Cats Workshop: Osmosis - Cryptocurrency Financial System, All in Dr.'s Lab!

Preview of Chicken Cake

Before the workshop, according to the teaching texts of the predecessors in Matt City, a few LikeCoins have been played in the doctor's laboratory. Here, the personal understanding of "condensation and concentration, extraction and extraction" is arranged as follows:
(If anyone knows this, please leave a message and send you a Podcast NFT, haha)

Osmosis: Decentralized Exchange Based on Cosmos Hub

Cryptocurrencies start with Bitcoin and use blockchain technology to allow users to complete various financial transactions directly on the chain. The Cosmos Hub network where LikeCoin Chain is currently located has established many complete infrastructures. Likers only need to prepare the Keplr wallet and put LikeCoin into the accets. Intuitively click on the required function on the website, and you can start rolling money with money, it's that simple and intuitive!

In this era of low interest rates, the interest rates displayed on the website are unbelievably high,
This is the first step in my mind flipping completely after entering the cryptocurrency world.

Source of the schematic diagram of Cosmos Hub: Block Potential NFT#399 Original image, Illustrator: Pixel RuRu

Why choose a decentralized exchange (DEX)?
How is it different from a centralized exchange (CEX)?

When operating on DEX, the pop-up window of the wallet will often appear to be signed and confirmed, because each step and all actions are directly linked to the personal encrypted wallet. Everything about the wallet, especially the private key, must be kept by yourself. it is good.

CEX is like a digital bank, which usually requires KYC (Know Your Customer, user identity authentication) before trading, and needs to hand over personal information (photocopy of ID, facial biometrics), and assets are deposited on the exchange.

In the cryptocurrency world, it is not difficult to have multiple wallet addresses (accounts). Using a single wallet address (account) to complete the financial operations you need is a better choice in terms of personal privacy.

Classmates, class is on!

The workshop starts directly from the liquidity mining operation . The explanation of @cat travel[Erica] is very clear. Many steps make me feel suddenly enlightened. Get a clearer idea in the process

Income sources and possible losses of liquidity mining

1. Source of profit for investing in liquidity: liquidity pool fee + platform additional rewards, usually issued in platform currency, for example: Osmosis uses OSMO as platform currency
2. The rate of return of the mining pool, usually expressed in APY or APR: the more people who invest in providing liquidity, the lower the rate of return
3. Impermanent loss: I personally understand it as "the opportunity cost when the value of the currency grows more than the rate of return of the mining pool", because the currency in the mining pool will be automatically calculated by the program, and try to maintain the ratio of the preset liquidity of the mining pool. For details, please refer to kin's article
   Computer: https://dailydefi.org/tools/impermanent-loss-calculator/
   

Here are some notes that I have taken notes

• First of all, be careful of phishing websites, pay attention to whether the URL is correct or not

This is so basic that I completely ignore it,
I have bookmarked a certain teaching article after linking it once, and I have never confirmed it again. Recommended tool: CoinGecko: Cryptocurrency exchange rate and market value

• Transfer money into the currency exchange table and start to exchange currency (Trade, Swap)

1. Pay attention to the transfer fee (gas fee), if the transfer fails, the fee will still be deducted
2. Currency exchange can set a slippage tolerance value, because the exchange rate is changing at any time (the system defaults to 1%)
3. Osmosis provides currency exchange using different chains on the Cosmos Hub network. Starting with LikeCoin, you can start to experience holding various coins on other chains. I have invested a little bit in the USD stablecoin, which is an algorithmic stablecoin tUSD on the terra chain developed by the Korean team.
4. The cat demonstrates how to exchange coins from the Trade page. I am used to clicking Swap Tokens after entering the pool. At this time, I have no brain to click Max, and the doctor will help me calculate half of the tokens that can be put into the mining pool and exchange them directly.
5. To increase liquidity, you can get liquidity tokens (LP Tokens), remember to press Start Earning to earn the liquidity pool fee, otherwise only the platform fee will be shared
6. The number of days refers to the number of days to wait for unbinding, not the number of days for capital investment
7. Regarding currency exchange, kin has a super vernacular explanation

It has the same delegation and voting mechanism as LikeCoin

The coins on Osmosis all have a DAO mechanism. If you care about ecological development, you can delegate, vote and pay attention to the content of the proposal.

• NoWithVeto strongly opposes up to a certain percentage, it will be regarded as a malicious proposal, and the proposer's deposit will be confiscated (!
• Alternatively Yes, No, or abstain

I entrusted the fraction of ATOM and OSMO that I did not put into the liquidity pool to #decentralizehk,
It is also a little bit of interest

QA in the classroom

1. I would like to ask whether it is in the liquidity pool ATOM-LIKE or LIKE-OSMO, its reward distribution will be OSMO in the end, right?
   All of them are for OSMO. After they are issued, they will appear directly in the wallet in the lower left corner.
   
2. So both pools are giving back at the same time? Suppose the reward received on the day is 10 OSMO, of which 5 OSMO is from ATOM-LIKE and 5 OSMO is from LIKE-OSMO
   A total amount will be calculated for you, and there may be details in subsequent updates (I heard that it is related to US tax supervision)
   
3. Can you say something about the role of Start Earning?
   The numbers in front are LP Tokens. Press Start Earning to enter the liquidity pool.
   
4. When re-commissioning, the original commission reward seems to be reset to zero, is it automatic re-investment?
   No, it is automatically withdrawn to OSMO wallet
5. Can you invest even a little bit of money?
   Yes, the Osmosis fee is almost zero. It is relatively friendly. If you go to other exchanges, you should pay attention to the proportion of the fee. It may eat up the proportion of the income.
   
6. The rate of return in the early stage of the project will be relatively high, and as the number of participants increases, the rate of return will gradually decrease. Can this principle be explained again? Thank you because the reward amount of the platform is fixed, the more people who invest, the less reward will be shared
7. So which chain is Digifinex?
   This is the CEX centralized exchange, and it is also one of the exchanges that can currently purchase LikeCoin with fiat currency.

Emeris: A new cross-chain DEX recommended by Maomao

https://app.emeris.com/

I exchanged some opinions with the customer service because of the bug report. The interface has been improved to be beautiful and intuitive. At that time, it was said that it would be officially launched in December.

The operation method is the same as the concept of Osmosis. If you have spare money, you might as well play it
There are no rewards during the beta version, but the fees are still charged! (Charged in ATOM, the native currency of Cosmos Hub)

Above, thank you cat for your careful explanation, and thank you for reading this

Blockchain Muggle Study Notes Series

Experience first:

1. Blocto: Newbie-friendly blockchain wallet, I also successfully bought NFT
2. Matt City Community NFT Airdrop Experience: Listing, Buying, Selling, and Airdropping
3. [DSM Airdrop] Desmos Profile description and creation steps
4. Blockchain Muggle Blockchain Application and Creation Ecological Experience in Matt City Community

Learning experience:

1. Ask yourself about "I also want a node to become a LikeCoin validator!"
2. Ama Online Workshop: Open the door to the world of NFT creation for you
3. Arma Online Workshop: 2021 Final Round - ISCN Digital Content ID Card
4. Cats Workshop: Osmosis - Cryptocurrency Financial System, All in Dr.'s Lab! (This article)
5. [Podcast Recommended] A program about blockchain in vernacular

Reading experience:

1. Aether Raid: Changing the world with code

"Blockchain Muggle Study Notes" will be serialized as a series of themed articles.
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