Slow And Steady Like An YAK - Snowing Crypto On Avalanche

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Written by

#Club1BCH

1 year ago

Once upon a time a bought the dip and got a bag of $AVAX. It was auto-compounding on Binance for months, until the rewards where stopped for UK based users. I had to look for alternatives and moved the tokens to the Avalanche EVM chain, and done the basic search for the best opportunities.

This is the story of how I discovered Yield Yak, and a more efficient yield farming on Avalanche. Yield Yak is a farming and staking optimizer, similar to Beefy Finance or Autofarm. I decided to to slow and steady like an yak, and explore the huge selection of auto-compounding pools.

What's Yak's unique selling point? The platform 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!

I was amazed when I checked the YAK TVL, with 24 million in locked crypto. There were 76 active pools that offered a wide range of DeFi earning options. Decided to stick with YAK and dived into the $YAK tokenomics.

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 80% of the supply is staked and 70% of all platform fees are distributed to YAK holders every 24 hours. Sound like a top deal!

Never used Avalanche and I had to be cautions, sending only 0.1 AVAX to my Metamask. It arrived safely and sent the remaining amount soon after. I found the pool I wanted, a BENQI single staking pool, and staked my 22.5 AVAX. Time to let the Yak work and return when my rewards will reach the peak!