Yield farming has become a popular activity. Especially during bearish times people tend to find new ways to generate some sort of passive income. In particular, when yield farming made his way to the Binance Smart Chain, things really started to blow up.
Huge percentages of ROI were promised in the form of APR’s and APY’s. Most of the times the high APR was met with big exploits and rugpulls. However, there are a couple of decentralized exchanges that definitely are worth mentioning.
A popular yield farm on Binance Smart Chain. BakerySwap is the all-in-one DeFi platform that provides a large variety of content and services like an AMM, DEX and NFT Marketplace through their platform. Users can exchange tokens, provide liquidity and earn competitive yields on various assets. The platform is similar to how PancakeSwap operates and offers a range of liquidity pools and staking options to earn competitive yields.
BakerySwap was one of the first DEX platforms launched on BSC, and remains ever popular due to its range of products and earning opportunities.
Traditionally, every Binance Smart Chain (BSC) yield farm has a native token ‘spawn-rate’. This means that a certain number of native tokens is created every block (3 seconds). This creates a large issue: inflation. This causes the value of each token to constantly decrease, unless the number of investors in a given project keeps growing, which is not indefinitely sustainable.
FarmHub tries to fight inflation with a brand-new, original time-limited staking contract. Eagle Farm is their first attempt to implement this contract. When staking on Eagle Farm, users can only earn rewards for 21 hours, and a large portion of the tokens they stake for the duration are burned or deposited into a so-called Eagle’s Nest. An innovative way to bring a new element to yield farming.
3. Pancake Bunny
PancakeBunny is a yield aggregator and optimizer for Binance Smart Chain, which is used mainly in collaboration with PancakeSwap to maximize yields on their CAKE. They also offer leading yield returns on BNB, ETH and Stablecoins.
The PancakeBunny protocol allows farmers to maximize yields by delegating the process to the protocol. This mostly means that the platform will auto-compound your farmed tokens. Pancake Bunny makes DeFi easier and more accessible to users of all experiences looking to increase their profitability on their assets.
PantherSwap offers a wide variety of staking and yield farming options. Users that want to enter staking on PantherSwap, will need to pay a 4% deposit fee. Here 1% gets burned and 3% goes to $Panther holders to encourage holding.
Pantherswap still offers a relatively high APR percentage. Although it is not as big and stable as Pancakeswap yet, it has proven to be resilient to exploits. With a great community backing up the platform, Pantherswap shows great potential.
A user can farm yields on PancakeSwap by either becoming a liquidity provider, where they add their tokens to the liquidity pool and farming their denominated token or stake the native token, CAKE, to earn further rewards. PancakeSwap also provides its users with lotteries, native NFTs and prediction markets.
PancakeSwap currently secures close to $7bn in TVL across their platform and often handles the most trading volume across the BSC network. They also have close relationships with the Binance team, with former Binance members involved in the development of the platform.