VIP QnA

We did a QnA recently for some of our VIP members. Here’s a summary of the QnA.

Q1- I only invest passively in BTC & ETH every month. Should I do farming as well to make the most out of it?

A- You should focus on what helps you go from point A to point B (closer to goal)..

If farming helps you do that faster, then sure, go for it.

This is how everybody can develop a model for themselves.

By seeing that by adding something will they be able to reach their goal faster or not….

Q2- Is tracking a farm & seeing which farm is gaining more people or losing more a good way to find High APY farms?

A- Keeping a track of farms where people are exiting, just to find good APY providing farms is not practically possible because APY & APR keeps on fluctuating.

There are times when new projects come out & they provide high APY & APR to incentivise new users because they have VC funding..

But with time the rewards go away….

For eg- In initial stages, Binance Smart Chain, Pancakeswap & Apreswap gave huge boosts.

But with time, people started moving from BSC to Matic because the boost over BSC stopped & Matic started to provide Boost.

Then from matic it went to AVAX , then to FTM, then to NEAR , now to ATOM & then to HARMONY 1.

And I feel another round of rotation is due….

So, chasing APR & APY is risky…

Therefore providing Liquidity to the LP of the Layer 1 you believe in, for eg -FTM,USDC, is a better option because you are always going to track that layer 1.

And you’re taking some time to put in that sector then you’d also develop a certain amount of trust or conviction in that project.

Whatever money you’re getting on top of it by farming or providing liquidity that should be good enough for you.

Personally I prefer this approach…

In layer 1, I only keep a track of the top 1 or 2 farms for that layer 1

But when I am specifically farming for making money then it’s a different game altogether.

Sometimes you are at the right place at the right time…

That’s exactly what happened to me back in august 2021.

Below is what I ended up figuring out when I was farming over BSC.

To read more such posts, you can join our discord here — https://discord.gg/XhSPRVTPfn

So this is what I figured out over Binance Smart Chain….

I then went ahead & tried to figure out such projects over the FTM chain using this analogy & due to this I was able to do well over there….

Now, I am understanding ATOM & NEAR & looking for similar projects there using the same analogy I used over BSC & FTM…

But keep in mind, this would take a lot of time & research, only do it if you have it……

Q3- How can we track our portfolio?

A- You can use these-

1. tin.network for online wallets like metamask & trust wallet
2. Google sheets managed manually.
3. Portfolio tracker from Coinmarketcap or Coingecko

Q4- Some good institutions to track & read reports?

A- I personally follow Grayscale & messari.io .

Q5- How to manage emotions in crypto?

A- By reducing the frequency of exposure.

I once met an 8 figure trader who told me he spends 30–45 min in the morning & 15 mins in the evening watching charts.

The more he looks at the charts & market, the more his emotions take over his rational & logical self

Therefore, he learned how to domesticate his emotions…apart from his 1 hour a day in crypto to watch and review charts, he spends the rest of the time to read books, network with people etc.

Similarly, you can find out a way to reduce your frequency of exposure, best suited to your plan…

Q6- What’s Liquid driver?

A- Over liquid drivers we have the best APY farms aggregated at one place, It’s a yield aggregator.

I personally prefer farms where I am having above 100% APY because it fits my plan.

If it gets less than that, I move it to another farm with higher returns….

Also, only do it if that suits your plan, to do this i have different wallets-

1. Long term hold wallet — for coins i am holding for long term.
2. Short term hold wallet- For coins i am holding for short term.
3. Rotation wallet- to learn stuff.
4. NFT wallets
5. Tax wallets — to move money when I make profits so I’ve money to pay taxes

The best way to learn something is by doing it practically & by keeping a log of your actions, so that you can measure your performance…..

This Is what I personally do, to see what is working, why it’s working.

And the play I could make out of it which helps me move from point A to point B, FASTER !