The most profitable farming on Binance Smart Chain

You are interested in the Yield farming and you are tired of wasting money on gas fees on Ethereum? It is then time to move on to Binance Smart Chain which turns out to be a very serious competitor to Ethereum.

Interesting projects are becoming more and more numerous and gaining more and more users. If this interests you, here are 5 platforms to know and use on Binance SmartChain if you are interested in Yield Farming.

Yes, you might just become a farmer profitable thanks to the Binance Smart Chain! In fact, by being compatible with the Ethereum Virtual Machine (EVM) and its interoperability with other native ETH protocols, this makes it an infrastructure of first choice for yield farming and DeFi apps in general.

Okay, now that that’s said, let’s move on to the essentials!

A quick reminder of what Yield Farming is

Today, as you know, with the innovations of DeFi, you can make money with different methods. And among these methods, the new trend comes from Yield Farming or yield farming.

What is it about? Well, if we talk about agriculture, it is to echo the idea that we are going to work with cryptocurrencies. We will place them, in other words, in different protocols to maximize the returns of this crypto. For example, we will place them in staking protocols to maximize their returns.

So, if for example you participate as a liquidity provider in a liquidity pool, you obtain a Liquidity Provider Token. Well, you can also farm this token and that's what we call it. Yield farming.

(You can read our guide to Yield Farming or read this article which explains how we went from bitcoin miner to crypto farmer)

And, as Yield Farming turns out to be expensive (unfortunately) on Ethereum due to gas costs in particular, the Binance Smart Chain turns out - as we have already said - a superb alternative.

The 5 Most Popular Yield Farming Platforms on Binance Smart Chain

Note: This is simply a list given for information purposes. These are often sites in beta version and yield farming is still a risky activity like any investment. Take the time to discover each platform and the very concept of Yield Farming before getting started. And as they say: DYOR! Do Your Own Research (do your own research).

PancakeSwap : The leader

It is in fact the most important in terms of volume of amounts locked on the platform. It gained popularity very quickly and is now a juggernaut that is copied by other protocols. We have already spoken to you and written a PancakeSwap tutorial on zonebitcoin.

As a reminder, during launch, the token PancakeSwap CAKE was worth $0,48 and today, March 25, 2021, it costs around $12.

On PancakeSwap, you can do Liquidity Farming and earn transaction fees. There are several liquidity pools and they offer attractive rates of return. We also receive liquidity pool tokens which we can then also deposit in staking to maximize our return. Likewise, you can also stake and earn CAKE or other tokens.

What is interesting is also to participate in farms and cultivate tokens like DODO or other rising tokens from the Binance Smart Chain.

Bakery Swap

BakerySwap was created in 2020 and its BEP-20 governance token is the BAKE. Compared to other platforms, BakerySwap is relatively complete and well-stocked. For example, there is a “supermarket” for NFT.

Liquidity providers are then rewarded in BAKE token as well as commission fees. By holding BAKE, you can also participate in BakerySwap's major decisions.

(Venus : The stablecoin indexed to dollars

Venus launched in October 2020 and quickly became one of the largest protocols on BSC. However, it is not like the others a swap protocol but rather a crypto lending/borrowing protocol in exchange for collateral. Venus is a protocol with a very well thought out concept. One can basically borrow loans in a decentralized manner on Venus. You can deposit BNB, ETH or even stablecoins to generate interest.

You can also choose to earn VAI (this is the Venus stablecoin). VAI tokens are BEP-20 synthetic assets pegged to the value of the US dollar. That said, Venus has also implemented governance tokens, called XVS (BEP-20).

An interesting fact to know and which says a lot about the ethics of the (anonymous) founders is that the governance token is entirely controlled by the members of the community. Team members have not allocated themselves XVS tokens. Thus the decisions taken are truly made for the interests of the community. It is very pleasant.

Burger Swap

BurgerSwap is also a AMM (Automated Marker Makers) which is very popular. In reality, BurgerSwap was developed based on the DeFi platform, DEMAX which is based on Binance Smart Chain.

When launched in September, the BURGER token was worth around €0,70 and in March 2020, after reaching €9 in February, it is around €4. Now we'll see if Burgerswap will fulfill all its promises. With increased competition (and especially that of pancake swap), the protocol will have to fight harder to maintain its users.

Autofarm: Extremely rapid success

We finish this little list with Autofarm because unlike the others, it is a yield farm aggregator. The protocol, in two months, has grown exponentially, with a total value locked of $1,1 billion, which is huge. It quickly became essential when you want to improve your yields and quickly find the best farms.

Although the author is anonymous, it is certain @mildgiraffe who has a small Twitter account and obviously a keen vision of the blockchain behind Autofarm.

Likewise, on Autofarm, one can also use it to exchange tokens and to use the best vaults. There are many yield farms on Autofarm and they offer very attractive yields.

The AUTO token is the native token of the AutoFarm platform. In February, the token was worth $496 and today, in March, the token reached $2640! The token even reached an ATH of over $13,000.

Final Word on Yield Farms on Binance Smart Chain

As with any investment and this is particularly true for yield farming, it involves risks. There are also risks specific to AMM protocols such as intermittent losses for example. You really need to be aware of the risks and educate yourself about the projects.

We are never safe and Yield Farming is still new.

And, to reduce risks, you can decide to invest and buy the protocol tokens rather than using them. It will always be less risky and will therefore depend on your nature and temperament.

If you like taking risks, then becoming a yield farmer on these farms (or others) might be something that excites you. Otherwise, there is the alternative of buying direct so as not to lose out. -be these opportunities to enrich oneself.

We can in fact buy these tokens on Binance directly 😉 Isn’t life beautiful? It is in fact the first action to take to have BNB in your portfolio.

Buy BNB on Binance

See other articles on Yield farming:

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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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