UniFarm is a unique DeFi yield farming platform that operates on Ethereum, Binance Smart Chain, and Polygon. UniFarm started in 2020 and currently has over $15,000,000 actively staked on the platform. They offer an APY of up to 250%.

How UniFarm Works

UniFarm is a staking platform that operates in cohorts. Each cohort is composed of several cryptocurrencies, normally about five. You stake one of the cryptocurrencies in the cohort and then earn all of the cryptocurrencies in the cohort. The first week that you stake you earn one crypto currency, the second two, the third three, and so on until you are earning all of the cryptocurrencies in the cohort. Some of the cohorts are locked, other cohorts you can unstake at anytime. Fortunately, when you unstake your crypto it is a single gas fee.

UniFarm Earning Rate

The rewards for each cohort are divided among each crypto in the cohort. When the cohort begins UniFarm takes a snapshot of the value of each cryptocurrency in the cohort. It uses this percentage to determine the APY and distribution of the cryptocurrencies in the cohort. The minimum amount that you earn if you start staking at the beginning of the cohort is 36% and the maximum is 250%. There is a set amount of any one crypto that can be staked in the cohort and the amount that is staked determines the APY.

Historical Problems with UniFarm

Like many DeFi protocols, UniFarm's existence has not been issue free. 

Tokens in cohorts have experienced hacks. When this happens UniFarm does not allow you to unstake even if the cohort is over. The UniFarm team has not always give prompt updates on when this is going to happen and it has been frustrating for many users.

The staking dashboard does not always show you the accurate amount of cryptocurrency that you have accrued from your stake. They added a disclaimer saying this and the newer cohorts have much better tracking.

After you "claim" your stake, the amount that shows you earned is often not the amount that is actually transferred to your address.

It has been reported in many cohorts that people that unstake earlier get more crypto than those that unstake later. This is more here-say that a proven fact, but it is worth mentioning. Around Cohort 23 they did implement some changes to fix some previous distribution issues.

How to Find Cohorts

UniFarm does a good job announcing upcoming cohorts on their Twitter account. You can also click on the "Hot Pools" tab to see suggested cohorts to join. Every cohort has UFARM, UniFarm's native token, as one of the cryptocurrencies in the cohort. On the main page select UFARM and put a random number under "Number of Tokens". This will then show you all of the open cohorts that are available. Each coin in a cohort that you search will display the APY for that particular crypto in the cohort.

My Experience

 I had a great experience staking with UniFarm. What made it a great experience is that two of the cryptocurrencies, UNO and NETVRK, had significant gains during the 90 day lockup period. Just counting the rewards, I ended up with 240% rewards in the 90 days, which is an APY of ~900%, not too shabby. 

Unfortunately, not all cohorts perform as well as Cohort 18 and there are reports of low earnings on some cohorts.

UniFarm Conclusion

I think that UniFarm is good staking platform to consider, especially if you are interested in two of the cryptocurrencies in a cohort. It comes with higher upside than many staking opportunities. It also diversifies your risk among many different cryptos. You can stake in Ethereum, Binance Smart Chain, and Polygon cohorts, but most of the recent cohorts have been on Binance Smart Chain, and Polygon due to the high gas fees on Ethereum.