Degen’s — BOMB’s away for 3700% APY 🥳
So, if you love your TOMB (as I do), then you are going to love BOMB. With 3700% and 8400% APY, its a great time to dip your toes in to BOMB.money.
Introduction
BOMB is a fork of TOMB, so if you know how TOM works, then you will be right at home on this site. It is a new project with a young vibrant community on telegram of 2500 members. So, a fair bit smaller than TOMB who has 9000 active members on telegram. Since the project is new, we are seeing the high yields.
Like any DeFi project based on a peg, they are below at the time of writing. But then again, so are many of pegged based protocal’s during this bearish period. Just like on TOMB and CHARGE, the community focuses to get above peg when it happens. I am quite happy to dip with a small percentage of my portfolio and give it time to grow. The APY could well make it significant in 3 months.
NB. Put small percentages of your portfilio (eg. 1%-3%) into any one DeFi project and have patients to let it grow. Dont ape into any one project. As the project grows you can invest more.
What is BOMB
Below is straight from their web site — I could not have said it better myself👇
BOMB is an algocoin which is designed to follow the price of BTC. Enjoy high yields normally only found on high risk assets, but with exposure to BTC instead!
BOMB is pegged via algorithm to a 10,000:1 ratio to BTC. $100k BTC = $10 BOMB PEG
After falling in love with the tomb.finance project on Fantom, it was hard to believe that nothing like this existed on the other networks. BSC seemed like a great choice to launch a tomb.finance fork with a few twists, so here we are!
Thanks to TOMB.finance
This project would not be possible without the excellent work from the tomb.finance team. Their project being fully open source and developed exceptionally well made it a pleasure to work with. Can’t say enough good things about the TOMB team.
Having said that, much of this documentation will be copied from TOMB. Since their code was so great, there was not much need for change besides our PEG and naming conventions.
Best strategy
So, it turns out that the best strategy is no different to TOMB. Joining their telegram channel, they are quote open to noobs and they immediatley offered me the following advice.
A common strategy healthy for BOMB:
- 70% BTCB-BOMB-LP (Recommended:Vault)
- 30% BSHARES (Recommended:Boardroom)
Gains from boardroom can be used to HODL or create BTCB-BOMB-LP. OGs keep a stack to buy BBonds when they become availble.
Below peg
All DeFi sites will go below peg at stages. This is not the time to panic, but to rally the community together to protect the peg. When we go below peg (TWAP below 1.00) you can choose to buy BBONDS to help raise the peg back up. When we go over TWAP of 1.1 we can trade them back into BOMB and with a premium.
Lets get into it
I chose to put my LP in BPMB’s auto compounder. If you are new or dont have the time to compound manually, then auto compounding will work for you. It comes with higher fee’s, but less time spent.
So head over to AutoVaults. Please note, auto compounders do usually increase your risk, but these are developed by BOMB themselves. So here’s praying 🤪
If you are not comfortable with the auto compounders, then you can manually do this in the farm and boardroom.
Step 1: Purchase BOMB and BTCB tokens
You can bow purchase your BOMB/BTCB coins. Get yourself into Metamask binance chain and have your coins ready to purchase. To follow the recommended strategy, swap 30% of your total for BOMB and 30% for BTCB.
In my case it was $279, so I swapped $100 for BOMB and $100 for BTCB.
Step 2: Purchase BOMB-BTC LP and deposit
You can follow the flow below to
- Purchase your BOMB-BTC lp token. Just remember to approve both and to hit the supply button.
- Now add liquidity, by first approving the lp token and then depositing.
Step 3: Purchase BSHARE & BTCB tokens
Now, go through the same process as step 1, but this time, purchase 20% of your total investment in BSHARE’s and 20% BTCB.
Step 4: Purchase BSHARE-BTCB lp and deposit
Now, go through the same process as step 2, just doing it with the BSHARE-BTCB lp token.
Conclusion
I have put in 1% of my portfolio in here, but will increase it as the project grows.
Here are my 2 key metrics
- Watch number users on the telegram group from the 2500 it is as of today
- Watch the TVL grow from the $14 173 000 it is as of today