Yield Yak is an auto-compounding farming platform established on the Avalanche network. The platform farms on all farm tabs making use of LP tokens to earn users more money than the average farming platform in the crypto industry.
The Yield Yak farming platform allows users to deposit their LP tokens from Defi exchanges based on the Avalanche network like Lydia, Pangolim, Olive, PenguinFinance, and so on. Immediately users provide liquidity, the LP tokens are distributed to them.
By providing liquidity, users get to earn rewards from minted governance tokens and also DEX’s trading fees. Just like every coin, the tokens can be sent and utilized in smart contracts. Once the DEX’s LP tokens have been deposited onto Yield Yak, the platform makes use of smart contracts to pool the LP tokens. Since the LP tokens are pooled with that of other users, it gives the smart contract more mining power, diminishes Avalanche fees, and earns rewards faster.
Earning from Yield Yak
A lot of DeFi protocols distribute rewards in the form of tokens to users. However, to make the maximum yield on these rewards, users will need to always claim such rewards while also compounding their deposits. For many farms, users get to earn an Annual Percentage Rate (APR) between 1000 – 2000% but that’s not the case with Yield Yak.
Yield Yak assists farms to earn more rewards by pooling assets and dividing the costs of compounding among farmers. By doing this, farmers get to compound automatically, and more frequently. With farmers earnings being auto-compounded on Yield Yak, they get to earn a maximum Annual Percentage Rate of 9999%
How safe is Yield Yak?
The Yield Yak platform is still at an early beta stage so it is still too early to tell. However, after going through the platform, no suspicious activity was found and no negative publicity has surfaced on the internet so far. The project is a solid one.
But since Yield Yak is still in the early stage, it is safe to say that it is fairly high risk as it is yet to be audited. So make sure you do your research about the platform before deciding to farm.
If you need to scan the Yield Yak code, you can find the smart contract code on Github.
Yield Yak token
The Yield Yak platform has not developed its utility token yet. Once they do, it will be announced on their website for all users to see. However, there’s a need to be careful as a lot of fake Yield Yak tokens are listed on various platforms such as Pangolin.
Do well to frequently check the official Yield Yak website for the latest updates concerning the Yield Yak token.
Yield Yak is gradually building its community and therefore provides answers to commonly asked questions on the FAQ section on its website. Members of the community can also reach out to one another via social media platforms such as Facebook, Twitter, Telegram, and so on.
Yield Yak is an incredible project and it is destined to be great in times to come