Just yesterday I commented on someone's post telling him that, despite thinking that he was late to the Holozing party, he was actually still really early. Thing is, I just joined last week and I also feel like I'm late to the convo. It's been just a week since I delegated 100HP to zingtoken and I had just 57 zing at the start of the day. Well, I wanted to change that and I was going to.
Initially, I did not want to buy zing just yet because I was sure that the price had not yet hit the bottom. After thinking really hard about it and laying down a couple of plans, I changed my mind and decided that I would buy some tokens. When I checked on the token today, I saw that it had gained a little bit. It's just the beginning of the year and I'm already having regrets. Well, I wasn't going to wait anymore.
Made on Canva
My first plan was to buy zing at a certain value on a weekly or bi-weekly basis and just keep stacking it up from there. After all, it's easier to just DCA than stressing on the best price points to enter. I was going to do it that way but then I decided that it would be better and much more fun being a liquidity provider.
As a liquidity provider, I wouldn't just be earning zing tokens for myself without really giving back to the system. I want to help in any little way I can. I know that just getting involved in the game helps a lot but being a liquidity provider increases my impact quite significantly. Liquidity is especially important in the early stages of a project like this so that swaps don't impact the price very much. Plus, you get to earn Hive alongside the zing so there's that.
Step 1: Go to Tribaldex and login with Hive Keychain.
Step 2: Go to wallet, Click on Deposit and fund the wallet from your hive balance. I already had some hive on hive engine so I added 17 more tokens.
Step 3: Go to Exchange. Now, select Zing and fill in the required fields before clicking "Buy". You can also swap with pools. I'm just used to the exchange option.
Step 4: Go to Pools. Click on Add Liquidity and select the zing.swap.hive pool. Now you will need to deposit both tokens at an equal value in order to add liquidity. I added 1000 zing and 14.99 swap.hive.
Now you can go to your Holozing Rewards Dashboard and see your share of the liquidity pool.
My share is a miniscule 0.03%! I'm basically an anchovy in this pool but not for long. Soon I'll become a bigger fish like a sardine or something.
On the bright side, look at that juicy APR. 234% is definitely insane and I just can't miss out on that. I can't wait for the rewards to start pouring in. It looks really good but being a liquidity provider can be quite risky because of things like Impermanent loss. So, make your choice but this is not financial advise.
Well, I try not to be rigid with my plans. Right now I will keep staking zing tokens and adding liquidity with payouts from these posts which I will be making weekly. The goal right now is 3-4k zing per month. It's possible the plans will change because life can happen. It can get better or worse. I can only hope that it gets better.
