Hi Friends,
I can’t tell if a crypto move was smart or dumb, so maybe you can tell me.
I had 150 CAKE coin laying around, which is about $1,100 currently. Pancakeswap changed their pools recently, and I had this in their auto compounding pool, making roughly 60% APY. This was nothing spectacular, but it could be unstated at any time.
Well, with their recent change, you can earn a lower amount by staking in their regular pool, but they increased the payout for those who lock their coin in varying dates. I decided to do the max, and lock these 150 CAKE coins in for a year at 190% APY.
On one hand, I am getting a much better APY on the same coins so very smart. The $1,100 will be worth around $3,300 when unstated in a year, assuming the price stays at the current $8 per coin. On the other hand, I locked myself out of being able to sell the coins for a year, and if they spike to $100 during that time, I will not be able to do anything about it, so pretty dumb.
What do you think of locking in coins for a year to get a higher yield - smart or dumb?
Thanks for coming by,
Brian
