Home The 5 sites for farming on Binance Smart Chain

The 5 sites for farming on Binance Smart Chain

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yield farms yield farming binance smart chain

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Are you interested in yield farming and tired of paying exorbitant gas fees on Ethereum? Then it's time to switch to Binance Smart Chain, which is proving to be a very serious competitor to Ethereum.

Interesting projects are becoming increasingly numerous and are gaining more and more users. If this interests you, here are 5 platforms to know and use on Binance Smart Chain if yield farming is something you're interested in.

Yes, you could become a profitable farmer thanks to the Binance Smart Chain! In fact, by being compatible with the Ethereum Virtual Machine (EVM) and interoperable with other native ETH protocols, it makes a prime infrastructure 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, for example, if you participate as a liquidity provider in a liquidity pool, you receive a Liquidity Provider Token. Well, you can also farm this token, and that's called Yield Farming.

(You can read our guide on Yield Farming or read this article which explains how we went from being bitcoin miners to crypto farmers )

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 provided for informational purposes. These are often sites in beta, and yield farming is still a risky activity, like any other investment. Take the time to thoroughly research each platform and the concept of yield farming before getting started. And as they say: DYOR! Do Your Own Research.

PancakeSwap : The leader

It is indeed the largest in terms of the volume of funds locked on the platform. It gained popularity very quickly and is now a behemoth that is being copied by other protocols. We have already discussed and written a tutorial on PancakeSwap on ZoneBitcoin.

As a reminder, at launch, the PancakeSwap CAKE token was worth $0,48 and today, March 25, 2021, it costs about $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 BAKE. Compared to other platforms, BakerySwap is relatively comprehensive and well-stocked. For example, it has a "supermarket" for NFTs.

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 an AMM (Automated Marker Maker) that is very popular. In fact, BurgerSwap was developed on the DeFi platform, DEMAX, which is based on the Binance Smart Chain.

At its launch in September, the BURGER token was worth approximately €0,70, and in March 2020, after reaching €9 in February, it was trading around €4. It remains to be seen whether Burgerswap will live up to its promises. With increased competition (especially from Pancakeswap ), the protocol will have to fight harder to retain 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 a certain @mildgiraffe who has a small twitter account and clearly a fine vision of blockchain who is 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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