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The Crypto market has been increasing and the total market cap doubled since the beginning of the year. Yet, the price of Bitcoin and major altcoins could not follow the linear increase of the market. The reasons vary from people to people but the fundamental cause can be attributed to the increasing demand for Yield Farming as a new type of passive income.
A couple of weeks ago, the major concern was to become "Our Own Banks" but the understanding shifted to "Being The Liquidity Provider" in a really short time. Even though we are accustomed to witnessing paradigm shifts or, in other words, trend shifts in the crypto world, Yield Farming performed incomparably.
Yield Farming began as a branch of De-Fi like the other De-Fi products. a few months ago, we were searching for the best %APY for crypto interest/staking rewards or locking our coins in a DEX to get some portion of trading fees from there. It was the rise of De-Fi in the crypto ecosystem. However, just consider recent weeks, do you see anyone talking about De-Fi products but for Yield Farming 😶 Personally, I do not...
At the moment, calling Yield-Farming as a part of De-Fi is not acceptable for me. De-Fi and its "own banking" products were overthrown by Yield Farming projects. People love the new trend because of some facilities. As for me what are these?
Firstly, providing liquidity is nearly risk-free. You are relying on an audited smart contract and no other people can take your money but for you. You let them use your money for their projects and whenever you wish, you get your money back. By doing this, you are given tokens as a reward. No matter how much these tokens worth, you have your own money without any risk.
Additionally, Yield Farming is a new way of "Passive Income". All you need to do is proving the transaction requests from your wallet. Then, your money starts working for you as well as working for the projects. Here is the point, 2 birds with 1 stone 😌
Finally, I believe that people realize that fiat currencies are losing their purchasing power and even though the cryptocurrencies, especially the finance products, are kind of risky and volatile, in long term, they do not make them upset. So, they are trying to pile up as many crypto finance products as possible.
I'm not in Yield Farming yet. However, to be able to catch up with the trends, I have to be watchful. Opportunities in the crypto market are still fresh and growing. I am one of those who are still at the De-Fi products level. At this very moment, I feel safer being there. However, it does not necessarily mean that I am not going to take part in Yield Farming. The right product at the right time will bring value to my portfolio.
For a new crypto enthusiast, I recommend taking a glance at Sushi and Yield.finance to get an idea over the ongoing trend. There are several risky projects that may put your money into risk. Please be watchful and make your choice wisely.
As I said earlier, the market cap has doubled but Bitcoin and altcoins are not going up in the way the market went up. So, follow the flow of money. While doing it, do not forget our motto "Safety First!"
So, I still earn %5 APY for cryptocurrencies by using Nexo and other services. For further information, you can check my post about NEXO and ways to earn interest on your BCH ---> NEXO
What are you doing during this Post De-Fi Era?
Do you follow any De-Fi product or Yield Farming projects?