Ape Diaries: Yield Farming in the Fantom Zone
This tutorial helps DeFi users learn how to yield farm on Fantom.
By: yyctraderDeFi News
Fantom’s FTM token is the best performing among Layer 1 smart contract platforms this year and Total Value Locked (TVL) on the blockchain has soared since a liquidity mining program kicked off in September.
No less than 370M FTM tokens currently worth $888M have been allotted to the program.
If you’re looking to get in on the action, here’s a step-by-step guide.
Bridging Assets To Fantom
If you’re already familiar with DeFi on Ethereum, you’ll find this pretty simple. For those Defiers newly joining us, please check out our DeFi 101 content before attempting to proceed.
Step 1: Add the Fantom Opera network to MetaMask. Navigate to Chainlist and connect, or add it manually using these parameters.
Step 2: You’ll need some FTM tokens to pay for gas fees. Fortunately, you can get some for free by joining the SpookySwap discord and using their faucet bot.
Step 3: AnySwap is the preferred bridge for most assets and there’s currently no fee to move assets to Fantom, although you will be charged a 0.1% fee on the return journey. Ensure that your MetaMask wallet is connected to the Ethereum network, enter the asset you wish to transfer and confirm the transaction.
Deposits generally arrive within 10-15 minutes.
Here are some of the available yield farming opportunities:
Yield aggregator Yearn Finance has chosen Fantom as its first deployment off Ethereum, and there are a number of experimental vaults that can be found here.
Decentralized exchange Curve Finance was one of the first participants in the liquidity mining program, and liquidity providers are able to earn CRV and FTM rewards.
For The Degens
SpiritSwap and SpookySwap are the dominant DEXs on Fantom, and both offer a variety of yield farms with lucrative yields.
BeethovenX is a fork of Balancer that offers multi-asset pools. Liquidity providers can earn BEETS tokens.
SCREAM is a decentralized lending platform. You can deposit stablecoins and other assets to earn interest along with SCREAM tokens.
Risk Warning: Yield farming carries risks, including the possibility of smart contract exploits that can result in a loss of funds. Please do your research before depositing assets.
Disclosure: The author is farming SPIRIT and BEETS.