What Is Yield Farming? Simplest Guide To Farm Yield!
Crypto isn't about only buying and hodling anymore. There's yield farming by which you can make your assets useful and earn interest. How?
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In Decentralized Finance (DeFi), the basic concept is that no asset should be idle and not earning profit. Hence, the yield farming concept refers to making use of interest generating decentralized application (DApps) by providing and putting your funds as liquidity. Just like the banks and other financial institutions, but better rewarding and with much more efficient interfaces.
Yield farming enables users to make passive income on their idle assets, by utilizing the decentralized ecosystem developed primarily on Ethereum, EOS, Terra or any other smart contract supporting blockchain. It often relies on liquidity pools. The asset holders can provide their liquidity to lending platforms or Decentralized Exchanges (DEX). In return, the liquidity providers earn interest in the form of fees, generated when others access their funds to borrow or exchange tokens.
What’s The Simplest And Most Stable Way To Earn Yield?
We are certain that you are looking for the simplest and most stable yield farming method to start earning profits on your assets. The most obvious answer is Yearn Finance. It’s properly maintained and has proven to be the most stable yield farming method, since it’s inception.
2. Click “Connect Wallet” by choosing one of the options of MetaMask, Trezor, Ledger and WalletConnect.
3. Once your wallet has been connected, choose your preferred vault to earn interest on your assets. The simple ones are WETH, ETH, YFI, WBTC, DAI, USDC, SNX, UNI, 1INCH and USDT, with various interest rates.
4. Approve and supply the desired amount of the asset, you wish to contribute. Then, confirm the transaction. If you want to withdraw your assets plus interest, use the withdraw function. That’s it.
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