Liquidity Pool Costed Me $2,000?

in #litecoin3 months ago

img_0.8585719445701168.jpg

This was one of the first liquidity pools I got on when I first got on the Binance Smart Chain.

I have just continued to ride it out but as BNB prices have soared and LTC prices have stayed somewhat stagnant this pool has sort of costed me more and more overtime.

I could have got out when it was at an impermanent loss of 2 BNB but I didn't.

It probably makes sense to get out of it to be honest and just add the BNB to a Venus Contract on AutoFarm.

Have you guys been kicked in the Teeth by any of the Liquidity Pools?

Sort:  

Oh I know nothing about liquidity pools, but it does sound risky..
I have recently used nexo and take some tiny interest for holding a tiny amount of bitcoin cash and I was thinking of transferring a LTC to see what happens...
I am also using the cubdefi for farming, and to be honest I was looking at doing something with binance (except I dont yet know all the options)

I hope that the prices going up will make up for your loss.
and thanks for letting us know

For the most part it seems to make sense to do pools that are stable coin to stable coin.

Yeah.... I have lost a small fortune on Cub farms. I wish I had my 2 BNB back. I think I’m just going to buy BNB

I only tried LP with ApeSwap and one called Alpaca.Finance. I got so nervous when the price was dipping I pulled out of the LP and just did regular staking, so I didn't lose any. But if I would have just stayed in, the prices went back up and I still wouldn't have lost anything, but would have earned so much more. lol Crypto is crazy! But super fun. lol

It is a crazy game for sure and some of this stuff has been unreal. Like this BNB pump that keeps going!

I know!! Now I am wishing I held onto all my BNB instead of buying it and then using almost all of it on swaps to buy other coins which aren't performing as well, HAHA darn!

Oh! Better luck next time!
This seems like gambling! LoL

Hi @brianphobos, it's unfortunate... Thanks for spreading the information I assure you that more than one will find it useful.
Happy day.

There are so many ways in earning like staking and such but liquidity pools is what I haven't ventured into @brianphobos but I guess that you will do the right thing with this issue of yours :D

I spent 2 BNB to buy Cub .... so about $1,200 .... and somehow turned it into $400

Ouch.

Coin Marketplace

STEEM 0.38
TRX 0.06
JST 0.042
BTC 33581.55
ETH 2124.78
USDT 1.00
SBD 6.11