[DEFI YOLOs] ATOM > Keplr Wallet > OSMO > SOMM Hold & Farm After Stabilizes
This will be our 2nd DEGEN play. Still no idea what we’re doing but you live and learn. The game is happening at https://app.osmosis.zone/
Supposedly when a new defi farm opens up, the price shoots up because of all the influx of capital, right now the TVL is around 2
Looked at the price on coingecko and it’s down today so decided to go for it.
- Bought $300 worth of ATOM on Binance (price per coin: $30.56)
Installed KEPLR wallet chrome extension - Transferred 0.01, once it arrived transferred the rest of ATOM to my KELPR Wallet
- Connected wallet to OSMOSIS network, in hopes that I can swap to SOMM that way, nope. Had to deposit all my ATOM and then swap to SOMM.
I had $304.82 in ATOM going in (9.9748 ATOMS) at a cost of $30.56/ATOM and I ended up with 52.085587 SOM ($303 in USD value), each som cost me $5.817
The play is to ride up the FOMO APE and then sell $300 worth. Once it stabilizes, then setup the OSMO/SOMM farm for daily compounding interest.
UPDATE 2/14/2022 – Well sadly this didn’t take off as expected.
On Feb 8th, when the guy called it $OSMO was around $9-8.70 range, we never bought OSMO .. it decreased to today’s price of $8.15 probably because BTC decreased.
Seems like everytime BTC goes down, so do alt coins. But anyway
$SOMM was around $4.x on Feb 8th, and now it sits at $5.77. We bought it at $5.817 so it went down due to BTC as well probably.
If we look at the $SOMM + $OSMO yield farm APY, it’s now only 86% per day. Way worse than originally hyped.
UPDATE 3/6/2022
Our SOMM is sadly worth only $219 USD now
Will take it out, and put it into the UST/OSMO pool. This case study has completed.
The take away is that we really need to look at how stable a token/coin is overtime to make sure it doesn’t drop in value. If it does, then we lose money and profit is the goal here not losing money and stressing for no reason.
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