DRIP Garden — At Last a Sustainable Mining Protocol
If you have been in the decentralized finance (DeFi) corner of the cryptocurrency world, you are most likely familiar with mining games. For those not that deep into cryptos, mining games allow you to deposit a particular cryptocurrency (Binance Coin is a popular one) and earn interest on those coins ranging anywhere from 3% to 10% and even higher in some cases. Players can compound their earnings to earn even higher returns. The more players join the game the higher the deposit balances and the more sustainable the game is. Most of these mining games have failed because earlier players had more buying power than later players. These early players drained the contracts leaving very little for incoming players. As the overall contract balance falls, the payout rate decreases, and the daily rate falls to almost nothing. Later players are left holding an empty bag. This discourages new players, and these games die a swift death.
The creators of DRIP studied these mining games and built their own, but with features designed to make it sustainable and to benefit not just early investors, but new ones as well. The DRIP Garden is built as a true game which benefits those who play it the right way and is detrimental to those who try to game it (no pun intended). So how does the Garden achieve this?
The Garden uses DRIP/BUSD Liquidity Provider tokens, which can be purchased from the DRIP Liberation contract on the Animal Farm website. The Garden operates differently from the early mining games by not giving early players an unfair advantage. The Garden increases players’ buying power as their balance grows and as time passes. Players are rewarded for staying in the Garden and growing their balances. Early investors still have an advantage because the earlier one gets in the quicker you can grow your garden. However, if an early player withdraws continuously without compounding or adding new capital, his interest rate and earnings would fall. The only way to revive a falling interest rate is by compounding or investing new capital. A healthy balance between withdrawing and compounding allows players to increase their balances and maintain their yields. This leads to a sustainable mining game.
By increasing buying power over time, the Garden attracts new players, which adds to sustainability. The entrance of new players and compounding by existing players mean a higher DRIP/BUSD balance in the Garden contract. The higher this balance is, the more sustainable the project. From a starting balance of under 100,000 DRIP/BUSD when it launched in December 2021, the Garden now has over 580K DRIP/BUSD, and has been growing steadily. This is the opposite of the early miner games in which the contract balances were always in a downward spiral. At $39 per DRIP/BUSD, the 580K is almost $23 million, one of the highest among mining games.
So How Does the Garden Grow?
This garden doesn’t use silver bells and cockleshells like Mary, Mary quite contrary, but the 3% a day could certainly buy you some pretty toys if you play the game right. To start gardening you need DRIP/BUSD Liquidity Provider token. Depositing BUSD, BNB or other tokens in the DRIP Liberation contract on the Animal Farm website gives you DRIP/BUSD LP tokens. The Liberation contract will show the balance of your tokens with supply highlighted in green. Supplying tokens will convert them into DRIP/BUSD.
Once you have DRIP/BUSD tokens, go to the DRIP Garden link below DRIP Liberation and scroll down until you see your DRIP/BUSD balance. You will see an “Enable DRIP/BUSD” button. Click this to enable your LP token.
Once your LP tokens are enabled, you can input the number of plants you wish to purchase or just click “max” which allows you to use your entire LP token balance to buy plants. Once you buy your plants they are added to the Garden and start earning that 3% daily interest. You’re now in business.
There is a yellow indicator that tells how long it is before you can harvest or compound your seeds. In the example above seeds have not been harvested or compounded for a while so there are 326 plants worth $1,868 that can be harvested (withdrawn) or compounded to earn more seeds. Below the available seeds is the total DRIP/BUSD in the Garden contract. As you can see there are 580,775 of these LP tokens, which is quite a healthy balance.
The Fertilizer Bonus
The fertilizer bonus shows the interest rate. It is a combination of time plus your balance. The total divided by three gives the interest rate. The time bonus is 0.1% per day when you compound or add new capital. Selling your seeds will cause your multiplier and your returns to fall.
The Garden prefers compounding rather than harvesting your seeds. The more you compound the faster your balance will grow and the higher your returns will be. The way to play the game is to strike an optimal balance between growing your seeds and having a steady income.
My Results from the Garden
I got into the Garden on launch date December 16, 2021. Since my initial purchase I bought a few more times and overall I invested $26K. Through buys and compounding I now have 5,009 plants. As of today’s date, I have just about recovered my initial investment and everything going forward are profits. My 5,009 plants generate about $900 a day. This will likely rise as I compound and as the price of plants rise. Plant prices have fallen recently following a drop in the price of the LP token.
I am still searching for the optimal balance between compounding and withdrawing. This can be a moving target. For now, I plan to compound for half the time and harvest for the other half to maintain my rate of return while earning an income. If I see my rate dropping, I will compound more often. Assuming I can continue to withdraw that $900 a day, that’s $13,500 a month I am making just sitting on my backside and clicking a few buttons to either compound or harvest my seeds. Not bad for an investment that started two months ago. Farming and earning passive income from my basement. Welcome to the 21st century and the world of decentralized finance!
If you found this article useful and is considering joining DRIP, please consider joining my team. Remember you must start with a buddy. I’m available for questions you may have, and I offer strategy tips and airdrops to team members. Please contact me for details.
My buddy address is:
0xCA5051060d8F3e5dE574Eabe533f9A9C2B7F324E
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Thanks for reading.
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This article is for information and educational purposes only, and nothing stated herein is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits, or losses you may incur as a result of this information. Please do your own research and due diligence before making any investment decisions. The author has made every effort to ensure accuracy of the information in this article, but makes no representations or warranties, expressed or implied, as to its accuracy, completeness, timeliness, or correctness. The author may own cryptocurrencies discussed in this article.
