On Thursday, Bitrue, a crypto exchange, issued a notification for six new Yield Farming pools for Shiba Inu and Dogecoin. It will allocate these new pools to Shiba Inu and Dogecoin with a 7% annual return. The pools will be online on May 27 at 13:00 UTC.
About crypto platform Bitrue
Bitrue is a highly advanced cryptocurrency exchange that supports over 200 coins. Butrue’s infrastructure was built to suit investors ranging from advanced to intermediate. On the platform, users may also use the staking and leveraging functionalities, which provide the best interest rates in the market, which occasionally reach up to 100%.
Currently, the platform provides some of the finest annual percentage yield (APY) on the market. Based on community feedback, the list is always being updated to provide additional diversity to users. It not only allows the platform to be diversified but also gives the best pricing available.
What is Yield Farming?
Yield Farming is a popular way for DeFi investors to boost their cryptocurrency profits. Users can earn interest by putting their money in a decentralised application (dApp) or platform. One may generate passive income by depositing cryptocurrency into a liquidity pool. In simpler words, consider these liquidity pools to be the centralised finance (CeFi) counterpart of your bank account, where you keep your money. The bank utilises your money to make loans to others and pays you a percentage of the interest earned.
Similarly, crypto coins are typically utilised to provide liquidity to the platform while compensating investors for their contributions. Yield farming is the technique of locking crypto assets into a smart contract-based liquidity pool, such as ETH/USDT. The locked assets are subsequently made accessible to other protocol users. These tokens can be borrowed by users of that lending protocol for margin trading.
Farmers also receive incentives in exchange for locking up their money in a dApp pool, such as governance tokens, interest on their assets, and a portion of transaction fees. These returns, known as the APY, are significant in attracting yield farmers or investors.
Addition of Shiba Inu and Dogecoin in Yield Farming Pools of Bitrue platform
With the issuance of the new notifications, Bitrue platform users may now use meme-coins, specifically Dogecoin and Shiba Inu, in Bitrue’s Yield Farming pools. There are six pool options available for these two tokens, with different lockup days, caps, and APY. Users may select the one that works best for them and begin earning incentives.
Earning options available for user
On the crypto platform, users can invest in Dogecoin with a maximum of 20,000,000 DOGE. Users can lock up their tokens for 30 or 60 days at a rate of 3% or 3.5% APY. Users may also lock-up 1,000,000 DOGE for 30 days at a rate of 7% APY.
The first Shiba Inu pool may contain up to 200,000,000,000 SHIB for 30 and 60 days. Users can earn 1.5% APY for 30 days and 2% APY for 60 days.
Bitrue is always looking for ways to incorporate community recommendations into its services. The exchange only opened nine other Yield Farming pools for BNB, CAKE, and ADA a few days ago. Depending on the pool and token chosen, some pools gave up to 90% returns to investors.
Risk involves in the pool farming
Pool farming options are lucrative, however, investors should be aware of the risks associated with the returns obtained. Market volatility risks, rig pulls, and other factors exist in the pools, and investors should comprehend the trade before betting on a good yield option.
