Datamine is a complex DeFi ecosystem that offers ample ways to run a profitable mint. In this blog, we'll be breaking down a strategy you can use to run your mint.
Strategy Overview
The next level up in making a profit with Datamine is to use the burning mechanism. In Datamine, you burn FLUX tokens before minting to get a larger amount of FLUX as well as a permanent amount of FLUX burned to your address. Even if you unlock all of your DAM, come back in a year or 2, the amount burned will still count towards your burn rate.
Step 1: Achieve Your Time Bonus with the FLUX Mint
Lock your DAM to start your FLUX mint
if you do not know how to do this, view our first blog to learn how.
Wait 28 days to maximize time bonus. Time bonus starts after 24 hours of DAM locked in.
Step 2: Forecast your FLUX Mint
On the Datamine Dashboard click "Forecasting Calculator"
Slide Burn Bonus Multiplier to see amount to burn and new amount to mint for profit.
Buy desired amount of FLUX to burn from Uniswap.
Step 3: Burning and Selling FLUX
On the Dashboard, click Burn FLUX
Click Mint FLUX and sell on the Uniswap Exchange.
Conclusion
By doing this strategy, you effectively shave off X amount of time to mint more FLUX depending on amount of FLUX burned. So if you minted FLUX after 1 month and burned enough for a 2x bonus, you effectively minted 2 months of FLUX in 1 month. Also, you have now actively contributed to decreasing the supply of FLUX.
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