How To Maximize Your Yield Farming Rewards - The DeFi Protocols To Avoid

By Cryptofab | Cointune | 13 Mar 2022

If you have not enough value to farm on Ethereum blockchain, you will likely be interested in DeFi protocols on Binance and Fantom chains, which offer high yield farming rewards with low gas fees. However, some of these protocols have to be avoided, while some other ones are worth investing in.

What are the DeFi protocols to avoid?

I will just give some examples below. The list is not exhaustive:

Binance chain: bDollar (BDO) - The BDO was supposed to be a stable coin pegged to the price of 1 USD. It did not work. See the graph below:

Fantom Chain: Tomb Finance - TOMB is a new kind of stable coin pegged to the price of 1 FTM. It is currently worth 0.95 FTM. This small difference of 5% vs. the FTM price hides a bigger issue. The TSHARE value has totally dropped... Showing that most hodlers are flying away.

Avalanche chain: Wonderland - According to an article published on This Morning On-Chain dated Feb. 7:

Wonderland's CFO Suspected to be Exit Scammer Michael Patyn. Wonderland's TIME token had already fallen 90% in a few months, and rumors of an exit scammer in charge of the project's multi-billion dollar treasury did not improve investor confidence. TIME fell 40% in a day, to $325 from a starting point of $525.

What are the DeFi protocols which could be worth investing in?

The list below is not exhaustive either, and in any case I recommend that you DYOR:

Avalanche chain: Beefy Finance - The aTriCrypto vault (30% BTC + 30% ETH + 30% stablecoins), currently offers 19% APR due to Ripae boost.
Polygon & Fantom chains: QiDAO - Although the Superfluid protocol was exploited, the QiDAO protocol itself seems to be safe. Please DYOR.
Elrond chain: Maiar Exchange - Metabonding allows to earn additional rewards on top of EGLD or LKMEX staking rewards (up to 100%+ APY).

Below a few referral links to earn more cryptos...