UNIFARM: One Farm to rule them all
Over time, staking has become a great way to earn passive income. Cryptocurrency firms/projects set aside tokens/coins to be staked. Staking these coins helps to keep the firm/project going while supporting the system to run and make profit on all fronts. Investors usually stake project coins as a way of getting a share of the profits later on. It’s just like buying shares.
Yield farming is a way through which rewards are generated by holding cryptocurrencies. It’s also referred to as liquidity mining. It is coming into the spotlight with large returns on investment. It is the most prominent activity in the DeFi space today. You stake a coin and farm the same coin or another project’s coin.
OpenDeFi, on Feb 3rd launched their own unique youth farming project called UniFarm, the first of its kind and one that could transform the entire industry with its novel farming technique. OpenDeFi are known for their role in bridging traditional finance and DeFi by tokenizing real-world assets through onchain synthetics. This staking initiative would be carried out by 5 Top DeFi projects; Matic Network, OpenDeFi by Oropocket, Frontier, Reef finance and Centaur. This shows that these 5 projects have a long-term POV with respect to their investors and also goes a long way towards showing a better method to provide liquidity.
The project went live on Feb 3rd, 7PM IST | 1:30PM GMT.
1. The users would have access to a wide variety of new tokens that they can hold and make profit from, as they are tokens of large projects.
2. The APY for UniFarm is very enticing and much more than what you would see for many other staking projects. You can get a minimum APY of 40% with the APY getting up to a maximum 250%. This is massive and would last for the 90 day duration of the farming program.
3. There’s a massive pool of $50,000 and users would be able to stake any of the listed tokens to farm all the remaining tokens in the pool. That’s $10,000 per project tokens and up to $100k worth of tokens can be staked per project.
4. This would ensure that users can earn top tokens without investing in the tokens directly. The weekly schedule makes things more interesting. You can stake $MATIC and earn $MATIC in the first week. In the second week, you’d earn $MATIC and $ORO. In the third week, you’d earn $MATIC, $ORO and $FRONT…and so on.
There’s so much to gain with UniFarm.
How to stake
1. Log into your Metamask wallet
2. Visit https://unifarm.co/ from your browser.
3. Connect you Metamask wallet to UniFarm.
4. Select the coins you want to farm. ($ORO, $MATIC, $REEF, $CENT and $FRONT).
5. Select the coin you want to stake (ORO selected in this dummy).
6. Fill the number of tokens you want to stake and tap "Calculate yield".
7. Details of possible earnings will pop up.
8. After seeing possible earnings, click "Approve".
9. After approving, you’d see a pop window showing you the total to be spent for the completion of the transaction.
10. Click "CONFIRM". The "Approval" button would turn green.
11. Tap "STAKE" and a pop window would appear, showing you transaction fees. Press "CONFIRM".
12. That’s all. You can unstake anytime although this would bring your clock back to zero.
13. You can also add a new stake.
For more details on the partner projects check below
OpenDeFi (Oropocket): http://opendefi.finance
Matic Network: http://matic.network
Reef Finance: https://reef.finance
ONE FARM TO RULE ALL