Yield Farming (for the poor of us)

[MoodyMisanthrope 34]

I know I am a bit late to the DeFi party but I just recently learned about DeFi Yield Farming. Is it worth to try it out if I don't have a huge amount of money to play around with? Like only 500 bucks or so? Or is yield farming only a thing for the rich ones? I know that ETH tx fees can become a real pain in the ass when you have to interact with the farms. So maybe a farm on the Binance Smart Chain would be cheaper? Thought about trying out Pancake Swap. Does anyone have any experience with it?

 

Or maybe we can use this thread to collect some general info about yield farming. The best farms, APYs and which one we should better avoid. I am still learning so your input is highly appreciated.

[CrazyIvan 258]

18 hours ago, MoodyMisanthrope said:

I know I am a bit late to the DeFi party but I just recently learned about DeFi Yield Farming. Is it worth to try it out if I don't have a huge amount of money to play around with? Like only 500 bucks or so? Or is yield farming only a thing for the rich ones? I know that ETH tx fees can become a real pain in the ass when you have to interact with the farms. So maybe a farm on the Binance Smart Chain would be cheaper? Thought about trying out Pancake Swap. Does anyone have any experience with it?

 

Or maybe we can use this thread to collect some general info about yield farming. The best farms, APYs and which one we should better avoid. I am still learning so your input is highly appreciated.

I tried Yield farming on Binance, with a investment of $100, to try it out. Binance has somewhat realistic profits, but don't expect it to be huge. $100 would give me a few cents a day on BUSD/USDT pair. So with $500 expect to earn something like 15cents to 25 cents a day tops.

 

It's not alot, but also not terribly bad if you compare it to mining with a single GPU

Edited November 7, 2020 by CrazyIvan

[MoodyMisanthrope 34]

4 hours ago, CrazyIvan said:

I tried Yield farming on Binance, with a investment of $100, to try it out. Binance has somewhat realistic profits, but don't expect it to be huge. $100 would give me a few cents a day on BUSD/USDT pair. So with $500 expect to earn something like 15cents to 25 cents a day tops.

 

It's not alot, but also not terribly bad if you compare it to mining with a single GPU

Thanks a lot for your answer. When you are saying that you tried yield farming on BSC, which farm did you use? Pancake Swap? There are some others but that Pancake Swap is the biggest one with the highest TVL.

 

Here's a list of all Yield Farms on BSC: https://bscscan.com/yieldfarms

[CrazyIvan 258]

11 hours ago, MoodyMisanthrope said:

Thanks a lot for your answer. When you are saying that you tried yield farming on BSC, which farm did you use? Pancake Swap? There are some others but that Pancake Swap is the biggest one with the highest TVL.

 

Here's a list of all Yield Farms on BSC: https://bscscan.com/yieldfarms

 

I'm sorry I misuderstood you here. I did not try any pool on the link you provided. I tried the Liquid Swap feature on the Binance exchange itself. The results I posted are from Liquid Swap on Binance. I cannot comment on the yieldfarms in the link you provided

[Raqeebzy 6456]

I have never traded YFI but pretty well, it was very crazy market, went to above $40,000 in space of few weeks and a lot do earn from it. However, things changed and several factors affected the performance of the token as things went wrong even to the developmental team. 

If you find reasons to make investment in it, please do. In the long run, I believe there will be recovery and bullish trend again up to $20k - proved by my novice analysis.

Don't just depend on the short term performance of the coin. DYOR.

[MoodyMisanthrope 34]

Yeah YFI is what made yield farming popular. But with prices higher than Bitcoin and expensive ETH Tx fees I was hoping for a cheaper alternative. 

 

That's why I bought some CAKE yesterday and I am currently providing liquidity on the CAKE-BNB pool on PancakeSwap and get rewarded with CAKE for that. APY is currently 278%!!! So far it's working really smooth. Will let you guys know about my experiences.

[CrazyIvan 258]

1 hour ago, MoodyMisanthrope said:

Yeah YFI is what made yield farming popular. But with prices higher than Bitcoin and expensive ETH Tx fees I was hoping for a cheaper alternative. 

 

That's why I bought some CAKE yesterday and I am currently providing liquidity on the CAKE-BNB pool on PancakeSwap and get rewarded with CAKE for that. APY is currently 278%!!! So far it's working really smooth. Will let you guys know about my experiences.

Oh wow, APY of 278% sounds really intresting. I think the APY may be volatile though. If I understand correct, this is on Binance Smart Chain? Do projects need permision from Binance to be on the chain, because if yes, it sounds legit.

 

I'm getting interested.

[MoodyMisanthrope 34]

1 hour ago, CrazyIvan said:

Oh wow, APY of 278% sounds really intresting. I think the APY may be volatile though. If I understand correct, this is on Binance Smart Chain? Do projects need permision from Binance to be on the chain, because if yes, it sounds legit.

 

I'm getting interested.

I don't think they need permission from Binance per se. But Binance is really keeping an eye on what is happening on their Binance Smart Chain. For example, there was a project that did an rug pull recently and Binance traced the stolend funds back to the scammer and did make him return everything that was stolen:

 

Link: https://www.coindesk.com/binance-recovers-344k-from-defi-exit-scam-that-launched-on-its-platform

 

Things like this gave me the confidence to try Pancake Swap and so far I am happy with it.

[Usman23 59]

I think this is best way of paying poor people who are looking for a way to succeed in life. I appreciate this. 

[huesca123 946]

@MoodyMisanthrope You might want to look into cloud mining, to invest your money in. Im mining on Genesis Mining. They have ETH contracts for sale now. You can also do a Google search for reputable cloud mining companies.

[zagzag 320]

The phenomenon of Yield farming is not as simple as it seems. The most profitable Yield farming strategies are highly complex and recommended for advanced users only. Additionally, this system is generally better suited to those with a lot of capital to be deployed.

Yield farming isn't as easy as it sounds, and if you don't understand what you're doing, you'll likely lose money. One of the obvious risks of the system is smart contracts. Due to the nature of DeFi, many protocols are created and developed by small teams with limited budgets. This can increase the risk of smart contract errors.

Edited December 10, 2020 by zagzag

[MrSpasybo 1049]

The DeFi wave is still going on, and I think a $500 investment is big enough for you to start your investing career. You can find out some projects that have high APY and last long enough and have many users, don't try to put your faith in new projects or launch in a hurry. I am not going to give a few names for you to decide for yourself.
ETH2.0 has been successfully launched, I think transaction costs will drop soon and suitable for everyone. I don't think you need to worry about this.

[Mfe 109]

Yield farming is the product of farms or the outcome in a farm. But is not really that I know much about it. But is cool I think so.and it can assist so much

[M.Asif 499]

I think yield farming is best platform to invest and earn a lot in crypto currency. It is new trend that is emerging sharply in the market. Poor peoples can earn from it and get success.

[Oishy oishorjo 26]

Sorry dear I don't know about your topic. Because I'm new hear. Thank you so much for your important topic.. I get Knowledge with you topic. 

[Whited35 15285]

On 11/7/2020 at 4:18 AM, MoodyMisanthrope said:

Is it worth to try it out if I don't have a huge amount of money to play around with? Like only 500 bucks or so? Or is yield farming only a thing for the rich ones?

Yes, small investors can also prefer to choose Yield farming if you can be satisfied with the small sum of profits. Due to fluctuation in value of the locked tokens, you might receive rewards in governance tokens and that will be always profits for you. 

On 11/7/2020 at 4:18 AM, MoodyMisanthrope said:

So maybe a farm on the Binance Smart Chain would be cheaper?

Yes, it's cheaper but so many DApps based on Binance Smart Chain may exhibit the bugs as it is younger than Ethereum-based DeFi system. Be careful while choosing the best DApp to farm.

On 11/7/2020 at 4:18 AM, MoodyMisanthrope said:

Thought about trying out Pancake Swap. Does anyone have any experience with it?

I attempted to lock 10 BNB but I avoided it doubting the smart contract. 

[Waseem jabbar 185]

According to my point of view , yield Farming is the great idea to earn money.No doubt small investor also prefer the yield Farming  because to support those people who are poor in financial.if u have a knowledge about yield Farming then you can earn more profit.

[Aqsa1234 142]

It is one of the most important and new field that is used to do trade through cryptocurrency many permission less proctol are used to do trade from it . Some contract risk , impermanent losses all are here so the users should be careful.

[Aqsa1234 142]

Yeild farming is very popular and useful . Now out of hundred 80 people are using it. It is really very useful for the poor one who needs money in every situation. 

[M arbaz 294]

Hi my dear. I think yield farming is best platform to invest and earn a lot in crypto currency. There are also opportunities to win by pooling new coins or wanting to achieve liquidity for the defi. The most profitable yield farming strategies are highly complex and recommended for advanced users only. This can increase the risk of smart contract errors.

[Hasnain Afzal 102]

Yield farming is a best way of earn money. We can easily grow up and this is very helpfull to poor people. It is important and new field .

The small invester also prefer yield farming. I think i will get more knowledge about yield farming and earn more money and help the poor people. 

[Mahedi 38]

It was very crazy market, went to above $40,000 in space of few weeks and a lot do earn from it. However, things changed and several factors affected the performance of the token as things went wrong even to the developmental team. 

If you find reasons to make investment in it, please do. In the long run, I believe there will be recovery and bullish trend again up to $20k - proved by my novice analysis.

Don't just depend on the short term performance of the coin. DYOR.

[M Shahmeer 331]

I think yield farming is good idea to make profit 

In this time most of people are using yield farming 

It is used to trade through crypto currency 

Small Investors also prefer this kind of farming 

It is very usefull for persons who needs urgent money 

[Jawad Nazeer 131]

On 11/7/2020 at 3:33 AM, MoodyMisanthrope said:

I know I am a bit late to the DeFi party but I just recently learned about DeFi Yield Farming. Is it worth to try it out if I don't have a huge amount of money to play around with? Like only 500 bucks or so? Or is yield farming only a thing for the rich ones? I know that ETH tx fees can become a real pain in the ass when you have to interact with the farms. So maybe a farm on the Binance Smart Chain would be cheaper? Thought about trying out Pancake Swap. Does anyone have any experience with it?

 

Or maybe we can use this thread to collect some general info about yield farming. The best farms, APYs and which one we should better avoid. I am still learning so your input is highly appreciated.

I don't try this and not more knowledge about this. How can I work on this. I used binance and can I use this into my binance account. Plz guide me 

[Nayeem165 23]

 I did not try any pool on the link you provided. I tried the Liquid Swap feature on the Binance exchange itself. The results I posted are from Liquid Swap on Binance. I cannot comment on the yieldfarms in the link you provided.The most profitable yield farming strategies are highly complex and recommended for advanced users only. This can increase the risk of smart contract errors.