Hot discussion in Twitter unfolded around the story of one anonymous trader who claimed to have made $1 million in five months on DeFi market. His initial investment was tiny $800.
Against the background of the tremendous growth of the cryptocurrency market, stories about how people made fabulous profits in a short time began to appear on social networks. One of the most talked-about stories of the last week was the story of a trader nicknamed Razoreth who claims to have turned $800 into $1 million in five months. According to him, he managed to achieve this level of return on investment thanks to his work with the decentralized marketplace Uniswap and DeFi projects.
Razoreth revealed that he first tried to trade cryptocurrencies with leverage on BitMEX. In August 2020, he deposited $1000 on his account on BitMEX, but after losing $200, he decided to abandon this strategy. Then he entered the DeFi market and, in particular, invested in projects with so-called yield farming. Some DeFi-related tokens grew 10x to 100x overnight on decentralized exchanges like Uniswap.
“I came up with a strategy of only buying tokens that were under a day old and NEVER going to sleep holding something that had the potential of rugging. The majority of profits on new tokens are made in the first 3 hours, so I tried being one of the first 10 to buy something."
Razoreth explained that most of his investment went to buying presale tokens such as CORE, Hacken and SUSHI, after which he sold them for a huge profit. By the end of August 2020, the trader, according to him, already had 1.8 ETH, and by the end of September, 500 ETH.
Since the trader held most of the profits in either Bitcoin or Ethereum, the current bullish move played into his hands and lifted his portfolio to $1,000,000.