CETO Swap review
Reminds me of Farming in my bad ol’ Degen farming days. The high percentages are there, but will it amount to anything?
So, I have a bit of disposable income tagged to use for crypto experiments. CETO Swap has come up on my radar as a high percentage farm put out by the DexFinance folks. I am liking my 2 DexFinance Vaults, so I decided to dip my toes into CETO Swap.
Manta Network
First thing to know is that it is on the Manta Network. Seems like a ETH layer 2?
Blahblahblah, yaddayaddayadda. Just get me to those plump percentages will ya?
When I was heavily into Degen farms, where a new mystery coin was spun up out of fairy dust and BNB, the risks were the whale bots shooting the price up, then dragging it down.
Oh, and the rugpulls, which were everywhere at the end.
The percentages back then were in the thousands of percent. Basically, infinite percentages which would drop as soon as folks entered the farms.
This seemed to be the grownup version of the degen farms, by a trusted dev team adding defi to the Manta Network.
How to Farm
First, I added Manta Pacific to Metamask, which will allow me to interact with the CETO Swap farms.
First, I had to add funds to the Manta side. Looks like their version of ETH is used for gas, so I swapped USDC (BSC) for Manta ETH:
The Farm I wanted to enter was the CETO/USDEX+ farm currently yielding 671%.
So, now I need some CETO and USDEX+. Looks like they have a nice Swap function.
I swapped for CETO and USDEX+ in equal amounts. Then I added them to the LP through CETO Swap’s Liquidity utility.
Once the LP is created, you can then stake it in the farm.
If you click the blue-green colored calculator icon in the upper right, next to the percentage, it shows a what if scenario of $1000 deposited into the account, and how it would perform.
Turn $1,000 into $775,377 in 365 days? Hmm…my roughly $200 investment could turn into $155,075 after only a year?
Well, that’s if the price of CETO remains the same, and also if the current APR of 671% stays that high.
If this works like the old degen farms, the more participation will lower the percentage yield. On the other hand, farms lock up the underlying tokens, so locking up CETO should help the CETO price rise, so value-wise it may remain static.
Or, folks will just sell the CETO yield to a stablecoin, potentially dropping the price. I guess time will tell.
Bottomline
I’m just starting my journey down this rabbit hole. I figure, either CETO could turn out to be something, or, I could just sell the gains for a stablecoin, and be happy with this money fountain.
I hear hints that this token might be worth something someday, so I’ll see if it’s worth holding, but my strategy at this point is to simply cashout to my ROI, then let ‘er rip —splitting the gains, resupply the Farm and taking the other half as income.
Let’s see where this goes.
Read more:
If you’d like to find out more about the details of the projects I am in, and how to participate, please go here: https://cryptozoa.medium.com/passive-income-projects-eafd4ee0a4aa
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