Avalanche Exploration With Yield Yak - Top Yields And A Vibrant Community

0 73

Written by

#Club1BCH

4 months ago

Topics: Yield Yak, Avalanche, Arbitrum, $YAK, AVAX, ...

My Avalanche exploration started from the basecamp, with no climbing experience. I knew I wouldn't reach the peak without help, and the YAK is the best companion an mountaineer can have.

How this journey started? As random as everything else in the Cryptoverse! I had to move my few $AVAX from Binance when they stopped the staking rewards for UK based users, and I researched earning opportunities on the Avalanche EVM chain. This is the story of how I discovered Yield Yak, after googling "best yield on Avalanche".

I learned that Yield Yak is a farming and staking optimizer, similar to Beefy Finance. Looked like the best option, and I wanted to earn slow and steady like an yak! Was time to enjoy optimized yield, save on gas, relax and watch the numbers grow!

Yield Yak is the most popular and most used optimizer on Avalanche, due to the great variety of opportunities that it offers. An optimizer is in charge of maximizing the annual percentage of rewards that users can get when farming or staking your cryptocurrencies on other platforms.

The optimizers use the rewards users receive to exchange it for the cryptocurrency or cryptocurrencies you are farming or staking. The next step is to put those cryptocurrencies back into the farm. The compound interest is obtained by using the rewards and reinvesting them in the farm. Sit back and earn!

The TVL on Yield Yak grew to $32,000,000 in few months, from $24,000,000 back in August. There are 45 active pools, with a wide range of DeFi earning options. In addition to the $32 million TVL on Avalanche, there's nearly $1,300,000 locked in the Arbitrum branch of Yak. There are currently 34 active pools, and I will explore those ASAP. I've seen a $ARB pool by Silo, with 3.3% APY. It's not much but is more than zero yield!

YAK is the native token to Yield Yak, and it can be staked to earn platform fees. No additional $YAK can be minted over the total supply of 10,000 tokens. Over 79% of the supply is staked and 70% of all platform fees are distributed to YAK holders every 24 hours. Sound like a top deal! I want/need some $YAK in my life, but this token is an expensive cookie!

As I said, I needed guidance on Avalanche! However, Yield Yak was so easy to use that my 22.5 $AVAX were staked with few clicks. I let the Yak work and planned to return when my rewards will reach the peak! The Benqi AVAX pool will generate auto-compounding rewards at 4% APY, creating a stream of passive income.

Wrote and published my first dive into the cold snow, sharing my initial impressions! Slow and Steady Like An Yak was shared on Twitter and got a rewteet from YieldYak. People from the Yak community engaged with my tweet and I liked the vibes.

I soon joined their Discord and had a warm welcome. I was asked to open a ticket for my contribution and at the end of the month my content was rewarded with 3.5 $AVAX! Amazing and heart-warming! I had no clue that 15% of the monthly protocol fees on Avalanche go to Yield Yak contributors.

This unexpected gift made me check the progress of my staked tokens, and I was surprised to see that my stash of AVAX grew to 22.80! That was 1.3 AVAX more than what I initially staked, as a proof of how powerful auto-compounding can be!

I farmed 1.3 AVAX, approximately 42 dollars at today's value, without any effort. Yield Yak provided yield that reminded me about the early days at Harvest Finance. Once a farmer ... always a farmer!

Can you guess what I've done with the Christmas bonus I received from Yield Yak? If you answered... You staked it... You are right! I went back to the same Benqi pool and added 3.55 AVAX in it. The APY was 3.7% but who cares!

Will let it grow, as the Yak let the hair grow! The rewards will compound, and I will save on gas fees and time. Current stash at 26.34 $AVAX and heading towards 30!

Next time we'll gather around the fire, we will chat about how the Yak strength on Arbitrum made me thrive for more yield. Until then... have some hot milk with honey... yak milk!