The smartBCH low-fee and fast transactions took down the entry barriers for new DeFi users. I wanted to try an experiment, see how long it will take to raise 1000 $MIST tokens. The easiest choice was through the BCH – AxieBCH LP, when the APR was quite high. I paired 0.071 BCH with 8903 AxieBCH and added them in the pool. Why 1000 $MIST? Because I see long-term growth potential and 1000 sounds like a good start for the experiment.
AxieBCH is the coolest Gaming Guild on SmartBCH, a legit project created by people who are well-known members of the Bitcoin Cash community, with clear goals and a roadmap to follow. The AxieBCH gaming guild will have a simple business model and a provision for players to create a play2earn source of income. Read the full article: Axie Infinity meets Bitcoin Cash on smartBCH: AxieBCH – Gaming Guild
The APR when I staked was above 400% and I quickly farmed 241 $MIST, which I staked as xMIST. Having them staked will entitle me to the distribution of the 0.05% of the swap fees. This will continuously compound until I unstake, the moment when the additional MIST from fees will be distributed.
As with every LP with high APR, the return slowly reduced day by day. It went down to 236% after one week of staking, with less MIST being farmed. I was halfway through after the first week, and the 1000 MIST goal looked easy to achieve.
I kept harvesting the gains and staked them to xMIST a few times during the second week, reaching 2/3 after 10 days.
Three weeks after the initial stake, I completed the quest. Took a bit longer than expected, as the APR dropped to 70%. I claimed the last 50 MIST and stake it all.
Didn’t pull out the LP and left it until the end of the month. It took 30 days to farm 1114 $MIST and wrapping the experiment feels like a success. The xMIST APR was 9.87, which is pretty high for single token staking.
The plan for the $MIST stash? Just HODL and enjoy the constant growth. DEX native tokens can only improve over long periods of time as the level of trade will grow at the same pace with SmartBCH DeFi projects.