VFTLab brings deFi to Hive Ecosystem

Yesterday I was reading a #risingstar post in which the poster was discussing saving his #starbits to make it into the Millionaire club, a goal that I'm also getting started on.

But what caught my attention was he said that as he was saving he had started staking them on VFTLab to earn VFT.

VFTLab Not Just For VFTs!

So when I first read about VFTLab I must have missed the farming part. I thought it was just going to be a place to create and sell VFTs (which in and of itself would have been pretty awesome).

But it turns out you can also stake some of your HIVE tokens and farm VFT token.

Currently, you can stake #vibes, #starbits, #leo, #dec, #vft, and #hive.

Now I stake my #vibes and #leo for curation rewards, but I had just been holding or selling my #dec and #starbits. Now I have a new option - to put those tokens to work earning me passive crypto.

I'm hoping they will add #sim in the future as that would be a nice sink for #sim.

Is VFTLab the First Defi on Hive?

I certainly don't know everything there is to know about what is happening on Hive, but I believe this is the first implementation of a farming defi app on the Hive blockchain. Sure, #leofinance created #cub, but that is on the BSC blockchain.

VFTLab is working directly on the Hive blockchain with the big advantage of free transactions! Those of us farming on the BSC chain know that even though the BSC gas fees are a lot less than for Etherium they are not insignificant and have been going up. But here on Hive, no gas fees. There is a reasonable deposit fee (3%) but that is it for fees.

VFT Thinly Traded

With VFTLab being fairly new, there is not a lot trading going on yet, so it is hard to say what the long term value of VFT will be. But I see it as value added for my DEC and STARBITS while I'm building up those stakes to buy decks (2000 DEC) and to get my Millionaire's card (1,000,000 STARBITS).

Will There Be Copy Cats?

A great idea like VFTLab is sure to attract copy cats. It is interesting to me that #musicforlive's team was the first to create this application. This is something I might have expected from #leofinance. Clearly the folks behind MusicForLife have some programming skills. Clearly these guys have been studying more than just music theroy.