High Risk High Reward (taking a plunge to EasyFi)

in LeoFinancelast month

I'm may not be a gambler in real life but here in the crypto world, I tend to be one. Can't say that I'm good at it but nowadays it feels like I'm getting more wins than I lose. By the way, is crypto comparable to gambling? I know for sure that many will have a different opinion about it.

While for me, I'd like to think of it that way. Especially with the way I move my funds from one token to another. It feels like I'm betting to some token with the expectation that the price will appreciate in a not so distant future.

Some will suggest simply bet on BTC or ETH. There is a higher chance of winning on these tokens.

At this point, I don't feel like BTC/ETH will be as rewarding as the other potentials that are being offered at the table right now. There are a bunch of other tokens that are very very cheap that have the potential to grow x3, x5, or even x10.

One of them is $EASY


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Firstly, don't take my word as financial advice. Currently, I'm still learning about it and I don't have a credible analysis on anything crypto.

Here's what I gathered about this token...

EasyFi is a Decentralized Finance (DeFi) lending protocol that enables undercollateralized lending, using Plasma to improve user experience. The EasyFi network is Ethereum compatible and blockchain agnostic, allowing cross-chain asset settlements. The network is secured using a Proof-of-Stake consensus mechanism.

It's a fork of Compound $COMP but the major difference is that:

Compound runs on the Ethereum blockchain (Layer 1)

While...

EasyFi runs on Matic network (Layer 2)

So, gas fees are not a problem for EasyFi transactions.

Just so you know, $EASY is already listed on Binance Innovation Zone.

But for my case, I'm purchasing my $EASY in BitMax under the USDT pair. It makes it easier for me to track the dollar value of my investment.

I just started accumulating $EASY in the past week and what I noticed is that the price is relatively stable. It's mostly in the range of $4.30 to $4.70 which is quite good. For now, the stable price is good since I'm still accumulating it. I don't want it to swing to crazy levels until I build the stake that I planned.

Stake?

A DeFi token that can be staked? Yes, and that makes it more interesting.

It's so interesting that the ROI is less than a year if there are no changes in the price. It boasts 2 major feature in BitMax's Investment Products:

  • 111.51% APY
  • 1 Day Unbonding period (Unstaking)

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I don't know anything that can give a better deal than this. It's not a wonder why Binance listed it on their Innovation Zone. With these features, this token is believed to become a really volatile asset.

On top of that, BitMax also offered an "Instant Unbonding" feature for this token. It means that I can immediately unstake my $EASY in a matter of seconds, but it comes with a 1% fee.

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The instant unstaking fee is a considerably very low price to pay in the event that the token appreciates by x4 or even x16.

By the way...

Before you make a move and put some money into it, make sure that you understand the risk that this token will bring you. It's a get rich quick scheme and it could end up bad for you.

Also staking it to exchange is another layer of probable issue. The tokens are stored in their database and not in a blockchain. Just like the old saying...

“Not your keys, not your coins.”


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Posted Using LeoFinance Beta