Make $50 a day passively doing this | What is Yield Farming Explained Simply
Yield farming is the practice of leveraging decentralized finance to optimize returns. Users lend or borrow crypto on a DeFi platform and receive bitcoin in return for their services.
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KEY MOMENTS IN THIS EPISODE
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00:00 Introduction - What is Yield Farming Explained Simply
00:39 How does yield farming work?
01:17 Types of yield farming
02:30 Calculating yield farming returns
03:08 Risks of yield farming.
04:16 Conclusion
Income farming allows investors to earn yield by depositing coins or tokens in a decentralized application, or dApp. Examples of dApps include crypto wallets, decentralized exchanges, decentralized social media and more.
Yield farmers often utilize decentralized exchanges to lend, borrow or stake coins to earn interest and speculate on price movements. Yield farming across DeFi is supported by smart contracts — bits of code that automate financial agreements between two or more parties.
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