Yield Farming
Users can earn returns passively by making their coins "work for them". Demodyfi provides a variety of features that allow users to yield farm and enhance returns while making the protocol stable.
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Users can earn returns passively by making their coins "work for them". Demodyfi provides a variety of features that allow users to yield farm and enhance returns while making the protocol stable.
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Yield farming refers to the practice of staking or lending crypto assets in order to generate high returns or rewards in the form of additional cryptocurrency. On a high-level, it means putting your coins to work. This innovative yet risky and volatile application of decentralized finance (DeFi) has skyrocketed in popularity recently thanks to further innovations like liquidity mining.
Demodyfi incentivizes yield farmers or anyone who wants to generate yield by rewarding those that stake their coins into our liquidity pools. This effort entails adding liquidity to Demodyfi's network, and staking liquidity provider LP tokens. Projects incentivize this behavior when it enables them to function more efficiently.
In general, using Demodyfi DEX on the Moonbeam network is not very different from using it on the Moonbeam network, when you visit and use MetaMask to connect to the app, you only need to select Moonbeam in the network options provided by Demodyfi DEX to automatically help you add the Moonbeam network RPC.
In short, how to participate in e.g. GLMR LP Farming or Staking on Demodyfi:
1- Visit and connect wallet with MetaMask, select “Moonbeam Network”
2. you can buy $DMOD on two exchanges, OR . Make sure to confirm the token addresses, which you can find in the announcement channel or provided by the admins in the discussion channel. (we will share the contract addresses below, just to make sure).
2- Transfer GLMR to your account(If you already have a GLMR balance in your account you will not need to transfer it to another account, or you can choose to withdraw GLMR from CEX. BTW, make sure you don’t swap all your balance and leave some for gas fees).
3- Move USDC, ETH, USDT from Ethereum or Polygon to Moonbeam via (more bridge support will be added)
4- Go to the “Earn” page in and perform LP farming or GLMR staking (More farming pools will be added one by one, keep eyes on it)
Official Demodyfi Contracts:
Ethereum
Binance Smart Chain
Moonbeam
