Decentralized exchanges (DEXs) have been welcome innovations in crypto’s recent history.
They let us trade, swap, farm, and stake cryptocurrency without an intermediary. Protocols like UniSwap and SushiSwap kicked things off and more forks arrived such as PancakeSwap, QuickSwap, and SpookySwap.
Almost all of these DEXs do one thing quite well: allow users to swap crypto for another crypto.
The one thing they don’t do well is yield farming. This is proven by the low adoption rates for this amazing crypto opportunity that allows people to earn rewards while providing liquidity to the latest projects.
Various sources including Cointelegraph and Forkast peg the number of active DeFi users between a few hundred thousand to 5 million; a drop in the bucket considering over 350 million people globally are now involved in crypto.
PancakeSwap yield farming is an example of the problem: yield farming is difficult and time-consuming. There are a lot of steps that need to be completed for a user to enter and exit a farm. PancakeSwap’s documentation doesn’t help much either. While all the steps are there in the how-to guide, there is no supporting information to help the user understand what users are doing and why.
Here’s proof: this is the list of steps needed to enter a farm, taken directly from PancakeSwap’s Telegram channel:
This is a shame just as much as it is a problem. That’s because yield farming creates an enormous opportunity for people to earn rewards on their favorite projects or dabble in new projects that offer attractive rewards to lure people to their communities.
SimpleDEFI launches EASYVaults® & Unlocks $1.1 Billion in Liquidity For The Masses
Not much explanation is needed here. We turn farms into EASYVaults® to allow anyone the ability to provide liquidity and earn rewards.
We are proud to announce that EASYVault’s® are live.
You can access the Dashboard by clicking on “Connect Wallet” at the top right corner of www.simpledefi.io.
Yield farming helps crypto enthusiasts generate lucrative rewards while supporting their favorite projects.
SimpleDEFI’s goal is to make it easier and faster for them to get in and out of farms to maximize their rewards. This is accomplished this by helping users on Pancakeswap get in and out of farms in just 3 easy steps.
Yield farming that is faster and easier to use.
More rewards with less effort.
It really is that SIMPLE.
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