Moved my DOT tokens from Cub Finance back to Binance
After a long time, yesterday, I was checking my Cub Finance and how it was performing. It's been a long time and I had left it there to just accumulate passive income. I noticed that it's been more than 40 days and around 40 CUB was waiting for Harvest. I don't usually harvest frequently. One good thing about Kingdoms is that we don't have to harvest anything there. It keeps compounding.
But I did not have all my funds in Kingdoms. There were also other places where I staked the funds for passive income. Income from Farms was the thing that was waiting for harvest from me. After I did my harvest, I was wondering what happened to the other pools and I quickly wanted to check. I noticed that my DOT staking on Den was in the finished state. That's what made me realize that there is no longer reward for staking DOT tokens on Cub finance. I will either have to pair it BNB in the liquidity pool and stake it inside Kingdoms. So, I decided to move my DOT tokens from Cub Finance back to Binance.
Staking rewards on Binance
I wanted to move the funds to Binance for the sake of staking rewards. Binance gives over 11% staking rewards for DOT for 30 days. I know it is a bit higher for staking 60 days or 90 days but right now there is no slot available to do that. People might say that it is not safe to keep the funds in exchanges. I know that fact but keeping crypto idle is also not going to give anything in return. There are no better decentralized options right now for staking DOT. There is an on-chain staking reward in Polkadot but it is one of the worst staking mechanisms I have seen in the crypto world.
One good thing I like about Binance Smart Chain is definitely the gas fees. For moving my funds from my wallet to my Binance wallet, I had to just spend 0.06 dollars. If it was on ETH I would have spent a minimum of 6$ for this activity. This is definitely a great thing but I wouldn't disagree that BSC is centralized and controlled by Binance and also the fact that Binance is not a trustable exchange because they misused customer funds last year.
Other rewarding options
I was exploring a few other places to stake my DOT tokens but I did not find anything else interesting. Definitely staking them on-chain is not an option. One reason is, I don't want to go through the huge transaction fees involved while moving it from one wallet to another. Last time itself I lost almost 2 DOT tokens in that process and it was not a very pleasant experience.
Other centralized exchanges were suggested as another option but I think there is going to be a risk factor anyways if we keep the funds in the exchange wallets. And again for moving the tokens from Binance to other exchanges, I have to go through some process which will have a loss of tokens. So, I finally decided to just stake the tokens on Binane and keep earning the passive income rewards at 11% APR. If anyone has suggestions for a better option or a better rewarding system, please let me know in the comments. Some other DeFi on Binance smart chain itself would be the best fit because I can save a lot in the transaction fees.
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I stake my Dot's on Kraken exchange. 12% yearly, no minimum stake time, payout intrest twice a week...
And when I really have to move my funds from 1 exchange to another, I first covert them to (yeah, I know, a painfull name here...😱) to TRX. The transfer and fees on TRX are almost nothing... Of course you always have the risk of large variations in price, but as I do this all at the same time, I never lost a penny...
Yeah, Kraken was the next exchange that was in my mind if it was not Binance. Yeah like you said, I do the same thing if I want to move the funds. If the destination exchange accepts Hive, I mostly do the move with Hive or else TRX. If it is Hive, the transfer fee is only 0.01 Hive that's pretty cheap.
But there is a small problem here. We have to do small trading where we have to sell the holdings and purchase TRX with that. If we do it with the wrong timing, there can be a small loss in that process.
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That's good to hear. I was looking at Binance staking nad earning options this morning but the ones I was interested in were already filled.
I'm also not sure about using them now since the problems with UK banks. I don't think I'll be sending any new money there for the foreseeable future but not sure where I will go instead. I've only recently switched from using ProCoinbase.
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Yeah that's the reason why I'm sticking to Binance. I don't have a better option too. It also helps me convert the funds to my local currency as well.
By the way thanks for quoting that text. I found that I made a mistake by saying 0.06 cents. It is actually 6 cents / 0.06 dollars. I corrected the main post.
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!ENGAGE 20
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Thanks for the tokens. Cheers! !BEER
View or trade
BEER.Hey @gillianpearce, here is a little bit of
BEERfrom @bala41288 for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.I thought it would just continuously auto-compound but I don't think there was a DOT kingdom right? I believe I only saw DOT/BNB.
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Yes, there was no DOT in the Kingdom. That's why I had to move it out of Cub Finance.
DO NOT FOLLOW any instruction and DO NOT CLICK on any link in the comment!
Thanks. Yeah, I recognized it. 👍
Yep, a poorly crafted one 😉
Why do you say this? 🤔
It is not fair as far as I see. There is a high chance that wr don't get anything for staking. It has a stupid algorithm to reward the users. Not all the stakers get a fair amount of share.
Damn, I didn't know any of that. 🙄
Yeah I learned it the hard way by staying staked for a few months there.
11% isn't bad when considering DOT will appreciate overtime and so is the interest. I also moved my DOT back when the Dot den was closed.
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That's nice. Yeah good thing I liked about this is the less fees that was involved.