Advice on TFT to euro monthly payments (Resolved)

#1

Although I read a lot about it, I’d still prefer to hear some of your methods.
Although I’m doing ok, i don’t have access to unlimited financial resources. I expect my monthly fees for the rackspace and used power will be around 250 euro.
I’ll be happy to leave as much TFT in the wallet to support strengthening this coin, but i need to find a way to periodically withdraw the DC fees from it. I currently have the Blockchain App installed and working (used yo have some bitcoins there in the past) also Bitvavo (used it for multiple other coins in the past) and Lobster. This one i installed especially for TFT. I bought some and received the first node pay outs.

Without installing a dozen other confusing Apps; how would you advise to withdraw periodic payments to my bank, without paying too much transaction fees?

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#2

Hi,

Hands down, cheapest way is to create an account on Liquid. The price of TFT is a bit better there and there are hardly any fees in sending TFT to the exchange via Stellar network. TFT via the bridge to BSC (metamask) is also an option, but using the bridge comes with a fixed fee of 50TFT. Also, bridge occasionally doesn’t work. And price per TFT is lower than with Liquid, I guess this has to do with the lower liquidity.

Nothing wrong by withdrawing (some or all) TFT and cash out. In my view, it creates a market and thus liquidity. For now, I have sold my TFT every month against the then going rate. Not to cover electricity costs, but to reduce the capital spend and possibly get some cash for additional nodes.

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#3

Thanks a lot checkkill! Just some more newbe questions; since i installed Lobstr only for TFT, i could replace it with Liquid? That works the same and i could connect my current wallets to it and remove Lobstr? (Don’t like a dozen Apps I’m not using)
And…i thought leaving TFT was supposed to make it stronger and i thought I even read it was considered to be rewarded for that purpose?

#5

It should work. If you send your farming rewards to your current wallet then send from the wallet to your Liquid exchange account, you could then sell directly your TFT there.

You will most likely need to add a memo to send the TFT to your Liquid exchange’s wallet.

Of course if all farmers keep their TFT it makes it more scarce, but if you have running operations, it’s perfectly fine. It’s your TFT anyway. You sell or keep if you want!

There will be staking later on so this will incite even more farmers to keep their TFT.

Also, on TF Grid you get up to 60% discount if you have TFT in your wallet. So indeed there are good reasons to keep some TFT. To each their own.

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#6

I guess the best way to operator with TFT is that way:

  1. Payouts directly to TFT Connect app
  2. To sell TFT send coins from app above to Liquid or Trusted Wallet.
  3. Sell tokens and payout euros (via trusted wallet its needed to send busd or other coin back to another exchange)

All about how to sell on pancakeswap is nicly described on forum

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#7

I’m being forwarded to FTX while trying to setup an account for Liquid. It says ‘Liquid is moving to FTX’. I guess that’s the way to go? Or should I deny and stick with liquid?

#8

Very good question.

https://help.liquid.com/en/articles/5947593-acquisition-of-liquid-by-ftx-faq

Perhaps, you could contact them to know the actual stage of the acquisition and how it concerns you as a client.

#9

Hi Mik, thanks, i just did. They replied; “You can still sign up on Liquid platform. Well once the acquisition has been done, you will still be using the same login credentials.”

No date on when it’s finalized.

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#10

Just to be totally clear, you can’t receive farming rewards directly to Liquid. You need another wallet. I’d recommend using the TF Connect app wallet to receive your farming rewards and hold TFT, then you don’t need Lobstr anymore.

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#11

I used the Liquid route as well.

How do you get your tokens from the Stellar chain to the BSC chain? I have some TFT on bsc, but only because I swapped them against BNB. there is no way to make a TFT deposit?

#12

Hi @jeroenburjs

You can read this post from Scott with detailed steps in the comment:

Let us know if it works or if you have any questions.

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#13

So, now as Liquid is moving onto FTX and about to delist TFTfrom their CEX…what’s a sustainable way to sell our tokens? I think the OP stated a very important requirement as farmers need an easy and affordable way to sell tokens at the market price as well as for fixed prices. What is the recommended/reliable way to do so now?

#14

Did you try Lobstr / StellarTerm?

Swap your TFT for XLM and you can go to fiat (via Moonpay).

#15

I got into trouble using LocalCrypto so I am hesitant using a dex for fiat payouts to my bank.
Is there a protection on StellarTerm or Lobtsr so that the money comes from a neutral place?
Also how does it compare in terms of fees?
I guess I will give it a try and report back.

#16

The DEX is only used to swap TFT for XLM (or another currency on Stellar). Ultimately the fiat payment comes from the offramp or exchange you use to sell the XLM, so there’s no issue of receiving fiat from an unknown entity. Fees on Stellar DEX are .3% for the swap and very minimal transaction fees. Then there’s the fee to sell XLM, which depends on how you do it. Moonpay, the solution integrated with Lobstr, is relatively expensive, but you can use any exchange of your choosing that supports XLM.

#17