Experiencing BroFi - A Quasi Users' Manual

in The Man Cave3 months ago (edited)

Finally I'm getting my head wrapped around using BroFi. When it was released, I was too busy with understanding CUB and using DeFi on CubFinance (as well as RL challenges), so decided to come back to it. Well, the time has finally come. I got on Discord, and started asking questions, pretty much stumbling around in the dark. I looked at some announcement posts here, here, and here. But then I went ahead to piece things together myself.

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In hindsight, BroFi is ridiculously simple to use. So much so, that I would almost find it embarrassing to even write this how-to post. However, about half an hour ago I really would have appreciated such a hold-your-hand walk-through, or even just a few words on delegating Hive Engine tokens to @brofi. Because that's really what this is all about. So let me explain, without any shame, how to go about it.

Start on Discord

Discord is a wonderful place to chat with other users, or look through previous chats to find useful information. In the case of BroFi, it's also their user interface. For those who are not on it, here is an invitation to The Man Cave. Once you're in, go into one of the brofi channels. There, under brofi-bots take a look at the pinned messages, where you should see a list of commands you can use to interact with the brofi-bots. Alternatively, you can also just type the first command brofi to see the same list come up.

Screenshot from 2021-04-25 12-16-08.png

If you type in brofi get followed by your Hive username (without the @ symbol), like so many others have done... nothing will happen - until you delegate tokens. Obviously! This was one of the things I learned here.

Delegating Hive Engine Tokens

Just like with HIVE POWER, you can delegate any amount of tokens on Hive Engine to other accounts. The idea is the same: by delegating your staked tokens to someone else, you're letting them use the power associated with what you've staked (powered up) for giving out upvotes, or even downvotes. In this case, this someone is @brofi, who is going to reward this delegation with more BRO tokens. Of course, by delegating your tokens out, you won't be able to use them yourself. In other words, your vote will be that much weaker in the communities associated with that token. Whether this is really worth it, you will have to decide for yourself. For me it's worth an experiment.

You can certainly use Hive Engine to delegate, but I have gotten more used to doing it on Leo DEX. By clicking on the yellow arrow pointing right-upwards, you can decide how much of each token you can delegate. Don't forget to specify @brofi to delegate to.

Screenshot_2021-04-25 Leo DEX.png

Once the transaction has gone through, you can see the difference if you refresh the page. Now it shows you that much less tokens under STAKED, but indicates the same number under BALLANCE as Delegated. You can also notice a new yellow button on the right, of an arrow pointing left-downwards. That's how you can undelegate that token (which will probably take some time).

Screenshot_2021-04-25 Leo DEX(2).png

Which Tokens to Delegate?

Now here comes the tricky part! Not all coins earn the same, and they change all the time, depending on votes. (More on that later.) To find out the latest info on the pools, type brofi pools into the brofi-bots on Discord. You should see a list come up of all the accepted coins, in order of the total pool votes. Obviously, the leaders here are HIVE and LEO, and on the tail end we find BLQ, SAND, and KANDA, with 0.0 BRO as the expected rewards. (Still, there are people who have delegated into these pools... Must have had their reasons.)

Screenshot from 2021-04-25 12-02-52.png

For me, the interesting tokens were LOTUS, PAL, and NEOXAG, which I've been accumulating from blogging, plus CINE, and POB, which I recently bought. So one by one, I delegated most of my holdings in these tokens to @brofi. Then, to see if it worked, I typed brofi get stortebeker into the brofi-bots on Discord. I had to refresh the page, but then it worked, sending me this neat list:

Screenshot from 2021-04-25 12-38-47.png

Voting for Higher Rewards on Your Favorite Coins

So far so good! But before I close, let me give voting a try. The way I understand it, by voting you decide on the tokens that should receive higher rewards. The votes are weighed according to how much BRO tokens each voter holds. (I have ten.)

Type brofi pool vote into the brofi-bots on Discord, and follow the instructions (by typing yes at first to indicate you understand). First you'll see a list with the current delegation pools. Next you have to type in the names of the three coins you want to vote for. Then you need to provide your Hive username. Finally, you'll be asked to click on a link, which is going to send your vote out, in form of a transaction of 0.00000001 BRO to @brofi. That's it!

Screenshot from 2021-04-25 14-01-17.png

You can check if it worked, by typing brofi pools again. Now compare the number of Total Pool Votes of the coin you voted on with its value before you voted. It should have been increased exactly by the number of BRO tokens you're holding. In my case the Total Pool Votes for the FOODIE token has gone up from 1311.9477090999999 to 1321.9490749099998, exactly by ten.

I Hope This Was Helpful

As I said, it's so straight forward that I'm not surprised there have not been other guides published like this. Still, I believe it may come in handy for the next user wanting to get into BroFi, who simply has no idea where to start.

I don't mind questions, comments, or corrections of any kind. Since this the first time for myself to figure this out, there's a good chance that I've misunderstood something, or that my info is incomplete. If you notice something like this, please let me know, and I'll be happy to change or extend this info.




I'm glad new users are still finding out about brofi, and hopefully some will find your guide useful.

I have a bad habit of creating things and just letting everyone figure it out for themselves...

It's been almost a year for DHEDGE and I still haven't made a guide, maybe I'll actually get something written up for brofi before the 1 year mark. I just find it more efficient to focus on the code and let people like you figure out how it all works and share it.

Works for me. Once I've figured it out, I enjoy explaining it to others. Though unlike BroFi, DHEDGE I haven't even heard of. Is that something related, or a completely separate thing that still needs to be understood, tried, used, and an explanation guide written? ;-)

These things are only simple when you know about it. To everybody else they might not even know it exists never mind how to use the system so these posts are always good to see.

Thank you! This comment of your re-validates what I've been suspecting anyway. So great, I'm glad to see this has been helpful, and I it makes me want to write similar guides in the future.

I believe it may come in handy for the next user wanting to get into BroFi, who simply has no idea where to start.

This was me. I've been looking in Discord and somehow ended up here. I'm still not sure if it's worth it though. Especially now I can see the size of your projected pay outs. I'll have to check and see which tokens earn the least for me from curation. As you say, it's all a bit of an experiment.

NICE!!! Thank you, thank you, thank you!

Mostly for showing that yes, there are people like you out there, or people like me, before I dug into the nitty gritty of BroFi. So cheers for that! :-)

As for whether it's worth it or not... We'll have to see. But in order to do that, we first have to try. I haven't even checked my BRO earnings since I delegated the majority of my HiveEngine coins. I'm gonna do that right away.

One thing I'd been suspecting, but in the end I had to try myself, was delegating BUILD tokens. According to the pool data, all your BUILD would earn you 0.0 BRO. I still delegated 6000 BUILD, only to find out: it's true, my earnings would be zip! Okay, so back again, and I undelegated it all. Now waiting for it to come back.

Please feel free to share the result of your experiment. I'd be interested in knowing the impression of others.