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In this guide I will show some interesting farming strategies on the blockchain.
Fantom is a very scalable blockchain at low fees and very fast. It is certainly not a blockchain in which everyone can become validators, but DeFi is very functional. If you have never configured Fantom with Metamask, these are its details:
Network Name: Fantom Opera
: https://rpc.ftm.tools/
Block Explorer URLhttps://ftmscan.com/
1) We must borrow on Abracadabra Money (Fantom) for Mim (Magic Internet Money) but we must do before the steps. We send our Fantom from the exchange to our METAMASK address (EVM address so it will start with 0x)
2) Let's go to SpookySwap (Fantom)so we can get wFTM. FTM "wrap" wFTM!
3) These wFTM, I can go to rent them on Yearn Finance (Fantom) the APY is now hidden but this liquidity generates interest. I will get yvwFTM
4) Still on the Fantom network, I go to Abracadabra Money (Fantom) in "borrow" and click on the yvwFTM vault. Here I have to pay attention to two things:
-liquidation fee (12,50%)
-interest (2%)
I deposit the yvwFTM collateral to take Mim. I recommend 40/50% as a safety threshold. The liquidation threshold is obviously based on the price of yvwFTM (which I read on the right).
If you want to take big risks, you can also take a leveraged loan (loop) up to 10. In reality it is a 2x leverage which increases the liquidation risk (IF I get liquidated, I will lose everything! IF I don't use the leverage I will pay a fee of 12.5% ??on the liquidation of my collateral).
With the borrow I can sell Mim or rent them. Here the paths divide and I present two strategies:
1) I can rent them for example on Reaper Farm (Fantom) which is a yield optimizer. I use the FTM / Mim pool on Spirit or FTM / Mim on Spooky. Reaper Farm automatically sells farming (Spirit or Spooky) to increase my LP.
I can use these pools directly on SpiritSwap (Fantom)SpookySwap (Fantom), so I don't pay Reaper Farm fees. The tokens I get (Spirit or Spooky) depending on the platform I use, I can sell or stake them!
2) The other (best) alternative for Mim is to use the mim2pool at Curve (Fantom)
I deposit Mim in the Mim / wUSDT / USDC pool to obtain an LP token that I am going to rent in the farm of Abracadabra Money (Fantom) (3poolv2).
Right now I have an additional 21.66% of APY. From this farming, I take . Unfortunately, it cannot be rented on the Fantom blockchain. I could sell it or via "bridge" bring it to Ethereum and stake it on Abracadabra Money (Ethereum)
This token will give me sSpell which will guarantee me part of the platform fees (trade, liquidation, interest, etc). All this great touring and farming will guarantee me a huge APY.
Remember that you will then have to repay Mim's loan through Abracadabra's "repay" function. I can also use these strategies on Ethereum, I recommendYearn Finance (Ethereum)Convex Finance (Ethereum) and of course Curve (Ethereum)
I hope you enjoyed this article with these Yield Farming strategies. Today is Halloween so it's right to dedicate an article to Fantom (many platforms have witches and ghosts as their "concept"!).
Happy Halloween everyone!
Are you interested in ways to earn crypto bonus? Check it out here (last UPDATE 23 October 2021): Some Sites To Earn Crypto Bonus (Old & New)
