What is Defirex?
DeFireX is a cross-chain protocol designed for maximizing profit from other DeFi projects through services such as leveraged yield farming. For example, traders can use DeFireX for strategies like boosted COMP farming. This is accomplished by opening multiple connected Compound supply positions at once via flashloans, and then bridging and depositing the ensuing funds in high-yielding liquidity pools on DEXes like Pancakeswap. While the risk of liquidation is a possibility with this kind of yield farming strategy, if used successfully it allows users to earn more than they would by simply maintaining a single Compound supply position.
Notably, DeFireX aggregates and converts all accrued token rewards into USDT so yield farmers don’t have to worry about the value of their rewards fluctuating. Expect a wider range of tokens to be converted in the future as DeFireX continues developing profit-boosting strategies for other top DeFi projects like Balancer, Curve, and Uniswap.
How to use Defirex?
To use DeFireX, navigate to the protocol’s Pools page. There you can browse yield farming opportunities and supply assets on multiple blockchains, including Binance Smart Chain, Ethereum, Polygon, and more to come.
If you want to learn more, check out the DeFireX Wiki.
