The term Decentralized Finance or DeFi has been in the news for the past two years. It refers to a fledgling technology that focuses on removing intermediaries in financial transactions. By making use of blockchain technology, it removes third-party entities for payments and transactions. Undoubtedly, this has led to the emergence of multiple streams of revenue generation for investors. One such revenue stream is yield farming
What is Yield farming?
Yield farming refers to staking and lending cryptocurrency-based assets to generate rewards in the form of additional cryptocurrency. Due to further innovations like liquidity mining, this volatile DeFi application has skyrocketed in popularity especially in the last 2 years. Several yield farms have cropped up such as Bnbxfarmer, which enables cryptocurrency investors to take advantage of this lucrative investment scheme. Liquidity providers are incentivized to stake or lock up their crypto assets in a smart contract liquidity pool.
There are two main categories of yield farming – Liquidity Mining and Token Farming
- Liquidity Mining
Here, users provide liquidity to DEXs via their crypto assets. This allows other traders to switch tokens quickly. The users are rewarded with tokens and fees based on their inputs.
- Token farming
This is another, more recently popular form of yield farming that has replaced the mundane fee-based reward structure for liquidity providers. Instead, it includes a protocol token giveaway. Users earn native tokens after supplying liquidity to pools. The payout rate is greater when the size of the liquidity pool is smaller, which entices other users to join the pool.
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Advantages of Yield Farming
- Yield farming is a nice replacement for saving money in bank accounts.
- Participants can earn more interest than traditional banking institutions.
- It is an excellent source of passive income, as it allows users to park their savings in DeFi protocols to generate additional tokens.
Introducing BNBXFarmer
BNBXFarmer is a newly launched project which combines the security of smart contracts with the investment opportunities that come with DeFi. At https://bnbxfarmer.com/ investors can stake as many times as they want with no limits. Deposit periods can vary between 7 to 30 days. The profitability depends on the deposit period, which can range from 119% to 234%. The project uses BSC( BEP20) BNB with further plans to include BEP20 tokens as well. Users can get a hassle-free experience if they use Trust Wallet or MetaMask.
Features of BNBXFarmer
BNBXFarmer is one of the newest yield farm projects in the cryptocurrency space, built on the Binance Smart Chain. Created as an experimental yield farm for the BSC community, its smart contract is actually a fork of the open-sourced smart contract by MatrixBNB and BNBPrime. The project comes with a host of features that distinguish it from its peers.
- Easy participation
The yield farming project allows anyone to participate in the Binance Smart Chain. They would only require a Metamask browser extension to start interacting with the contract. Respective mobile applications for Android and iPhone users are readily available.
- Verified smart contract
Unlike a lot of other projects, the smart contract of BNBXFarmer is audited and verified by HazeCrypto. It is a respected and authoritative entity that has found no vulnerabilities, no backdoors, and no scam scripts in the smart contract. It is thus safe for users to use in the Binance Smart Chain main network. The audit is readily available on its official website.
- Deposit Schemes
BNBXFarmer provides various options when it comes to depositing periods, which vary from 7 to 30 days. The deposit periods will directly affect profitability which will vary between 119% and 234%. This incentivizes the users to choose longer deposit periods. There is also no limit on making multiple deposits.
- Fund Distribution
BNBXFarmer has provided transparency with a breakdown of funds. 90% of its total funds are allocated towards the circulating balance, which is used for referral bonuses and payouts. The rest 10% of funds are divided between Development, Platform, Technical Fees( 2% ), Administration & Support Work(2%) and Marketing & Promotions(6%).
- Attractive Referral program
BNBXFarmer allows users to market the dApp to earn referral bonuses which are automatically added to the user’s BNBXFarmer account. Users can earn referral bonuses once they have invested at least once and can be earned every time the user’s referral makes an investment.
Conclusion
Recently, several successful and reliable DeFi protocols have emerged with BNBXFarmer being one of the most talked about. BNBXFarmer is featured on Dapp.com as well.
