I have been mining and farming on Polygon for a while and have gotten used to the negligible fees. You can stake/unstake/hop around to different farms, etc very easily. I am around 75% stable LP/staking and 25% volatile staking/LP. While I trust the Polygon system, I don’t entirely trust all of the projects on Polygon and have run out of good ideas to continue.
I took a look at becoming a big boy and stepping up to ETH main net. I would like to use Yearn and Convex. Even with a pretty decent amount of money (not that I have that), the gas fees make it nearly impossible unless I am a hedge fund or an asset manager. Gas of $5-8 to approve a spend, another $5-8 to LP, then again to stake, etc etc. Not to mention if you ever want to harvest or take some money out of a platform, then even more gas fees to offramp.
Assuming I am staking at an average 15% APR (so around 0.04%/day), it might take me 2 weeks-1 month just to break even before I start actually earning money. Maybe even more if I divide up between 3-5 platforms.
Am I missing something? I would rather just use CeFi right? Thoughts?