First Publicly Listed BaaS Company All Set to Offer Yield Farming
Advanced Blockchain AG, a German Blockchain as a Service (BaaS) provider is gearing up to offer yield farming to its client through its crypto subsidiary nakamoto.to, reported DGAP news. Advanced Blockchain was also the first blockchain company to get listed on Deutsche Börse-Operated Xetra Exchange. The decision to include yield farming by nakamoto.io indicates the growing demand for defi tokens in the market.
Yield farming is a process of staking once token in a particular defi project and earn yields on the staked tokens, a form of passive income made quite popular by the decentralized financial ecosystem.
The returns of the yield farming vary from project to project and traders often flock from one project to another depending on the returns. The return percentage is a portion of the transaction fee which is paid to the stakers for offering liquidity on the platform.
In fact, such a movement was observed in the Uniswap DEX which recently saw the conclusion of its yield reward program, and as soon as the reward program concluded the volume of staked tokens on Uniswap fell by more than 50% within hours of conclusion, A majority of traders moved to SushiSwap whose volume almost doubled in the days leading up to the UniSwap liquidity reward program conclusion.
Defi market has been the success story of 2020 for the crypto space as it saw its market cap jump by more than 10 folds in three quarter of 2020. Although the defi space has started to show signs of deteriorating with an increasing number of exit scams and hacks, the defi tokens have maintained a strong position in the market. Advanced Blockchain AG’s entry into yield farming would help more traditional players to get exposure to the defi space and also diversify their digital asset portfolio.
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