Farms of The Week🌾: Farm up to 32% APR on stables With Bancor Network or Hop Protocol

Garrett
-
Mar 29, 2022
|4 minutes read
farms of the week

This is part of the Farms of the Week series – providing you intel into the freshest crypto yield for the most honest farmers only.By Garret and Edward Bush

Farm up to ~32% APR on stables with Bancor Network

⚠️THIS YIELD FARMING STRATEGY INVOLVES AN AUDITED PROTOCOL. USE THE INFORMATION BELOW AT YOUR OWN RISK. NEVER YIELD FARM WITH ASSETS YOU CAN’T AFFORD TO LOSE.

Bancor Network was the first decentralized trading platform and is entirely managed by smart contracts across a range of blockchains. On the 22nd of March, Bancor began rolling out sections of their new v3, now offering instant impermanent loss protection, auto-compounding dual rewards, composable single-sided pool tokens and new tokenomics. Whilst Bancor v3 is undergoing an audit, Bancor Network is a well respected project with a doxxed team. 

Image taken from Bancor Network

This farm can be found on Ethereum mainnet so no bridging is required, but do keep in mind the gas fees!

Farming on Bancor Network

Once your wallet is completely set up, please follow the steps listed below:

  1. You will need USDC to provide single-sided liquidity. To prepare, you can swap some tokens for USDC on Uniswap
  2. Once you have your USDC, head over to the earn section in Bancor DApp. 
    • Select the USDC pool using the blue button labeled “Stake & Earn”
    • Input the amount of USDC that you want to stake
Image taken from Bancor Network
  • Press “Stake and Protect
  • Confirm any transactions in your wallet that are necessary
  • Your USDC position should automatically compound as it earns APR

⚠️THIS YIELD FARMING STRATEGY INVOLVES AN AUDITED PROTOCOL. USE THE INFORMATION BELOW AT YOUR OWN RISK. NEVER YIELD FARM WITH ASSETS YOU CAN’T AFFORD TO LOSE.


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Earn 19.35% APY with USDT on the Hop Protocol!

With upcoming catalysts for the Gnosis layer-two solution, there seems to be opportunities arising everywhere. This Conservative Farmer will look at a hot opportunity present within Hop Protocol on Gnosis.

What is the Hop Protocol?

Hop Protocol is a bridge used to facilitate the transfer of common tokens between a variety of ethereum layer two solutions and the ethereum mainnet itself. The protocol currently supports a variety of layer two solutions including: Gnosis, Polygon, Arbitrum and Optimism.

Image via Hop Protocol

Bridging funds to Gnosis Network

Before diving into this staking opportunity, note that Gnosis requires its native xDAI token to pay for gas fees instead of ETH. You can bridge DAI (a stablecoin) to Gnosis via the Hop Protocol Bridge and it will be automatically converted to xDAI

Also, you’ll need to have Gnosis added to your wallet of choice. You can use Chainlist to add “Gnosis Chain (formerly xDai)” if you haven’t already. 

Farming on Hop Protocol

After you’ve bridged funds over and have your wallet ready to go, you could consider the following yield farming strategy:

  1. You will need to buy USDT for staking on Hop Protocol. To prepare swap your bridged tokens for USDT on CowSwap
  2. Head over to Hop Protocol 
    • Connect your Metamask wallet
    • Change the chain to the Gnosis Chain
  3. Venture over to the “Stake” page
  4. Now, deposit your USDT
    • Press “Approve” to approve your USDT
    • Press “Deposit
    • Input the amount of USDT you desire to deposit
    • Press “Proceed
    • Confirm the transaction in your wallet
    • If your transaction is confirmed you are now earning the specified APR on your deposit

⚠️THIS YIELD FARMING STRATEGY INVOLVES AN AUDITED PROTOCOL. USE THE INFORMATION BELOW AT YOUR OWN RISK. NEVER YIELD FARM WITH ASSETS YOU CAN’T AFFORD TO LOSE.


All info in this publication is purely educational and should only be used as research. DeFi Pulse is not offering investment advice, endorsement of any project or approach, or promising any outcome. This post is prepared using public information (which does not account for specific goals or financial situations). Be careful and keep up the honest work!