What To Do With DOGS On The Animal Farm
Disclaimer: None of what is written in this article constitutes financial advice. Investing in cryptocurrencies, and in particular decentralised finance, is high risk. What I write is not a recommendation to invest in the projects I discuss. I am not aware of your personal circumstances. Only invest what you can afford to lose. Make sure to do your own research rather than relying solely on my content.
In previous articles, I have discussed the basic strategy of how to invest in the Animal Farm without any native tokens. In this article we will discuss the four different options that you have to invest your DOGS. For the purpose of this illustration, I will assume that you only have DOGS tokens.
- Dog Pound — Auto Compounding Pool
This is the most popular and passive option. You click fewer buttons and save on BNB gas fees. In the foundational strategy, I suggested that you take this option.
As a recap, when you do this, your BNB earnings are taken and half is sold for DOGS then the DOGS/WBNB LP is created for you and automatically staked in the DOGS/WBNB LP farm. This farm will allow you to earn PIGS that can be deposited in the Pig Pen.
This is the standard strategy to take and if you are still learning about the ecosystem, this should be your approach to keep it simple. Your user loyalty score will increase the fastest with this option which will allow you to sell DOGS (if you want) without incurring the high sell tax.
2. The DOG Pound — Manual Pool
This is a good option for someone that is looking to take profit or accumulate BNB in your wallet. Accumulating BNB is a good idea so that you can pay gas fees on the Binance Smart Chain. This option also gives you greater personal freedom.
Below are some examples of things you can do with your BNB on the Animal Farm:
a) Swap your BNB for DRIP on the Drip Network native DEX. You might wish to do this in order to build up your position in the DRIP Faucet.
b) Deposit BNB into the Drip Reservoir. This is not a strategy that you would be take to earn high returns but is a low risk strategy that supports the DRIP ecosystem.
c) Wrap your BNB and deposit into the WBNB pool to earn more DOGS. This is a strategy you might adopt if you are looking to earn more DOGS now instead of PIGS with a view to earning PIGS at a faster rate later on (this is not guaranteed). This compares to the auto compounding pool where you will initially earn PIGS faster but could have less DOGS later on.
d) Pair your BNB with another token to create an LP and stake the LP in the farm. The Animal Farm has a range of WBNB pairings you can utilise (you will need to wrap your BNB first). There are also other protocols that I am invested in where I need BNB to create LP tokens for staking so I am likely to employ this strategy.
3. Pair DOGS with BUSD to Earn PIGS
If you pair your DOGS with BUSD you can stake the LP on the DOGS/BUSD LP farm to earn PIGS. This will allow you to earn PIGS a lot faster but requires additional capital that you may not have.
4. Pair DOGS with WBNB to Earn PIGS
You can also pair DOGS with WBNB (after wrapping your BNB) to stake the LP on the DOGS/WBNB farm. This also allows you to earn PIGS faster but requires additional capital.
Final Thoughts
I have introduced your options for staking DOGS. In the next article I will look at how you can implement a combination of these strategies. If you are overwhelmed then stick to the first option and consider sticking to the low risk strategy. If you are keen to expand your knowledge then be on the look out for my next article.
Animal Farm Links
Animal Farm Home Page: https://defi.animalfarm.app/
Drip Community Wiki: https://dripcommunity.wiki/
Drip Garden Referral Link:
https://defi.animalfarm.app/garden/0xDa805dBC6530c9ed1360b7c61624613c4Fe380a9
Piggy Bank Referral Link:
https://defi.animalfarm.app/piggy-bank/0xDa805dBC6530c9ed1360b7c61624613c4Fe380a9
Drip Network Link
You need a buddy address to deposit DRIP into the Faucet. If you would like to deposit DRIP into the Faucet please feel free to do so. There are other bigger players that may be able to promise more airdrops.
Drip Faucet Buddy Link: drip.community/faucet?buddy=0xa7AC3Ea7D8dEC039F459934Cb0d0152a2e2B28f1
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