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What is yield farming? This is a popular topic for cryptocurrency investors. Many people discuss it in terms of annual percentage yields (APYs). However, if you're not sure what APY is, it's the amount you can earn compared to the interest rate you'd earn from a bank. While it's true that yield farming can provide triple-digit APYs, the reality is that these high rates are not sustainable for long. What Is Yield Farming And How Does It Work
To start yield farming, you'll need thousands of dollars to invest in crypto. Then you'll need to set up a complex strategy that involves trading various cryptos on various marketplaces. This is known as "staking," and it serves the same purpose as mining in a PoS network. Once you're done with the setup, you'll be able to earn interest on the crypto you loan out. Smart contracts are a necessary part of yield farming, which allows you to keep your crypto under your control and earn more while trading.
The risks of yield farming are a concern for investors. Not only can it be risky and volatile, but it's also extremely risky. It's possible to lose everything you invest, or receive less interest than you expected. And because of the high amount of security in cryptocurrency, it's vulnerable to hacking. Despite the risks, yield farming is a profitable option for those who understand the risks and are willing to take on the risks.
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