Nominex offers unique yield-farming models for both experts and newbies
Over the past year, the value of the decentralized finance market, popular as DeFi, has grown exponentially providing new channels for users to earn passive income while holding cryptocurrencies. A top industry has been “yield farming”, a new way for crypto holders (referred to as ‘farmers’) to maximize the value of their digital assets by staking them in a liquidity pool and earning a cut of the exchange fees.
According to data on DeFi Pulse, the total value locked on decentralized finance products is currently at $56 billion, well off its all-time high value of $88 billion recorded in early May. This is in line with the rest of the crypto market, which also witnessed a magnanimous drop in the past seven weeks. Despite the drop in TVL across DeFi products, yield farming is not slowing down – with tens of projects launched every day.
Can you stop yield farming?
Despite Bitcoin’s heroics in 2020, yield farming was the leading sector in the cryptocurrency space. Top protocols such as Uniswap, Sushiswap, and Pancakeswap grew exponentially to billion-dollar valuations as yield farming demand reached new heights. As a matter of fact, yield farming was the main reason that investors are rapidly moving their funds from Bitcoin into the altcoin universe.
The growth of yield farming has been virtually unstoppable with tens of projects coming up daily in the cryptoverse.