing over time either. I am not a credible source for information on any topic of any kind.
The yield has also dropped from the 4700% at my farm's launch to the current rate of 2500%. Yields at this rate are insane and will never last, so I'll just enjoy it while it is so high.
So far, my farm has generated around 33 PolyCub with a current value of almost $26 USD. This is pretty decent since I've really only put around $200 into this little project. Or something like that. I honestly have no idea and really wasn't paying much attention when buying my USDC and Matic.
Speaking of Matic, I still haven't made any use of it yet other than using it to provide gas for my transactions. I really need to work out how to set up a Leo farm now.
Onwards!
Posted Using LeoFinance Beta