Yield farming is the hot thing to get money with your cryptocurrency, or that's what I thought in the first moment of my adventure in the wide and intricates subject that is Defi.
My first approach to the subject was simple and straightforward, follow the high APY.
So my journey began in CoinMarketCap while exploring the strange reality of crypto, I incurred into the really weird pair of word that was a bit off for what seemed to be a cryptocurrency site, my interest increased and I dug in.
What I discovered next was this very long list of strange names (later discovered were Pool) that were associated with exorbitant APY, so I opened as many tabs as possible, watched all of them with a feeling of ecstasy and then something came into my mind "How the fuck is this possible?"
A few hours of research later on articles and random site's wiki I understood what I had to do, INVEST.
I grabbed my money sent them straight to COINBASE (via debit card) (sweet fees) and then with a rocaramboulesque slingshot of transaction I proceeded to deposit and stake my 100€ that after those hit and push became 82€ with 4€ on holding (SPOILER I tried to use them in some DEX and swapped it to a random token, the pickle, and then failed to cancel the transaction as complete dumbass)
So I'm here to help you guys (or chad if you delve deeper in the harvest meme lore) to get those high yield in complete safety and serenity that you are doing it the best and efficient way possible.u
Which one do you choose? (Site to harvest yields)
Well that depends mostly on what you think is the most trustworthy but here is a list of the ones that I nitpicked in my freshman period (about a week)
- Yearn
- Harvest
- SushiSwap
- Curve
- Pickle
- ValueDefi
- and many more
Sites that help you at this solo-search for APY
- DefiYield
- DefiPulse
My journey | Re-do it for a smoother start in Defi Finance
Pre-Scriptum
1 - Gas are fees that you pay to make a transaction, so leave 10 or more bucks to account for your gas(the price varies and it's volatile) (stats for your address)
Get a wallet
- just get MetaMask is the most versatile and can connect to almost every smart contract
Buy your crypto
- Grab your money and go on an where to buy crypto, choose your exchange of choice, buy ETH and pay with SEPA or with your credit card.
- (depending on how much you want to wait before investing - FOMO) (also gonna cite Ramp that has low fees IMO)
- Withdraw to your MetaMask wallet
- (depending on the exchange you can manipulate the gas price that should be as low as possible but not so low that the transaction is slow, as a rule of thumb under 2/3 minutes is always good)
Deposit and Stake your Crypto
- Now your you have to carefully think what you want to do, which is the way to go?
- For me, it has been Harvest because it was the easier and most promising one in my eyes for his high APY (230%) and auto-compounding feature on his governance token pool (lol there was no impermanent loss and as a noobie, I just knew that not having it was good)
- So now whatever you have decided there are normally 3 transactions to make (WATCH OUT FOR GAS)
- 1 - Swap your tokens from ETH to the desired one on a DEX (Uniswap is the easier one) [GAS fee]
- 2 - Deposit (the funds will move to your wallet to the smart contract) [GAS fee]
- 3 - Stake (the funds will be put to work) [HIGHER GAS fee]
Watch you fresh produce grow
- So now you have invested some money, how do you see them grow?
- Easy, just use one or all of this service:
- DeBank
- Zapper
- Zerion
PS: Set some price alerts, synch METAMASK and Zerion on your phone, document your self in the endless list of possibilities of this crypto world and lose your days watching prices go up and down, welcome to the life of a yield farmer my chad (and there you are a perfect stereotype)
