Top 5 Popular DeFi Yield Farming on Binance Smart Chain
Discover an inventory of the simplest yield farms on Binance Smart Chain (BSC) that you simply can farm on today.
Decentralized finance (DeFi) has added a fresh layer of enthusiasm for crypto, and no matter the various clubhouse sessions and think pieces on its viability, what’s clear is that we now have new ways of generating returns within the crypto markets aside from trading and HOLDing. One such way is DeFi yield farming.
What is Yield Farming?
Yield farming is a fact of DeFi that involves “putting crypto assets to work” by placing them into autonomous financial protocols to leverage strategies like lending, providing liquidity, and staking to maximize returns.
How It Works
Suppose you’ve got $100 worth of BNB, you’ll deposit it (usually in equal parts with another asset) during a DeFi lending or trading pool and earn interest thereon (depending on the annual percentage yield — APY), typically in sort of the DeFi protocol’s native token.
Yield Farming on Binance Smart Chain
Binance Smart Chain’s compatibility with the Ethereum Virtual Machine (EVM) and its interoperability with ETH-native protocols have turned it into a well-liked destination for DeFi DApps.
Yield farming on Binance Smart Chain (BSC) has witnessed rapid climb and a number of other protocols are grateful participants with more still on the road.
Below, you’ll find five of the foremost popular yield farms on BSC.
1.Pancakeswap
PancakeSwap is the leading automated market maker and therefore the first million-dollar project on Binance Smart Chain. The decentralized exchange protocol has surged to the highest platform of the DeFi space with a current 24-hr trading volume of $300M, leaving incumbents like Uniswap trailing.
Its native token, which was at $0.48 at inception, is now trading at $13.
Liquidity providers can deposit crypto assets into PancakeSwap liquidity pools to earn fees and liquidity mining rewards. reciprocally for providing liquidity, they receive liquidity pool tokens (also called FLIP tokens), which may be staked to earn CAKE.
Its yield farm remains ever rich also with quite 10 pairs yielding an annual APR of 300%+ at the time of writing.
2.Venus
Venus is an algorithmic market for decentralized lending and borrowing. Users can deposit crypto assets like BNB, ETH, and stablecoins to grow and earn interest.
Interest earned is often used as collateral to borrow more digital assets or to mint VAI (Venus’s stablecoin).
Launched in October 2020, Venus has gone on to become one of the most important protocols on BSC with a 24-hr volume of $234M.
3.Bearn
Bearn seeks to supply an in-depth yield farming ecosystem and to enhance the interoperability between BSC and therefore the Ethereum blockchain.
The cross-chain protocol’s new product, bvault, offers double/triple reward systems. Vault holders get to earn 3% of newly minted BDO additionally to high APYs and accrued fees on farmed assets.
Bearn’s liquidity pools remain high also with their ETH farm generating quite 1,000% APY and BSC farms with over 300% APYs (at the time of writing). In native token surged from just $15 in December to an ATH of $984 with a current price of $505.
4.Pancake Bunny
Pancake Bunny may be a DeFi yield farm and aggregator that compounds your Pancake Swap yields with automatic compounding strategies. With over $1 billion in locked-in value and shut to $450 million in market cap, Pancake Bunny features a lot to supply. The protocol started as a dual-chain yield aggregator for BSC and ETH but is now focused on the previous.
Thanks to their partnership with PancakeSwap, liquidity providers also can staking their $CAKE on Pancake swap to earn $BUNNY.
5.Autofarm
Autofarm is on a mission to aggregate yields and facilitates decentralized exchange within the most seamless way of doing business on the Binance Smart Chain.
The two-month-old protocol has witnessed unprecedented growth, with a complete value locked of $1.3B, quite $20.7M 24-hr trading volume, and a $124M market cap.
As you’d predict, its yield farms are plentiful. There are more than 30 liquidity pools with substantial APYs.
Conclusion
As with many projects, yield farming is with risks — starting from smart contract risks to liquidation and exit scams. DeFi users must be conscious of these risks to avoid preventable losses.
Also, the maximum amount as APY may be a valid index for assessing a DeFi yield farm, its volatility and token prices can fluctuate aggressively.
But you’re happy to require risks, yield farming could also be something for you.
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