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Top 7 DeFi Fantom Platforms for Making Money from Yield Farming for Beginners

Jordan Avery by Jordan Avery
January 31, 2024
in Fantom, Featured, Yield Farming
Reading Time: 5 mins read
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We will highlight in this article List of 5 DeFi Yield Farming Platforms on Fantom for beginners, so you can start depositing tokens into a liquidity pool on a DeFi protocol to earn more rewards.

What is Yield Farming?

Yield farming in DeFi is a way of using cryptocurrencies, tokens, and stablecoins in decentralized financial projects that provide passive income in the form of a certain interest rate. However, profit from DeFi lending or staking is not guaranteed; actual profitability depends on the approach of each individual protocol. Crypto market volatility or slow transaction confirmations create the risk of lost profits.

Note: In yield farming, many strategies of varying degrees of complexity have already appeared. Professionals constantly move assets between different markets to maximize profits. This is real competition, where everyone looks for the most profitable path and hides it from others.

How Much Can you Earn from Yield Farming on DeFi – Fantom?

Even before projects started giving away governance tokens, you could earn significantly more in DeFi than by depositing funds in a traditional bank. However, in return you will have to take into account certain risks, more about which below.

Ultimately, earnings depend on the conditions and capabilities of a particular protocol, as well as on what strategy to choose and how accurately to follow it. The main rule is to always keep your finger on the pulse and not lose the ability to control investments.

Yield Farming: Top 7 DeFi Fantom Platforms for Making Money

Let’s talk about the main DeFi protocols that are currently suitable for profitable farming. New options appear every day.

 

  1. Beethoven

beethoven-yield-farmig-

Beethoven is a decentralized exchange on Fantom Layer of the Opera, and its  designed primarily for stablecoins. It makes it possible to perform exchange transactions with stablecoins that are much more profitable than on Uniswap. As with everything else, liquidity providers are rewarded. 

 

  1. SpookySwap

spookyswap-yield-farming-fantom

SpookySwap is a decentralized exchange run by the project’s community. The platform uses the Fantom network to ensure maximum transaction speed, security and scalability. You can make money on SpookySwap through liquidity supply. The platform also has offers for staking cryptocurrencies.

 

  1. WigoSwap

wigoswap-fantom-farming

It’s Made on Fantom by Speed. Its considered as DeFi hub with farming earnings powered by Gamified Burning Mechanism (GBM). Helps users give away their cryptocurrency at interest or borrow some assets against the security of others. Anyone with an Ethereum wallet can supply liquidity to the pool. Interest rates, as in other similar protocols, adjust independently depending on supply and demand for specific assets.

 

  1. Beefy Finance

beefy-finance-bifi-fantom-yield-farming

Beefy Finance is a decentralized multi-platform for Farming automation. The system can independently select the most profitable protocols for profitable farmers.

  1. HyperJump

hyperjump

It’s is a DeFi protocol that is represented by an ecosystem of services built on the basis of blockchain games and NFTs.

The platform developers have focused on gamification, making the DeFi segment more exciting. On HyperJump you can earn rewards for participating in games and competitions.

  1. Waka Finance

waka

Waka Finance is a decentralized platform that offers several ways to earn money based on Fantom. For example, site users can earn income from liquidity supplies or using other Farming tools.

 

  1. SpiritSwap

spiritswap

SpiritSwap is the leading DEX powered by Fantom. Technically, the platform is similar to one of the most popular DeFi protocols – Uniswap. You can make money on SpiritSwap through the supply of liquidity. The platform shares part of the commissions with users who block assets for the needs of the protocol. Also on SpiritSwap there are options for making money by staking cryptocurrencies.

Conclusions

Fantom is the best example of a blockchain that has proven to be in demand due to its advantageous differences from Ethereum, and it’s considered by many experts in the farming technologies as the future solution, and the best tool for making money out of yield farming. Yield farming is a way to make money on the DeFi-Fantom protocol. The essence of the scheme is: the investor needs to distribute his assets among the most profitable decentralized projects in order to earn as much money as possible on his investments.

Tags: Best Farmingbest yield farmingcryptocurrencyDecentralized FinanceDeFi protocolsFantom Blockchainliquidity poolpassive incomerewardstop yield farmingyield farmingyield farming strategies
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