Why YOU should Farm Stable Coins on Harvest Finance!
People love getting 6% interest on Block-Fi with their crypto. But is there a more lucrative way to gain interest on crypto? YES! Introducing Harvest.finance! Harvest.finance allows you to earn interest on any crypto you deposit. Or as us Farmers like to call it, yield farming! Yield farming is a great way to earn interest. As they say, the more passive income streams you have, the more rich you'll become.
So now that you know about Harvest.finance you may be wondering, what is the best strategy to use? A quick look at the website shows that there are many many pools to choose from. So what is the best for you? My personal recommendation is to yield farm from the Stable Coins pool. The reason I chose this strategy is that it is a great strategy for beginner yield farmers. What is the number one downside to yield farming? It is the fact that while your crypto is tied up and earning you money, the crypto you deposited may drop in price. Yeah you will have gained interest from the yield farming but it may not be enough to cover the loss you take while holding.
This is where Stable Coins come into play. All Stable Coins always equal the price of what they are pegged to. The specific stable coins I recommend are $USDC, $USDT, $TUSD, and $DAI. Why do I recommend these specific coins? It is because the price of these is always pegged to $1. This makes them perfect for yield farming.
As you can see in the chart above these stable coins are earning a super high interest rate! The interest rate on these coins are between 11%-44% APY! That means for every $100 of stable coins you deposit you could be earning between $11-$44! That is a huge amount of interest when you compare it with the average yield of a savings account in the USA. Even the best "high yield" savings accounts are only currently offering 0.50% APY. Therefore it is imperative that you start yield farming today!
You may be wondering how do I get started yield farming stable coins? Well the good news is that it is pretty easy. The way I recommend to do it is to download an app called Trust Wallet. Once you download Trust Wallet go ahead and create your wallet. Make sure to write your seed phrase on a piece of paper for safe keeping. Go ahead and deposit some crypto on your Trust Wallet. Next click the "DApps" tab on the bottom of your Trust Wallet. In the top type in harvest.finance and hit enter.
Next go ahead and scroll down until you see the "Connect Wallet" button. Go ahead and click on that.
And finally you can deposit your crypto and start yield farming!
Done! That was easy huh?
In conclusion yield farming stable coins on Harvest.finance is a great investment of your time and money. You can literally earn interest on your crypto while you sleep! My personal favorite strategy is yield farming Stable coins. This is because the price of them is very stable. You can earn a much higher yield than a "high interest" savings account with very little downside risk!
I wish you good luck on your yield farming adventure. Just make sure you start yield farming TODAY!
This post was written for the Publish0x #CropSpotter Writing Contest and Twitter Giveaway: $1,000 in FARM Rewards!
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