How Does Virtue Poker Match up Against DeFi Yield Farming?
What do you get when you put together a bunch of ace poker players who have won over $70 million in winnings with one of the best crypto teams in the world? You get a team that knows what works, and how to attract the world’s best poker talent to your platform.
That’s exactly what Virtue Poker has done. It has traditional poker professionals Phil Ivey, Dan Colman, and Brian Rast, who collectively own fifteen World Series of Poker bracelets and over $70 million in winnings between them on their advisory board.
They share the board with Joe Lubin, one of the co-founders of the Ethereum blockchain, and Damian Sokol, the former CEO of PokerStrategy, the largest online poker strategy website.
They launched Virtue Poker’s real money gaming on May 28 with up to $500,000 GTD in denominations. Virtue Poker’s Launch Promotions will run from May 28th, 2021 to July 15th. It offers players an opportunity to take home a lot more winnings than normal.
The opportunity with Virtue Poker is so high that it rivals that of regular yield farming. It’s more of an active way to make an extra buck than yield farming. How does Virtue Poker compare to regular yield farming? Let’s take a look.
It’s easy to take home more with Virtue Poker
Players use FVP tokens to enter the freeroll MST tournament format. FVP tokens can be earned by new players just by signing up for the platform and registering an account. Bonus FVP tickets can be earned simply by keeping VPP tokens either in your internal Virtue Poker wallet or in your Source of Funds account on mainnet.
Players can also earn additional ETH and VPP bonuses through signing up and/or depositing for their first time during the promotional period. Players who maintain VPP in their wallets can earn anywhere from 10% to up to 90% Rakeback just by keeping a minimum number of VPP tokens in their wallet(s).
There are different levels of VPP tokens that players must maintain in their wallet (taken as an average balance over the course of the promotion period) throughout the course of the promotion period to earn the 1-90% rewards. Rakeback will be rewarded at the percentages independent of play volume.
During the promotion period (May 28th to July 15th, 2021) – players will compete for ETH bonuses. ranging from 0.01 ETH all the way up to 1.05 ETH!
Players can earn Grinder Points (GP) through their play on the platform. The GP system is based on rake paid. The first 500 players to reach 10 GP will receive 0.01 with the first five players to reach 200 GP receiving 1.05 ETH.
Simply put, the more you play, the more you earn.
Yield Farming is steady
The world of DeFi (decentralized finance) is as volatile as it gets. If you are the kind of investor who prefers to buy crypto and sit tight, yield farming is a great way to earn more crypto using your existing stash. There’s more than $61 billion locked up in DeFi right now.
What’s yield farming? Yield farming is like the yield on a bond. You lock up your crypto assets in different protocols, typically on Ethereum chains, and earn interest on them. Just like a bond, interest on these assets fluctuates depending on the projects they are borrowed for.
The most common stablecoins linked to the US dollar are DAI, Aave, USDC, etc. Your returns are determined by the amount you invest in them. A visit to stakingreward.com will give you the estimated amount of rewards you will earn every year by farming them. DAI will give you 3.74% while PancakeSwap can give you as much as 74.23%.
If the price of the coin goes up, the yield on your crypto gives you more coins. Experienced yield farmers keep shifting their funds between different protocols depending on who is giving a better yield. If you are looking at this as a source of easy money, it isn’t. One option is to open an account with a specialist crypto firm and let them do the work for you.
Yield farming doesn’t come without its fair share of risks. This Forbes article quotes Eric Nguyen, CEO of Spores Research who says, “You are providing your capital and getting a return on them, but this is not without risks as some of the smaller DeFi projects have suffered exploits in the past.” The exploits Nguyen refers to are “hacks”.
He added, “You should pick coins where you understand the fundamentals and believe in their long-term value because the yield might not be able to cover the decrease in their value.”
Ultimately, it comes to taking a call between playing poker and yield farming. It depends on your risk profile and the amount of time you have on your hands to monitor different protocols and yields