The most appealing Yield Farming options on Fantom (Nov 2021)

By DeFiExplorer | DeFi to Defy | 9 Nov 2021


Fantom is my favourite blockchain for DeFi by far, not least because it offers some of the highest yielding options anywhere on the blocks.

Check out these offers from my three favourite Yield Optimisers Beefy Finance, and Reaper Farm who also use the excellent platform BeethovenX as base Liquidity Pair (LP) in some vaults.

EDITED ARTICLE: I originally mentioned Grim Finance however Grim Finance was hacked on the 18th Dec, and they are currently working to reimburse affected accounts. All the farms there are now new V2 & the exploit has been removed. As with all DeFi there is some risk, and their recent hack illustrates that. Beefy & Reaper are not affected, and have battle-tested vaults.  

Everything auto-compounds for you, so it reinvests your profit back into the pool several times a day, every day - earning you much more than simple APR, and saving you the gas and hassle of doing it manually. The APY stated takes this compounding into account for the whole year, and I also give the equivalent in daily rewards. 

Note: APY is correct at time of writing, but it is natural for APY to fluctuate a bit. You will need to connect to the Fantom chain using Metamask or similar wallet to use these farms. Tip: The easiest way to do this is by heading to Beefy Finance & selecting Fantom Network. Metamask will ask if you want to add the network - click yes & you are all set up to use the Fantom Opera chain! Thanks Beefy.

These are my personal favourite pools at the moment:

Beefy Finance:

  • Tomb-FTM LP: 2.56k% APY, or 0.9% Per Day. OK this is my absolute favourite LP pair I've seen anywhere. Incredible APY, and one of the best in terms of Safety against Impermanent Loss (if one token in the pair drops in value dramatically). $TOMB is an algorithmic stablecoin pegged to $FTM (not pegged to USD like most stables). "What's the point?" you might ask - well although it's not linked perfectly 1:1 to $FTM all the time, that small volatility allows for some spectacular trading gains, and you are protected against massive Impermanent Loss because the two will always keep a fairly-level peg. Beefy offer this LP pair at a storming APY. Feels like printing money. 
  • The Sound Of MOOsic : Yielding 173.9% APY, or 0.27% Daily. This is a cool collab between Beefy & BeethovenX. Use it in 4 stages for ultimate yield, which is a little hassle but well worth it: 1) Buy BIFI > 2) Stake BIFI into the BIFI Maxi vault on Beefy Finance > 3) Use the MooBIFI in your wallet from staking into the BIFI maxi vault as collateral into the Sound Of MOOsic vault in BeethovenX > 4) Use the newly acquired BeetsMooVault token to stake back into the Beefy Finance Sound Of MOOsic vault on Beefy, to compound your yields on multiple levels. Phew! Now sit back and chill, you've earned it. The BIFI token is a solid choice in my opinion, and has been on a steady climb for a while, but at a sustainable pace. 
  • SUMMIT single asset the most Degen choice of the 3 here! Currently earning an eye-watering 2.8M% APY! That's just over 2.8% yield per day! Auto-compounding too. Now Usually I steer clear of such massive APY yields as the underlying token is probably new and liable to drop in value especially with pumping out all those rewards! But right now I feel Summit has dropped far enough from its entry and I feel it's bottomed out. The Summit platform itself looks great. It offers something new in DeFi on Fantom - the chance to use your yield gains on their platform for various high-risk/high-reward options without sacrificing your initial capital investment. I am very bullish on Summit long-term, and earning such high gains early will pay off when the token moons. I suspect the Summit price will stay around this low level for a while longer then pump hard. Getting in now and reaping those yield gains could be a good medium-term play.

Reaper Farm:

  • Beethoven X vault BEETS-FTM (A.K.A. The Fidelio Duetto):  9067% APY or 1.246% daily. This is a dual-farm vault, using the excellent Beethoven X platform's underlying FTM-BBETS LP token to earn extreme auto-compounding rewards via Reaper farm. Add FTM & BEETS into BeethovenX, then use the deposit token to stake in the Reaper vault, and enjoy the sick yields. 
  • Beethoven X The Grand Orchestra: 49.9% APY or 0.111% daily. Use the same procedure as above to get your LP tokens, but this vault uses Bitcoin, Ethereum and FTM - 3 of the most solid choices in crypto.
  • Beethoven X Fantom Conservatory: 1848% APY or 0.817% daily.  The most degen of the 3, using a whole array of tokens from the Fantom ecosystem. 

Don't be put off by the basic U.I. of Reaper farm compared to the other two, as Reaper actually give the most information on the farming strategies of these 3 yield optimisers, and sometimes have the best APY as demonstrated above.

Grim Finance: (THESE VAULTS NO LONGER EXIST. Grim now have equivalent updated V2 vaults with the security bug fixed).

  • xBoo single asset 68.9 or 0.14% daily: Stake straight BOO & Grim switched it into xBoo which gets you all the benefits of staking BOO at Spookyswap but with a better APY and also collecting swap fee rewards. Everything is compounnded into BOO.
  • GInSpirit single asset: 86.88% APY or 0.17% daily. Reaps the benefits of staking SPIRIT for InSPIRIT like you would get if staking directly on Spiritswap, but due to Grim's auto-compounding of the rewards (FTM) back into SPIRIT, it gets you a higher APY and is also a "set and forget" option. It also has the advantage of getting all the rewards without having to lock your InSpirit away for a set amount of time if you used Spiritswap direct! SPIRIT will moon soon due to several upcoming developments, including "ape mode" instant $MIM backed leverage trading.
  • MIM single asset: 90.7% APY or 0.18% daily. 90% yield on a USD pegged stablecoin! This is the best I've seen on a stable anywhere. There is a 2.4% deposit fee from the underlying Scarecrow farm, but once that is made back you will be earning fat yields on a stable asset. 

Invest responsibly & enjoy your fat yields! WAGMI!

Follow me on Twitter @ExplorerFi  (this is a brand new blog so please share & follow. Thanks!)

Disclaimer: DeFi carries risk, none of this is financial advice, and do your own research! 

How do you rate this article?


20

0

DeFiExplorer
DeFiExplorer

Obsessed with crypto, DeFi and new opportunities


DeFi to Defy
DeFi to Defy

My deep dives into the best Decentralised Finance opportunities. Mostly on the Fantom ($FTM) blockchain, but I will also be touching on other chains too. Be your own bank with Decentralized finance - use DeFi to defy!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.