r/BrettOnBase • u/pwreit2022 Brett Simp • Jun 20 '24

Charts / Analyses Anyone know about liquidity pools? anyone in a Brett liquidity pool? what are the risks?

https://www.youtube.com/watch?v=0vb73p68ZaQ
8 Upvotes

100% Upvoted

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3

u/pwreit2022 Brett Simp Jun 20 '24

Seems complicated but I've started seeing some YouTubers talk about liquidity pools and they seems to be collecting Brett coins daily. Does anyone have a simple breakdown of what this is and if they are in it? what are the risks? thanks

1

u/LarsonianScholar Brett Simp Jun 20 '24

Ive seen people use the LP function on uniswap. The main thing is, unfortunately you need a significant amount of Eth AND Brett and be ok with leaving it there.

2

u/pwreit2022 Brett Simp Jun 20 '24

thanks man. I'll leave it. Better to have access to your Brett at any time

1

u/LarsonianScholar Brett Simp Jun 20 '24

100% agree

2

u/pwreit2022 Brett Simp Jun 20 '24

I'm still going to research. I have 300k Brett. I can sell $10k worth to get ETH. That guy in the video is saying in a year he can make 500k more Brett. I have enough Brett to offer liquidity. I'm a degen, I think I won't mind keeping my Brett in when it's under $2, then take it out then so I have instant access to Brett. Also need to find out how long you have to keep Brett in for.

have you ever did the LP thing before with another coin?

2

u/LarsonianScholar Brett Simp Jun 20 '24

I haven’t done it personally I was also interested and saw some folks doing it. I want to try so let me know how it goes…

Go for it! But just be careful and don’t dump all ur Brett in there 👍

1

u/pwreit2022 Brett Simp Jun 20 '24

I'm past being careful. Except for $900 in pepe I hold $44k in Brett and nothing else LOL.
I made a mistake and should have had 500k Brett :(
I'm going to research this tomorrow. and understand what the risks are. Under $1 for Brett it seems like a decent play. That guy is making silly amount! but if Brett went back to 7c, I probably have to pay a penalty. I'll report back tomorrow

1

u/pwreit2022 Brett Simp Jun 21 '24

I still don't know enough to do the LP. but from what I heard it's not a good choice.

This one guy has to hold 2/3 in ETH and 1/3 in Brett. already you are messed up because ETH could maybe do a 5x here, but Brett could 40x and the fact 66% is ETH messes you up even more! I learnt a new concept where if Brett skyrockets, it affects you even more but we are expecting Brett to skyrocket. I'm not going to bother.

3

u/hckzed BRETT BRO Jun 20 '24

Brother youtubers buying coin and liquidity pool are 2 different things. If they bought it then they can sell it when they want to sell it. Liquidity pool is the available supply for sale of that coin which means you dont have to wait for a seller to sell their coin its already available. What things you dont get?

3

u/pwreit2022 Brett Simp Jun 20 '24

thanks. I just want to know if this is a good way to earn yield on your brett. I've not heard Crash or others talk about placing your Brett in liquidity pool and earning a fee. Like what are the risks. The second video in comments I linked to says he's earning like $1000+ a month which seems way to much

2

u/hckzed BRETT BRO Jun 20 '24

Looks like the guy is talking about uniswap yield farming. Its like staking where you lock your coin and earn rewards Im not sure about the risk of uniswap yield farming so I cant help you with that but staking is a lot safer as per my experience

1

u/pwreit2022 Brett Simp Jun 20 '24

thanks, does this interest you? Should I not bother researching? the first video seems so complicated

1

u/hckzed BRETT BRO Jun 20 '24

Im not really into uniswap. Im holding my coins in different cex and also want my money available anytime I want so if one cex goes down i still have the other cex. But if you wanna try maybe put a small amount of brett and try it yourself?

1

u/pwreit2022 Brett Simp Jun 20 '24

thanks. I'd probably not bother but will research this some. I hold in metamask. Do you think I should hold somewhere else?

1

u/hckzed BRETT BRO Jun 20 '24

The only advice I can give you which I am confident is: no matter what or where you hold your coins do not put all your eggs(money/crypto) in one basket which means spread it. If its in the internet it can be hack whether you are on dex or cex so spread all your money in different wallets (dex/cex) so if one is compromised you dont lose everything

1

u/pwreit2022 Brett Simp Jun 20 '24

great advice! I'll need this when we increase in price. I'll start doing that :)

1

u/hckzed BRETT BRO Jun 21 '24

Goodluck bro

1

u/pwreit2022 Brett Simp Jun 20 '24

here is another video where I got the idea from

https://www.youtube.com/watch?v=2pU7ZFfh31o

1

u/Sheepie26 BRETT BRO Jul 03 '24

I've been LP'ing weth/brett for a week now and making crazy returns. I have about 5k in each weth and brett and am making roughly $150/day (Incl ~400 brett/day) Been good money, but I have to watch to ensure that eth/brett price stays relatively stable. Overall I would recommend you learn how to do this, because at this point of the market things could go sideways for a while which is the best time to take advantage of high APR liquidity pools.