How to Get Started Yield Farming on Fantom (FTM)
- WBOYOriginal
- 2024-08-20 06:23:181038browse
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
Tips On How To Bridge Assets To Fantom For Yield Farming
DeFi Derivers,
As you may be aware, Fantom’s FTM token has been the best performing among Layer 1 smart contract platforms this year.
Following a liquidity mining program that kicked off in September, Total Value Locked (TVL) on the blockchain has soared.
In fact, 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.
Step 1: Add the Fantom Opera network to MetaMask. You can do this by navigating to Chainlist and connecting, or add it manually using these parameters.
Step 2: You’ll need some FTM tokens to pay for gas fees. Luckily, 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:
Yearn Vaults
For the first deployment off Ethereum, Yearn Finance has chosen Fantom. You can find a number of experimental vaults here.
Curve Pools
One of the first participants in the liquidity mining program was decentralized exchange Curve Finance, 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 where 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.
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