The recent development of DeFi technology has further fueled the desire of investors to explore this space for passive income. Thanks to the exorbitant gas fees required to use the ethereum blockchain, polygon is a quickly rising alternative. Its fast transactions and low transaction fees have propelled its popularity since its creation.
Yield farming on polygon is very profitable. The protocol is relatively new so farmers get higher yields. There are several yield farms you can choose from on polygon to make a substantial profit.
- Quickswap: This yield farm tops the list on the polygon network. Liquidity providers on Quickswap farms receive liquidity pool tokens and earn their yields in the native token, ‘QUICK’. The available LPs provide very competitive yield returns on many top crypto assets and assets based on the polygon network.
- Sushiswap: The rapid increase in popularity of DeFi gave rise to Sushiswap and it has remained one of the most popular yield farms on the polygon network. On Sushiswap, liquidity providers earn Sushi as their rewards.
How to yield farm on Sushi
Step 1: Go to app.sushi.com
Step 2: Switch your network to Polygon (Matic)
Step 3: Click the Yield tab to check which farms are available on the Polygon (Matic) network that you would like to join
Step 4: Click the Pool tab
Step 5: Select the tokens for a valid token pair you wish to add liquidity to
Step 6: Add the amount of tokens you wish to add to the pool of the first token. Sushi will automatically add the equal monetary value of liquidity to the second asset, given there is sufficient balance
Step 7: Approve Sushi to access your tokens from your wallet
Step 8: Click Supply, then confirm supply in the popup
Step 9: Approve the transaction and relevant fees from your wallet, you will now receive your liquidity pair or LP tokens
Step 10: Once the transaction approves, click the ‘yield tab’ and click the yield farming pair you wish to join, you should see your Wallet Balance now displays your received LP tokens
Step 11: Input the amount of LP tokens you wish to add to the farm or click MAX
Step 12: Click Approve
Step 13: Allow Sushi to spend your SLP tokens from your wallet
Step 14: Click Deposit
Step 15: Confirm the transaction and the relevant fees from your wallet - Polycat finance: This is one of the top ranking yield farms on polygon. This farm is regarded as one of the most sustainable and value-oriented farms on the polygon network. It’s referred to as a hybrid aggregator because it offers both yield farming and optimization.
There are numerous opportunities on the polygon network. However, since it is relatively new unlike other farms outside the polygon network, potential investors are skeptical about its sustainability. Investing in DeFi generally holds a certain amount of risk, it is advisable you do your research and follow instructions properly. This might be a little complex for crypto newbies considering the complexities that come with making deposits, buying LP tokens, and moving crypto assets.
You can invest in a yield farm without having to face the challenges of performing in-depth research on the chosen yield farm. Reliq Holdings is a reliable alternative for crypto enthusiasts looking to invest in yield farming without having to go through the rigorous stress of researching on best farms.
Reliq Holdings provides a variety of investment options to suit different levels of cryptocurrency traders and investors. Over the past years, Reliq Holdings has established an excellent reputation within the industry. If you’re an ambitious blockchain enthusiast looking for ways to join the ranks of the rapidly expanding sector, Reliq Holdings can be a great place to begin.
In conclusion, DeFi is still in its infancy and as it gains more popularity, different yield farms will continue to emerge. If you’re new to the topic, you can start learning about it by reading articles such as this one. Finally, be sure to stay up-to-date with the latest news and developments in the DeFi space so that you can benefit the most from this cutting-edge technology.
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HOW TO MAXIMIZE YIELDS FROM POLYGON YIELD FARMING was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.