Yield Farming on EOS
EOS

Yield Farming on EOS

By Ares12110 | Crypto-nyte | 30 May 2021


Yield Farming has been very popular lately. Platforms like Uniswap, Pancakeswap and farms like Harvest.Finance have garnered most of the attention in the space. EOS also has a DEFI eco system that farmers may find profitable. In this post I'm not going to be predicting anything about one taking over the other, or which one is best. Instead, I'm going to give an overview of the Yield Farming experimentation I've done on EOS and why I like it. 

Fees

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ETH gas fees are still really high which makes ETH yield farming difficult to get involved in if you are investing in small amounts (like me). Binance Smart Chain has made Yield farming much more accessible with significantly lower transaction fees. I personally do most of my farming in BSC. You still have to pay attention to fees cause they might cost you more than you are earning if you are transacting a lot.

 

EOS offers a different option. Instead of transaction fees, EOS uses CPU resources ( an RAM and NET but I'm not going to deep dive on that). Personally I use Wombat Wallet for my EOS, which provides 10 free actions worth of CPU every day. If you use my referral code "ENJJCE" we each get some extra free transactions, which might come in handy if you get deep into farming with EOS. If you find you need more you can always pay for the premium service from wombat, Wombat Prime, which will unlock a whole pile of extra transactions. Last time I checked the subscription was $1.30/month (CAD) which actually is really low if you are performing lots of transactions.  Moving on...

 

Farming

I use DolphinSwap.io and DMD.Finance for my yield farming experiment. DolphinSwap is a DEX and AMM like Pancakeswap or Uniswap and has several farms available to invest in. Here are the top 3 farms. I have invested in the Dop/DEOS pool for the extra 15x rewards. 

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The other farm I've invested in is in DMD.Finance. They only have one farm active right now to earn DMD tokens, HUB/EOS. In order to invest in, you must first add HUB/ EOS (80%/20%) in DolphinSwap. From there it is just a matter of accessingS DMD.Finance to make sure it mapped your LP tokens and it should start earning for you right away!

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So far I have liked farming on EOS and one of the best parts is I am able to harvest daily without having to worry about fees adding up. I don't move pools very much so 10 transactions for me per day has been more than enough. However, I could see this being a challenge for somebody who wants to trade more actively. Wombat prime is very affordable and would still save you a ton on transaction fees trading like that on BSC or ETH. 

 

Of course none of this is financial advice. Do your research and make the choices that are best for you. 

 

One more thing, you can earn some free EOS playing games on Womplay!

https://womplay.io/?ref=G6RZ6D3/

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Ares12110
Ares12110

I'm a personal trainer and crypto enthusiast!


Crypto-nyte
Crypto-nyte

Hi I'm Rob. Im a personal trainer and a cryptocurrency enthusiast. This is my space to share my thoughts and excitement on both topics with those of you willing to read it.

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