Yield farming has been a hot topic in decentralized finance since 2020. It has emerged as a viable option for investors to maximize returns from their bitcoins and other crypto-based assets. As a beginner, you may be unfamiliar with the concept of yield farming in the DeFi world. Various DeFi protocols provide yield farming services to their subscribers. So, how can you pick the finest yield farming platforms, to begin with without having to go through the trouble of researching and learning about individual platforms?
This article will discuss the top 10 best yield farming crypto platforms in 2024.
- Yearn Finance
- Curve Finance
Detailed Explanation of Best Yield Farming Crypto Platforms
1. Aqru – Yield Farming Crypto Platforms
If you’re seeking the finest option to make an interest in your idle digital currency assets, Aqru stands out in this industry. By opening an account with this service, you will be able to earn an APY of 7% per year on both Bitcoin and Ethereum. This is one of the most attractive interest rates available on these main crypto assets.
Furthermore, unlike most yield farming crypto services, Aqru allows you to earn the aforementioned high return without having to lock your tokens away for an extended period. Aqru, on the other hand, provides flexible accounts, allowing you to request a withdrawal at any moment. Aqru crypto interest accounts are available in addition to Bitcoin and Ethereum.
2. eToro – Best Yield Farming Crypto Platforms
Next on our list is eToro, an all-in-one choice among the yield farming crypto platforms that offer various bitcoin goods. Crypto Staking, one of eToro’s newest innovations, yields farming in which specific cryptocurrencies are utilized to validate transactions. Owners of the cryptocurrencies that are being staked receive benefits.
Users on eToro can earn yield by staking their Cardano (ADA) and Tron (TRX) currencies. Because eToro is still in its early stages as a yield-farming cryptocurrency platform, the broker is trying to provide additional coins for users to earn.If you already have an account and are familiar with the environment of the social trading platform, eToro is one of the potential yield farming crypto platforms available.
3. BlockFi – Crypto Farming Platforms
BlockFi, a user-friendly crypto platform with its own crypto wallet and crypto exchange, comes in third place on our list. You can earn 8% APY on stablecoins like USDT, DAI, and USDC using BlockFi.The BlockFi Interest Account (BIA), BlockFi’s yield farming product, is currently inaccessible to US clients. Because BIA has not been registered under the Securities Act of 1933, the product is no longer available in the United States. BlockFi members can still link their BlockFi wallets to other high-interest crypto savings accounts.
BlockFi could be one of the greatest venues for yield farming if limitations are removed due to its high upper limits for cryptocurrency earning. For example, customers can initially expect an APY of 8% on their first 20,000 USDT.
4. Crypto.com – yield farming platforms
Consider Crypto.com if you want to earn the highest interest rate on cryptocurrencies without worrying about erratic price fluctuations. When you deposit stablecoins like Tether and USDC into your account, you can earn an APY of 14 percent. Certain variables, however, will affect the actual APY that you are paid.
For example, in order to receive the full 14 percent APR on Tether, you must keep your tokens locked up for three months. You will also need to stake at least 40,000 CRO tokens. On the other hand, if you deposit Tether without staking any CRO tokens and make flexible withdrawals, the APY lowers to 6%.
5. Coinbase – crypto farming sites
It is available through its automated staking mechanism, with no lock-up period. Because Coinbase has only recently joined the crypto dividend industry, the platform now supports only six coins. Cosmos (5%), Tezos (4.63%), Ethereum (4.5%), and Algorand (4.5%) are among them (4 percent ). Dai (2 percent) and USDC are examples of stablecoins (0.15 percent ). Although Coinbase is good for beginners, the APYs available are low.
6. SushiSwap – Crypto swap marketplace
SushiSwap is another decentralized exchange that allows users to swap their cryptocurrency using an automated market maker methodology. The liquidity providers are compensated with native SushiSwap Liquidity Pool Tokens for their readiness to contribute assets to the pool. In addition to the SushiSwap tokens, users can participate in other sushi-related incentives, including staking, liquidity pools, and token exchanging.
Uniswap is yet another decentralized exchange that operates on an automated market-maker mechanism. Users can exchange any pair of ERC 20 tokens here. To receive a percentage of the transaction fee, liquidity providers must provide an equal number of tokens from both token classes and the Uniswap native governance token. The total value locked in two separate versions of the protocol as of August 2021 was roughly $2 billion and $5 billion.
Aave is a cryptocurrency-based noncustodial and decentralized finance platform that allows users to lend and borrow previously owned Aave tokens. Users get compound interest on the assets they lend to the protocol. The protocol’s entire value is estimated to be around $14 billion. Furthermore, Aave’s current market worth exceeds $3.4 billion. Fee savings and voting rights are two additional benefits of yield farming on Aave. The yields typically vary from 4.78 percent to 13.49 percent on this platform. This is why Aave is ranked as the best crypto-farming site among the finest yield farming platforms in 2023.
Yearn Finance (YFI) is a one-of-a-kind yield farming and aggregation application, with an active development team constantly working on new strategies to earn users larger returns. Yearn is also intimately connected with Curve Finance. The platform offers over 30 year-integrated curve pools where investors can deposit one of five different cryptocurrencies (ETH, WBTC, DAI, USDT, or USDC) into a smart contract, which deposits into the matching Curve pool to earn interest. Earnings are reinvested in the pool through the smart contract, compounding gains. Like other yield-farming systems, yearn is subject to dangers, such as temporary loss and smart-contract failure.
10. Curve Finance
Curve Finance is essentially a decentralized marketplace. It is one of the largest cryptocurrency exchanges. The total amount locked in the trade was $9.7 billion. This platform’s base APY was around 10%, while the reward APY might reach 40%. It should be your first choice, especially if you want to farm consistent coins. Its one-of-a-kind market mechanism allows you to farm coins while incurring very low fees and slippage.
Popular Yield Farming Crypto Platforms List 2024
- Coinbase – Top-Rated Yield-Generating Platform for Beginners
- Aqru – Overall Best Yield Farming Crypto Platform for 2023
- eToro – Regulated Platform Offering Crypto Interest Tools
- DeFi Swap – Earn Up to 75% APY on DeFi Coin
- Crypto.com – Great Platform for Earning a High APY on Stablecoins
- BlockFi – Popular Platform for Bitcoin Yields
Today’s Crypto Yield Farming Rankings
- Venus – Based on Binance Smart Chain
- Curve – Based on Ethereum
- Sushi – Based on Ethereum
- Synthetix – Based on Ethereum
- SUN – Based on Tron
- Flamincome – Based on Ethereum
- Swerve – Based on Ethereum
- Saffron Finance – Based on Ethereum
- Yearn – Based on Ethereum
- dForce – Based on Ethereum