With the market chopping up and (increasingly) down recently, high APY farms offer returns in both bullish and bearish markets. Let's take a survey of some of the better yield farming options across the various blockchains starting with ETH.
Ethereum Yield Farming Picks
- Yearn Finance CRV stablecoin vaults are now returning between 25-30% apy. Gas fees are currently high (remember when they were around 30 gwei a week ago?) but you only have to pay gas at the beginning to enter the vault and let Yearn autocompound from there.
- Bancor has been offering its single sided liquidity provisioning, a boon to investors looking to avoid impermanent loss.
Polygon (MATIC) Yield Farming Picks
Polywhale on Polygon was promising and their token pumped when the apr was high. But it has proceeded to dump when emissions were cut. Fortunately, there are plenty of other great farming options on Polygon as the blockchain keeps attracting good farms.
- Aave on Polygon is still offering juicy rewards for lending and borrowing on Polygon through its dapp.
- Polyzap on MATIC has been printing high APRs after modeling its tokenomics on PantherSwap.
- Curve and mStable also have Polygon apps that are earning 25-55% APYs on stablecoins without the fees associated with Ethereum.
Terra - Earning High Yields
Terra is a proof-of-stake blockchain network built on top of Cosmos. Their main goal is wide adoption of crypto assets by the general public, and paying double-digit rates on stablecoins through Anchor which is their killer dapp.
- Anchor is a Terra-based savings protocol that pays a steady 20% on stablecoins. Investors can also stake LUNA and be rewarded with transaction + network swap fees. Stakers will also get airdropped tokens of new projects built on top of Terra to help bootstrap project liquidity.
- Mirror (MIR) is a synthetics protocol that offers large rewards for providing liquidity in synthetic stock pairs. Although there’s impermanent loss involved, stocks tend not to be as volatile as crypto (unless you’re investing in their Tesla derivative).
Binance Smart Chain Yield Farming
- Wheat offers a variety of vaults with bonuses paid out in their $WHEAT token. Wheat looks like a promising token as farming emissions are combatted with buybacks funded for many years from their treasury. All of the TVL collectors fees are sent to farm CAKE-BNB which means they have over 100k in LP tokens that are farming and buying back wheat.
- Eleven Finance is my current favorite autocompounding dapp on BSC. There's a 4.5% fee for compounding roughly every 5 minutes, and you also earn an ELE token bonus on top of your compounded APR.
Avax Blockchain Yield Farms
Avax has a Blocknet migration happening at the end of May. Avalanche will leverage the Blocknet protocol and an XRouter-powered decentralized indexing system to make AVAX widely interoperable with other blockchains.
Check vfat.tools to find the best returns for provisioning liquidity on Avalanche.