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1  Alternate cryptocurrencies / Altcoin Discussion / Re: How to earn 9-10% APY using USDT and a simple strategy on: November 27, 2022, 09:44:53 PM
Quote from: Jating on November 27, 2022, 09:18:23 PM
Quote from: LeoVS09 on November 27, 2022, 08:58:05 PM
Quote from: bittraffic on November 27, 2022, 06:14:28 PM

How can this be low risk when it asks for users to deposit coins?

Crypto was rocked by FTX scam where people kept thier assets on exchanges. You have to be so dumb to not learn from the massive fraud happening this year to deposit to centralized Eonian.  We are already avoiding CEX, holders are already getting out of the exchanges to hold or stake coins in the wallets they own. You couldn't expect any new projects this time to do something good.

Very strange reaction... Why do you think Eonian is centralized? We are building Eonian - a decentralized yield farm. It is purely a smart contract protocol where you can check the code and see that no one except you has access to your money.

For me personally very heartbreaking to see such a position  Sad . We spend months researching all possible hacks and vulnerabilities in smart contract protocols, then designing them in a way that prevents anyone from stealing users' money, multiples times reviewing each line of code and cannot normally sleep while thinking what else can be done to save users which will trust us. We have already half a year postponing the release to implement all SecOps practices while spending personal money on development. I personally spend a month on an independent audit of ApeSwap (proof link: https://leovs09.notion.site/ApeSwap-Lending-Audit-Report-2c499edcbf0b432dbd94424268cf3a88) to only be sure, that if we will use this strategy we not will lose users money.

And then I heard that FTX was making whole money management in messenger, and thousands of users were trusting them millions of money Cry . And now you are saying that because of FTX, our project is also bad!

It's good that you have done your part, researching about the possible hacks because this is the first time that comes to my mind.

And hopefully this is not just a one done part, I mean you also need someone to monitor everything in a 24x7 basis? just to make sure that everything is running smoothly and if by chance there is a exploit in your system, you can simply react on it real time.

Also, need to be very active in looking for loopholes in your system. As obviously, hackers are smart and doing this as well. That's why it's better that you are one step ahead of the game, just saying.

Yes, you are right about monitoring. It is a part of the SecOps practices that we implement. We, on one side, monitor new hacks in DeFi, to react to new exploits, and on another side, will monitor money movements in our smart contracts to react if someone finds any breach in our code or code of protocols on which our strategies are dependent. We are also trying to set up a bug bounty program to incentivize ethical hackers to check our code.
2  Alternate cryptocurrencies / Altcoin Discussion / Re: How to earn 9-10% APY using USDT and a simple strategy on: November 27, 2022, 09:38:33 PM
Quote from: uneng on November 27, 2022, 07:42:25 PM
The strategy is very well explained and includes pictures for better understanding of the public. Congratulations for taking your time sharing knowledge with crypto community!

Although theoretically it looks an interesting executable concept, it's not simple on the reality. Of course there is a catch behind all of this, otherwise the platform itself could do all the steps and offer 9%-10% APY on USDT lending to investors.

However, they offer only 3%. If you want to persue more interest you have to risk yourself with the called BANANAcoin and that is the catchy part, I think.

There are serious risks of losing money with this strategy because BANANAcoin isn't an altcoin you can trust for the long term. Imagine if it heavily devaluates during your investment. It would be the end.

Thank you for the feedback! For me, the author of this article is very pleasant to hear it  Cheesy

The platforms are mainly not doing such a strategy by themselves because this strategy slowly declines the price of the token. if ApeSwap does it by itself, it will require them to sell their own token continuously while minting it. Of course, it is not in their interest.

You are right about risk, but I wouldn't name it a serious risk because the interest you pay is rarely more than 10% in a year. And when you see that your profit is too low, you can withdraw your money. You probably will have at least a month to react before any noticeable losses occur. Also, if you often enough sell BANAN, even high devaluates will not be a big problem. ApeSwap like and Compound pay their reward based on USD equivalent, which means if BANANA falls, you just receive more tokens.

But in general, of course, you are right, and I strongly recommend anyone consider if he is ready for such risks before investing.
3  Alternate cryptocurrencies / Altcoin Discussion / Re: How to earn 9-10% APY using USDT and a simple strategy on: November 27, 2022, 09:17:06 PM
Quote from: Flexystar on November 27, 2022, 06:37:35 PM
I am not sure how good these offers are after the market is crashed and since it is the time to buy more liquid coins rather than putting everything locked up. I mean there may be time when we will need to sell and rebuy and repeat these cycles to achieve good profitability along the way so locking up for such high period looks off right now. My view is not negative but I am thinking about various factors at the same time whole thinking about the staking based method of earning profits that too in the bearish market.

You correctly pointed to the main disadvantage of this strategy. I can say only that when I tested this strategy at the end of summer, BANANA token was falling the whole time, but it still generated high rewards. I deposited USDT in August and then claimed and sold BANANA only in October. I expected APY to be around 10% in the best conditions, but it generated 2.69% in two months. That in a year can be 2.69% * 6 = 16.14%. Previous profits, of course not a guarantee of future profits, but it still looks like a good strategy even in these conditions.
4  Alternate cryptocurrencies / Altcoin Discussion / Re: How to earn 9-10% APY using USDT and a simple strategy on: November 27, 2022, 08:58:05 PM
Quote from: bittraffic on November 27, 2022, 06:14:28 PM

How can this be low risk when it asks for users to deposit coins?

Crypto was rocked by FTX scam where people kept thier assets on exchanges. You have to be so dumb to not learn from the massive fraud happening this year to deposit to centralized Eonian.  We are already avoiding CEX, holders are already getting out of the exchanges to hold or stake coins in the wallets they own. You couldn't expect any new projects this time to do something good.

Very strange reaction... Why do you think Eonian is centralized? We are building Eonian - a decentralized yield farm. It is purely a smart contract protocol where you can check the code and see that no one except you has access to your money.

For me personally very heartbreaking to see such a position  Sad . We spend months researching all possible hacks and vulnerabilities in smart contract protocols, then designing them in a way that prevents anyone from stealing users' money, multiples times reviewing each line of code and cannot normally sleep while thinking what else can be done to save users which will trust us. We have already half a year postponing the release to implement all SecOps practices while spending personal money on development. I personally spend a month on an independent audit of ApeSwap (proof link: https://leovs09.notion.site/ApeSwap-Lending-Audit-Report-2c499edcbf0b432dbd94424268cf3a88) to only be sure, that if we will use this strategy we not will lose users money.

And then I heard that FTX was making whole money management in messenger, and thousands of users were trusting them millions of money Cry . And now you are saying that because of FTX, our project is also bad!
5  Alternate cryptocurrencies / Altcoin Discussion / Re: How to earn 9-10% APY using USDT and a simple strategy on: November 27, 2022, 08:31:07 PM
Quote from: cryptoaddictchie on November 27, 2022, 05:54:34 PM
Evem though strategy has a very enticing offer. It is not guaranteed of a succesful outcome or consistent percentage of profit by means of apr. It is gonna go down as many will stake on the project leaving apr down until its not usable anymore on the system. Ive seen a lot failed many times and this is not a perfect scheme we can always trust.

Hi, I wrote this article on medium.

You are right, this strategy does not guarantee stable profit and it will go down if the amount of users grows. But there few important points to consider. Any DeFi protocol while increasing liquidity providers' user base decreasing APY, it is normal. It is why you need to search for new protocols when the old is growing too much. This rule work with any DeFi strategy. In this exact case, we were explaining one such strategy, which will work with any Compound-like protocol. When it stops producing good APY on ApeSwap, you can move your money to the next protocol.

We researched it for our yield farm, in the position where we will continuously research new protocols for users who deposited tokens in our dApp, but you can do the same work by yourself. If you do it by yourself, you just need to monitor protocol APY, and you will get a successful profit.
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