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My new experience contributing to the Moon-Eth LP

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by COINS NEWS 58 Views

Hi all, it's been nearly 4 months, i guess i don't really remember, since i joined the subreddit to know a little bit better about cryptocurrency and with it i learned about moons, as we all know, you can post or comment on this subreddit and gain upvotes, with those each month you gain a set quantity of moons (if i recall correctly this month was 0.788 moons per upvote, but you can see it on the sub itself). With this information i discovered that on sushiswap there's a pool using moons and eth together in pair (so called LP) and i decided that i wanted to contribute to it with what little i gained on each round (considering that you can only use 25% of your gained moons or else your multiplier will be reduced to dust).

For now i contributed with about 38 moons to the pool (yeah i don't have that much of them) and i hope to continue that in the future.

Now for my experience with it:

at first it was actually a bit difficult for various reasons, as i'm tecnically a noob still learning i had a very hard time connecting my metamask wallet to the reddit vault as i wanted to have all my currencies in one place (with multiple accounts), i had to install the metamask app on my phone, use the vault seed phrase associating that with a new account and then connect that account to the browser extension. After that i had to deposit the eth needed to contribute to the LP, and if you don't know the monetary amount of moons shall be equal to the eth and viceversa, this comes with the price of seeing your tokens being converted to one or the other based on how they are performing on the market, but the major problem was that moons aren't on the layer 1 of ethereum (well that's a good thing as the fees aren't as high as they'd be otherwise) instead they are on aribtrium nova (a L2 chain), that is different from aribtrium one (yeah the first time i confused the two of them).

After learning about that main difference i had to find ways to convert my eth from the etherium mainnet to the aribtrium nova and a few posts recommended orbiter finance, and in fact i'll continue with that as the fees are really really low and it's quite intuitive. Now after all this i had my eth and my moons on the correct chain and the last thing remaining was to go to the pool and deposit my tokens.

Here comes another problem, the first time i was going to deposit my moons on there the sushiswap's pools were hacked and a lot of users saw their deposits cancelled and lost (a lot of them received compensations from sushi itself, but imagine the terror in seeing this happening) and i saw that when accepting a smartcontract you could set a limit on how many token you'd use per contract, so i decided to set the limit everytime to the amount of moons i wanted to deposit and so far i hadn't had any problems (resigning a contract doesn't cost much, it's literally 0 cents and you can gain the necessary amount of eth from r/CryptoCurrencyMoons after you gained at least a moon from the distribution and with the comand !gas nova on whatever post you want, only once a month).

As i said at first i hope to continue contribuiting to the pool as it may be beneficial to moons themselves and because i can actually use some extra moons even if it means slowly gaining them.

P.S. i provided the links to a few things i listed here but you can search for them yourself and i actually advice y'all to do this as you never know where the links will bring you to. Stay safe and love moons. (plus i don't really know how to flair this post so anecdotal it is)

submitted by /u/Piano-Piovanna
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