WARNING - WSB token listed was a fake/scam. It has since been removed. Lucky I didn't go too hard into it
Just staked $150 AUD worth of AVAX using Wonderland.money. Almost guaranteed this is a scam but it wont break the bank.
Don’t think so, you probably couldn’t even do a swap at that amount, you’ll probably have to send funds to an exchange
it seems pretty straight forward to stake BNB on BNB vault. but i was wondering if all this staking is just a means of boosting demand for certain tokens (in the case of wonderland.money, its increasing demand for AVAX and surely pushing up its price)
It's the Wild West. There's staking that helps securitise protocols and there's staking that is just your good old-fashioned Ponzi.
you mean ponzi ohm clones as in stakes? if youre in wonderland youre going to love snowbank https://dapp.snowbank.finance/#/stake my non degen pick is rvrs on harmony one, their ido is still going https://app.artemisprotocol.one/artemispad or just buy rvrs and stake it when it opens
So thanks to the snowbank link above, I'm sufficiently convinced that those money farms are absolute scams and withdrew my original stake without hassle. I now own a small basket of STX, ADA, MATIC, which are all stacked on Binance. Total about $5k AUD with a bit left on the side to buy any major retracements of BTC/ETH. Should I have done this back in July? Yes, but my financial situation has changed dramatically since then and I can now afford to risk this money.
Nice work, MATIC would be the least riskiest, STAX and ADA could blow up any time. STAX needs the SEC to change its mind (there's also the problem of how many tokens the founders have apparently) and Hoskinson needs to find a way to get ADA working properly instead of crashing.
they are all based on the olympus dao that was and still is hugely successful https://www.olympusdao.finance/ but yeah $150 is going to be a long wait to see any kind of returns.
So what's the deal with things like this? Aren't they one step away from a giant rug pull? Or are they actually a legitimate form of investment?
anything could be a rug pull, legitemate projects could have a rouge dev, this has happened many times. they are a legit form of investment, provided there isnt a run and everyone sells. ohm succeeded because they were able to build a community. https://newsletter.banklesshq.com/p/wtf-is-olympus-dao
I see. This link helped me understand the premise, so thanks alot. Most of the mechanisms it discussed went over my head. I think participating in DeFi is still a bit too much for me to bite right now. Maybe I'll give it a go if I can scratch together another spare $10k
