DeFi News

Things You Should Know About DeFi Pools On YoBit Exchange

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Anyone who has ever owned or traded cryptocurrency knows about the YoBit.net exchange platform. It was founded in 2014 and it is also considered one of the oldest cryptocurrency exchanges to exist in the market. For years, the Panama-based exchange has been a pioneering one that adapted to the crypto market’s latest trends to give users the best trading experience. It facilitates up to 500 cryptocurrencies and tokens with around 8,500 trading pairs daily. This no-frills exchange platform is known for supporting users from many different countries and protecting their assets through its top-tier security measures in place.

Now, YoBit.net has shifted its gaze towards decentralized finance. As DeFi has become a major trend that is used to generate passive earnings by crypto enthusiasts, everyone wants to give farming a try with the help of a trustworthy crypto exchange. Essentially a centralized exchange, YoBit joining the DeFi is both surprising and useful for crypto traders around the globe. Let us familiarize ourselves with things to know about its DeFi pools also known as YoFarms.

YoFarms:

YoBit.net is entering the DeFi market with unique DeFi pools called YoFarms. With the use of the liquidity pools concept in the YoFarms, users can store their different types of digital assets and receive daily rewards. This innovative liquidity pool where several supported Cryptocurrencies are locked in a contract is used to facilitate trades between the assets and the decentralized exchange. DeFi pools possess several variations which are why YoBit has also introduced YoFarm to ease entry for all kinds of crypto users.

A Step-by-step Guide to Using YoBit DeFi Pools

The interface of YoFarm DeFi pools is kept simple as well as intuitive for both new and old exchange users to be able to find their way into making a deposit, adding liquidity in a pair of their choice depending on the profit, and farm to receive daily rewards that can be withdrawn from exchange wallets.

Step.1:

First of all, you need an account on YoBit.net to be able to use the DeFi pools and their functionalities. After logging into your account, you can now proceed with the next step for YoFarm. Simply click on the link called “YoFarm” to open the list of supported crypto pairs available for farming.

In the above image, the “Farm” option that you can see in Orange is clicked to proceed with the next step. But make sure that your wallet has sufficient funds before you move on to the next stage.

Step.2:

After clicking on the Farm option, you will be redirected to an interface that allows users to go ahead and add liquidity to the DeFi pool that they have chosen in the previous step. If you have sufficient funds available in your exchange wallet then simply click on “add max”.

Step.3:

After you have added liquidity to a DeFi pool, the farming instruction will get activated and users will start earning their fair share of daily rewards from the performance of their YoFarm pairs. If you wish to pull out from YoFarm then simply go to YoFarm and click on “Get my $$$”. As a result, the available reward share will be deposited into your YoBit wallet.

Strategies of farming on YoBit DeFi Pools

  1. Higher risk with high volatility altcoins pairs such as SIMON/BTC pool, SPITZ/BTC pool, and YOFARM/BTC pool.
  2. The average risk with some of the renowned pairs like BTC/USDT pool, FLOKI/USDT pool, TONCOIN/BTC pool.
  3. The minimum risk with stable pairs such as YO/BTC pool or SHIBA/WSHIBA.

How to sign up and deposit funds in your wallet at YoBit?

One of the reasons why YoBit exchange is preferred by many crypto traders around the world is due to its simple interface. But now, with its DeFi pools, YoBit is giving traders a chance to earn passive income.

Step.1:

To open an account, simply visit the YoBit website and click on the login option which can be found in the rightmost corner of the homepage. After that, click on “Register” which would present the following screen.

After filling up the details as required, you can easily open a new YoBit account.

Step.2:

Now that you own an account at the YoBit exchange, you can now deposit any cryptocurrency in its respective wallet. Simply, clicking on “wallet” will show you a list of available digital assets along with the option to deposit/withdraw from its wallet.

Step.3:

After opening your wallet, in case of making a deposit, click on the “+” sign to make a deposit. You can also do it using MetaMask but remember to turn on 2FA for security reasons.

Step.4:

In the same way, withdrawing from any of the available wallets is possible via a simple process. Click on the “-” button and start the withdrawal process after sharing the quantity and withdrawal address.

YoBit.net Reviews

YoBit joins the list of the most trusted and secure crypto exchanges worldwide but the addition of the YoFarms program makes it even more profitable to work with. With these secure DeFi pools, traders now have a chance to earn a consistent amount irrespective of the market condition. Several online reviews share that trading on YoBit.net is an easy, quick, and secure experience for all. 

Conclusion

YoBit is an industry-favorite exchange that combines the powers and features of both centralized and decentralized concepts. Novice traders, as well as veterans, rely on this exchange because of its benefits which are:

  •       User-friendly for both experienced and first-timers
  •       Exchange supports a wide range of payment channels
  •       The Support system is skilled and remains active 24/7
  •       Offers complete anonymity to its users without KYC/AML
  •       Global coverage which allows registrations from other countries

Apart from the aforementioned, YoBit also remains fully transparent to its users and offers the lowest fees as compared to other alternatives. This makes YoBit.net, a secure, user-friendly, and convenient choice for all crypto enthusiasts.

Stan Peterson

Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.

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