This tutorial will help DeFi users learn how to yield yield farming on Fantom.
Fantom's FTM token is the best performing among Layer 1 smart contract platforms this year and the total value locked (TVL) on the blockchain has surged since launching a liquidity mining program in September.
No less than 370 million FTM tokens, currently worth $888 million, have been allocated to the program.
If you would like to join in, you can find step-by-step instructions here.
Bridging assets to Fantom
If you are already familiar with DeFi on Ethereum, this will seem pretty easy. For those Defiers who are new to us, please check out our DeFi 101 content before attempting to proceed.
Step 1: Add the Fantom Opera network to MetaMask. Navigate to Chainlist and connect or add it manually using these parameters.
Step 2: You need some FTM tokens to pay the gas fees. Luckily, you can get some for free by joining the SpookySwap Discord and using their faucet bot.
Step 3: AnySwap is the preferred bridge for most assets and there are currently no fees for transferring assets to Fantom. However, you will be charged a 0.1% fee for the return journey. Make sure your MetaMask wallet is connected to the Ethereum network, enter the asset you want to transfer and confirm the transaction.
Deposits usually take place within 10-15 minutes.
Here are some of the yield farming opportunities available:
Vault of longing
Yield aggregator Yearn Finance has chosen Fantom as its first stake outside of Ethereum, and there are a number of experimental vaults that can be found here.
Curve pool
Decentralized exchange Curve Finance was one of the first participants in the liquidity mining program, and liquidity providers can earn CRV and FTM rewards.
For the swords
SpiritSwap and SpookySwap are the dominant DEXs on Fantom and both offer a variety of yield farming with lucrative returns.
BeethovenX is a fork of Balancer that offers multi-asset pools. Liquidity providers can earn BEETS tokens.
SCREAM is a decentralized lending platform. You can deposit stablecoins and other assets to earn interest along with SCREAM tokens.
Risk Warning: Yield farming involves risks, including the possibility of smart contract exploits that may result in a loss of funds. Please do your research before depositing assets.
Disclosure: The author grows SPIRIT and BEETS.
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