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sick new app! 🤩
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Blockchain 101: „Yield farming“ 👩🌾
Yield: A return generated by providing liquidity to an automated market (i.e., get USDC for providing USDC and ETH to the USDC/ETH market)
Liquidity in an automated market: The amount of tokens in an automated market („pool“). For example, a market with 1‘000 USDC and 100 ETH is more liquid than a market with 100 USDC and 10 ETH because more money can be taken out of the former (with lower price impact) than the latter. More liquidity is therefore preferred over less liquidity which justifies the yield in turn.
Providing liquidity: You get a specific token for the amount of coins/token you provide to a pool.
Yield farming: The tokens that represent your holdings in a pool can be staked in a protocol (e.g., PancakeSwap). This generates an additional reward on top of compound interest. Why? Because you use this unique protocol out of the many that exist (think „loyalty program“).
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Blockchain 1️⃣0️⃣1️⃣
Ethereum wallets have the primary job of containing a user’s keys.
They don’t actually hold any real tokens.
They merely reflect how many tokens are assigned to your account on the blockchain.
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Quite a while ago! ☺️
<@C58CDD8A-7FC5-4361-86F1-C9A644909866> <@B77C6309-04BF-41D4-B63A-2BB251E3F3E3>
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Wow? Wow... wow! 🤩