I stumbled upon an interesting article while I was researching more about crypto. I saw this term called 'yield farming' which is explained as a high-risk, volatile investment strategy where an investor stakes, lends, borrows, or locks crypto assets on a decentralized finance (DeFi) platform to earn a higher return.
I was wondering if anyone here in this forum have any experience about it. How was it?
I'am not familiar with this yield farming; is it a well known strategy? I would like to hear more about it and maybe I can learn more about the concept itself.
@facebook-akemieiko I totally agree and I'm curious too.
I am eager to learn more about it because it seems an interesting topic.
From what i could find since no one seems to be familiar with the term including me. Yield farming is basically the staking or lending cryptocurrency assets to generate high returns or rewards in the form of additional cryptocurrency and its typically done through decentralized finance (DeFi) platforms that provide liquidity to various financial applications. From what i could find it has a potential for reasonable high returns but as with anything crypto or investment also comes with significant risk. Someone more experienced could shed more light.
While I haven't personally participated in yield farming, I can offer some general information about it. Yield farming is a method of earning rewards by providing cryptocurrency for lending or staking purposes, typically through decentralized finance (DeFi) platforms. This practice can be potentially profitable, but it comes with significant risks. These risks include dealing with complex smart contracts, possible weaknesses in the platforms, and the unpredictable nature of cryptocurrency markets. It's important to approach yield farming with caution and a thorough understanding of the involved processes.
Hi everyone,I havent done that much of yield farming but from what I understand, yield farming involves staking cryptocurrency assets to earn high returns. However, I've heard that it can be quite volatile and risky.
Currently I am researching about some of the most reliable DeFi platforms for yield farming. Let me know if you guys know any.
@ishtar This is a good description of yield farming thanks. I looked into this in detail a couple of years ago when it was big news (I bought a course on it). There were claims being made of ridiculously high returns of 40% and more. These kinds of claims always make me skeptical and in the end I decided that the risk wasn't worth it. Maybe I was wrong.
If I invest into something then I like to know how my money is going to be used. This wasn't very clear from with yield farming and I know that some people lost a lot of money with this as the companies behind the coins and tokens suddenly disappeared. No doubt there are real opportunities out there for yield farming but how do you know which ones to trust?
Anyone here know of a sound opportunity with yield farming?
As I've heard from my friend it's a very risky and there's not always a guarantee, which everyone should keep in mind before jumping in
@ortimitttra thanks for your answer but we don't need AI generated answers 🤐 . At our community we're sharing our personal experience. If you want to stay at the forum please don't bluff us with chatgpt content...
Hungry for knowledge 🧐
I have and I always engage in ones supported by big crypto movers like exchanges like Binance, OKX or Bybit. Most pay real good too.
Data analyst and crypto enthusiast
@graham True that with knowing who to trust, similar with all these crypto meme coins popping up everywhere, then when the coin has been hyped and enough people have bought in, they perform a rug pull, withdrawing funds leaving investors with worthless coins. Its good you went with your gut instinct.
Exactly.
Data analyst and crypto enthusiast
I have heard of it but yet to try
