pHBD-USDC my first LeoFinance post - it's a wrap!

The first of January 2022 was the first time that I became active on Hive. I was actually born in the middle of August and so am a Leo 🦁 and this is my first post using the LeoFinance interface. The English football team that I support most is Millwall yep the Lions who play at the new Den, so I should feel right at home here in this Den that is Leo Finance!

This first post will be all about firsts.

First of all, many thanks to you for reading this, I really appreciate it, and secondly thanks to @ifarmgirl for letting me know about Leo and this Leo Challenge - Your first post on Leo Finance | 500 USD for grabs! from @leogrowth

I have been seeing recent posts about this pHBD thing and after reading the posts from @ifarmgirl and @coquicoin I decided to take the plunge.

I have joined the Discord Server and hope to learn all about Leo and other crypto from the knowledgable Lions here.

Last week I was lucky enough to have won a competition in the Silver Bloggers community which resulted in me being sent 10 Hive and 10 HBD. As I mentioned earlier I have only been active in Hive since the first of January so any Hive and HBD that I managed to accumulate always went on powering HP because I want to grow this account.

Of course, I have seen many posts about PolyCub but never really delved into it as well, I didn't have anything to use to get some tokens. As a consequence, I never used LeoFinance properly.

Well no more. Having read Why pHBD is Vital For the Mass Adoption of the Hive Ecosystem | Tell a Friend, Win $100 HBD! from @leofinance I thought, Edward get off your arse and put your money where your mouth is and help Hive and yourself, it is is win-win!

Whilst I have no experience of PolyCub I have plenty of experience with DeFi on various other chains.

One of my favourite forms of earning in cryto is by farming. However, one of the pitfalls of farming is of course impermanent loss which is quite often what people forget about. With pHBD and USDC both being stable coins, farming them together really cuts down on the chance of IP losses, which makes the pHBD-USDC farm much more attractive.

In this post I shall visit PolyCub and set up my first farm there which will be the pHBD-USDC farm.

What sparked off all this excitement, you might ask! Well the answer is this post pHBD-USDC is Now Live! | HBD is About to Get a $5,000,000 Liquidity Pool from @leofinance

I will be using my MetaMask wallet extension, however I know other wallets will work fine, just remember we need Polygon and MATIC.

First of all, I needed some MATIC to cover the gas fees for all these transactions that I would be doing!

My goto farms whenever I need a quick injection of funds are on the smartBCH chain and so I decided to go harvest a wee farm and then bridge some smartBCH to Polygon, this I did via in my opinion the best DeFi on the BCH network mistswap

A few seconds later and my MetaMask was loaded up with 7 MATIC ready for the fun to begin!

First up I added the pHBD token to my MetaMask. Click the Add Custom Token button under Assets and then enter the pHBD Contract Address: 0x6d969cea201e427d2875724fd4e8044833fbc7f4

The Token Symbol and Token Decimal will self populate.

Now I feel safe that I will be able to see my pHBD!

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Now we need to send HBD from our Hive account to our MetaMask wallet, this will be done via a bridge. Open up the Hive to Polygon Bridge

Select Transfer native HBD to Polygon

Then enter your MetaMask address and the amount of HBD you want to wrap into pHBD.

A few seconds later it will be in your MetaMask wallet.

Note that I received 24.838 pHBD from the 25 HBD that I bridged, so the bridge charges a small fee for this service.

Now that the pHBD is in our wallet, now we can goto PolyCub and their farm page.
We can see the farm that we want, and we now need to add liquidity to the pHBD-USDC pool (Note this is a 50/50 split)

I marked the farm in pink, now we have pHBD but we need to get USDC, and this will be simply done on sushiswap

First of all we need to import the pHBD token by pasting the contract address in the swap page. Do this in the top row and in the bottom row we select USDC. Then choose your desired amount, remember the amounts should be as close to identical as possible.

I decided to do 12 and 12 from my available balance, remember I wrapped 25 earlier.

The transaction fee on MetaMask to do this is quite wee, but I moved the window to capture on this one screenshot.

At this point, we go back to the PolyCUB Farms page and click on Get pHBD-USDC LP.
This will take us back to sushiswap but this time will bring up a Add Liquidity box.
Pop in the amount you want to add and hit the Blue Add Liquidity button.

Then do the usual MetaMask confirmation

We now have LP tokens for our pool!

So pop back to the PolyCUB Farms page and click Details on the pHBD-USDC pool.

Nearly there, so Click Enable and then confirm in MetaMask.
Finally click on Stake LP and then click Max and click Confirm in MetaMask just like the screen shot below!

And here we have the finished result

SUMMARY RECAP

Wrap HBD

• Go to to https://wleo.io/hbd/
• Enter your receiving Polygon Network Address
• Enter the Amount of HBD to send
• Hit transfer and confirm with Hivesigner or Hive Keychain

Add pHBD Token details

• Goto Sushiswap or Paraswap
• Click Select Token
• Paste pPHB address "0x6d969cea201e427d2875724fd4e8044833fbc7f4"
• Approve pHBD

Get USDC

• Goto Sushiswap
• Swap half of your pHBD into USDC

Add Liquidity

• Go to the PolyCUB Farms page and click on Get pHBD-USDC LP.
• This time will bring up a Add Liquidity box on sushiswap.
• Pop in the amount you want to add and hit the Blue Add Liquidity button.
• Confirm in MetaMask

Add Tokens to the pHBD-USDC pool

• Go to the PolyCUB Farms page and Click Details on the pHBD-USDC pool
• Click Enable
• Confirm in MetaMask
• Click Stake LP
• Click Max
• Confirm in MetaMask

And you are done!

DISCUSSION

The observant Lions amongst you reading this, might have noticed that the pool figures are currently different to the screenshot that I have included. This is because I performed this a week ago, and decided to let this ride for a week before I posted. As a consequence the APR has dropped, which is normal for any pool/farm on DeFi.
The liquidity whilst not $5 million yet is heading towards $400k so it is getting there.

I am tagging this as #tengocrypto in homage to my username tengolodo and crypto, the Spanish speakers will know tengo as meaning I have, so I have crypto will be appropriate and be a series of posts on Leo.

Coming within the next week are Cub and PolyCub DeFi posts, as I made my first deposits and farms there too!

I did say it would be a post of firsts.

Thank you for reading and Long Live Leo Finance 🦁🦁🦁