Monday, June 28, 2021

BTC and staking CRO

Last week, I consolidated my crypto investments into three coins: BTC, ETH, and CRO. I considered CRO a temporary investment on the Crypto.com exchange. In fact, it is my only CDC investment. As the week, progressed BTC and ETH rose and fell showing moderate volatility.

CRO was stable and generally rose during the week. As of today, my CRO investment is up 22%. This made it very difficult to cut and run or place those assets into BTC.

My BTC asset is up only 2% from last week. I am both bullish on BTC and I wanted to take advantage of my CRO asset.

Here is what I happened:

  1. I received an email from CDC about their BTC Supercharger event, "Yes, you read it right—the next Supercharger event is Bitcoin (BTC)! This time, we’ll also be holding a Bonus Lucky Draw for users who stake CRO and make a deposit in the Crypto‌.com App. Supercharger allows you to farm popular DeFi tokens by depositing CRO into the Supercharger pool. There are no gas fees and you can withdraw at any time."
  2. I did a bit of research on liquidity mining pools, for example, Supercharger Review.
  3. I read CDC's entire Terms and Conditions noting keenly the last section:
    - Partial or total loss of Virtual Assets, or of any value attributed to Virtual Assets.
    - Collapse in liquidity with respect to a Virtual Asset.
    - Changes in the compatibility of a Virtual Asset with any Supercharger Event.
    - Regulatory uncertainty with respect to Virtual Assets and/or DeFi projects, and government action against Virtual Assets and/or DeFi projects, and persons involved in Virtual Assets and/ DeFi projects.
    - Loss of Virtual Assets in any Supercharger Event.
  4. I staked 1000 CRO, about $126 CND, in the BTC Supercharger event.

I am not risking a lot of money. I am taking advantage of what seems to be a positive trend in the value of CRO. I am assisting BTC's liquidity. I am also earning a return on my CRO. Because I invested 1000 CRO, I am entered into a draw for 1 BTC.

Yes, lots of risk. Just being on an exchange seems to be a risk these days given the difficulties that Binance encountered this past week in Ontario and the UK.

But, moderate rewards and I am still supporting BTC.


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