The crypto market offers many income options, one of which is yield farming based on DeFi-protocols.

It is widely believed that such protocols work exclusively on the Ethereum blockchain, but there are alternative platforms where similar activities are also possible. In this article we will focus on one such platform, Fantom.

What is yield farming?

Yield farming involves managing your cryptocurrency assets, distributing them and investing them in promising decentralized projects. Investors lend their assets to DeFi protocol developers, who need the money to develop their project and, in turn, share some of the money they earn. There are many options for investment and it is up to the “farmer” to decide which ones are chosen for investment.

How much can I earn as a result of such employment?

The profitability of DeFi protocols is constantly adjusting, so users have to search for the best offers and allocate their assets throughout the market in order to increase the efficiency of their investments.

However, these efforts pay off with a net return of 5-10%, depending on the size of the investment, which requires nothing more than the availability of capital. It’s not uncommon for returns to be well above or below these values.

What is Fantom?

Fantom is an open-source blockchain network that supports smart contracts. Everything here is produced in a similar way to Ethereum.

Its history began in 2019, and it has already gained a significant share of popularity, thanks to the low cost of transfers and fast transactions.

The platform has its own token – FTM. This makes it much easier to make payments and manage projects within the boundaries of the site. Earlier this year, the currency began to appreciate significantly, indicating its high viability.

In CoinMarketCap’s capitalization ranking, FTM is 19th as of February 2, 2022.

What is extremely interesting is that in the summer of 2020, the Afghan government entered into a strategic agreement with a blockchain-based drug supply chain tracking platform. This allows us to talk about Fantom reaching a nationally significant level.

By the way, have you decided where you’re going to keep your earnings? If not, we advise you to take a closer look at this Fantom online wallet. With it you can create an FTM purse within seconds, which has all the necessary functionality for working with this coin. It is also worth noting that the wallet is completely anonymous and does not store user data.

Now let’s find out what are the best sites to make money with Fantom.

The five best Fantom-platforms for yield farming

  1. SpiritSwap is the leading DEX based on Fantom. The platform has a lot of similarities to another, one of the most popular DeFi protocols, Uniswap. The main options for earning on this platform are liquidity delivery and cryptocurrency staking.
  2. HyperJump is a DeFi-protocol built around blockchain gaming and NFT. It is designed more like a game than an investment platform, which makes it more engaging. There are rewards for participating in games and contests.
  3. Beefy Finance is a multiplatform designed to automate farming. Its system is built to independently select and offer farmers the most profitable protocols.
  4. SpookySwap is a platform that is fully managed by the community of the project as a whole. Like the first option, the main ways of getting income are liquidity delivery and staking.
  5. Waka Finance is another decentralized platform with a wide variety of income options. Liquidity delivery and other farming tools are applicable on it.

Conclusions

If you want to participate in yield farming, you should not look only at Ethereum, but you can consider alternative options, picking a suitable project for yourself. Less popular platforms often offer lower commissions and high performance to be appealing to new users.