My Pokket Trade 3,000% APY
Pokket is a DeFI platform. They offer high interest rates on a wide range of crypto assets. The interest rates are determined by volatility. During times of high volatility, like now, it’s not uncommon for Pokket to offer 1,000% - 5,000% APY. Last week I noticed they were paying over 3,000% APY for SUSHI when you lock it up for seven days. I had $550.00 dollars to play with and said, what the heck? Here’s my settlement statement.
Your following saving was matured and settled into your account:
• Saving amount: 44.813724 SUSHI (ERC20)
Duration: 7 days
Underlying token chosen: USDC (ERC20)
Weekly interest rate: 6.20%
Strike price: $13.682
Maturity date: 2021-09-26
Interest earned: 2.778002 SUSHI (ERC20)
Total matured amount: 47.591726 SUSHI (ERC20)
If you would like to deposit your tokens again, please submit your fixed saving request at our Website. Your tokens will sit in your account until you decide to place a new fixed saving or withdraw them.
Thank you for choosing Pokket.
I am pleased with the results. In seven days, I earned almost three SUSHI. At the time of maturity SUSHI was trading for just over $11.00 dollars.
If you decide to use Pokket here are some suggestions.
Pokket is like a high interest savings account with an options element.
Pokket offers three types of savings.
- Simple Saving: This is the simplest savings option where you deposit your crypto for a limited term (14 – 90 days) and get 3% - 24% APY depending on the token.
- Structured Saving Token: This savings option routinely provides over 1000% APY for a seven-day period. That means you’ll get around 3% – 6% percent a week. Here’s the sticky part…Pokket sets a strike price that is 110% of the starting price at settlement. If the asset hits the strike price, they automatically convert your crypto to the underlying stablecoin (USDC, USDT, TUSD or BUSD). You get to pick which one when you create your savings. This is good if you’re a trader and want to lock in a 10% profit plus interest. This is not so good if you want to HODL. High network fees also work against small hands. If you try this with $100.00, the network fees will consume all your profits when you try to transfer your stablecoins.
- Structured Saving Stablecoin: This is identical to the Structured Savings Token feature, except the strike price is set at 91% of the starting price at the time of settlement.
I suggest using Pokket with caution. Read through their website and make sure you understand everything. If you approach it with a strong strategy you can earn a lot of money. I discovered that it’s best during a bear market. The high interest rates can help you accumulate while the price is going down. As of now, they offer the best yields for ERC20 tokens. I don’t know if this is going to change. As always, don’t play with money you can’t afford to lose.
Here is the strategy I use…
My Goal: Earn interest while the price of the token is going down. I want to HODL instead of converting my token to the stablecoin. Converting it to the stablecoin means I will have to pay network fees to transfer my principle out just to exchange it to a new token and create a new savings. This is not sustainable for me.
Use technical analysis: I use technical analysis to determine the trend of the token price. When it’s going down there’s less of a chance that it will hit the strike price. This is what I want based on my goal. Therefore, I only use the Structured Saving Token option which sets the strike price at 110% of the starting price at settlement.
Rinse and repeat: If Pokket also offers Simple Savings for the token in addition to Structured Savings Token/Stablecoin, you can put your token in a short-term Simple Savings while the price is going up. When the market turns move it to the high-yield option.
If you want to give Pokket a try here's my affiliate link: https://pokket.com/register?code=1w8lgr