These Are The Top Ten Yield Farming Cryptocurrencies

December 31, 2021

105

By Aman Jain. Originally published at ValueWalk.

The concept of yield farming is gaining importance among crypto investors. Yield farming basically means earning passive interest on crypto holdings. The interest earned is usually more than what one would get on fiat currency in a savings account. In yield farming, an investor stakes or lends their crypto assets to earn high returns or rewards in the form of additional cryptocurrency. Such an application of crypto assets has resulted in significant growth in the DeFi sector. Presently, several crypto coins and tokens are used for yield farming. Let’s take a look at the top ten yield farming cryptocurrencies.

Q3 2021 hedge fund letters, conferences and more

Top Ten Yield Farming Cryptocurrencies

We have used the market capitalization data as of December 31 from coinmarketcap.com to come up with the top ten yield farming cryptocurrencies.

Alpha Finance Lab (ALPHA: >$311 million)

Launched in 2020, the Alpha Finance Lab is a cross-chain DeFi platform that aims to bring ALPHA to users across several blockchains, including Ethereum and Binance Smart Chain (BSC). ALPHA holders get a share of the network fees by staking their tokens to cover default loans, if any. The cryptocurrency is down by over 9% in the last seven days and is currently trading at around $0.698. Alpha Finance Lab has an all-time high of $2.92 (February 2021) and an all-time low of $0.0257 (November 2020).

Mdex (MDX: >$315 million)

Launched in January 2021, Mdex is an AMM decentralized exchange protocol that works on the concept of fund pools. Mdex does share some similarities with standard DEXs, but the use of a dual-chain model makes it different from competitors. It is down by over 2% in the last seven days and is currently trading at around $0.3833. Mdex has an all-time high of $10.06 (February 2021) and an all-time low of $0.3507 (December 2021).

Synthetix (SNX: >$652 million)

Launched in September 2017, Synthetix is a DeFi protocol that offers on-chain exposure to an array of crypto and non-crypto assets. It primarily tracks and offers returns on the underlying asset without requiring users to directly hold the asset. It is down by over 6% in the last seven days and is currently trading at around $5.70. Synthetix has an all-time high of $28.77 (February 2021) and an all-time low of $0.03258 (January 2019).

yearn.finance (YFI: >$1.13 billion)

Launched in February 2020, yearn.finance is an aggregator service for DeFi investors that uses automation to enable users to maximize profits from yield farming. yearn.finance aims to simplify the DeFi space for all types of users. It is down by over 1% in the last seven days and is currently trading at around $31,466.86. yearn.finance has an all-time high of $93,435.53 (May 2021) and an all-time low of $739.44 (July 2020).

SushiSwap (SUSHI: >$1.27 billion)

Launched in September 2020 as a fork of Uniswap, SushiSwap is an automated market maker (AMM) that aims to diversify the AMM market and add new features not present on Uniswap. It is up by over 34% in the last seven days and is currently trading at around $9.93. SushiSwap has an all-time high of $23.38 (March 2021) and an all-time low of $0.4737 (November 2020).

Compound (COMP: >$1.3 billion)

Launched in September 2018, Compound enables users to earn interest on their crypto holdings by depositing them into one of the many pools the platform supports. It is down by over 9% in the last seven days and is currently trading at around $206.31. Compound has an all-time high of $911.20 (May 2021) and an all-time low of $61.27 (June 2020).

Curve DAO Token (CRV: >$2.37 billion)

Launched in January 2020, Curve DAO Token is a decentralized exchange for stablecoins. Curve DAO Token uses an AMM model to manage liquidity. It is up by over 4% in the last seven days and is currently trading at around $5.49. Curve DAO Token has an all-time high of $60.50 (August 2020) and an all-time low of $0.3316 (October 2020).

PancakeSwap (CAKE: >$3.02 billion)

Launched in September 2020, PancakeSwap is a DeFi application that enables users to exchange tokens, provide liquidity via farming and earn fees in return. PancakeSwap uses an automated market maker model to enable users to trade against a liquidity pool. It is down by over 4% in the last seven days and is currently trading at around $11.99. PancakeSwap has an all-time high of $44.18 (April 2021) and an all-time low of $0.0002318 (September 2020).

Aave (AAVE: >$3.67 billion)

Launched in November 2017, Aave is a DeFi protocol that enables people to lend and borrow crypto. Investors earn interest by depositing digital assets into specially created liquidity pools. It is up by over 6% in the last seven days and is currently trading at around $271.24. Aave has an all-time high of $666.86 (May 2021).

Uniswap (UNI: >$11.59 billion)

Launched in November 2018, Uniswap is a decentralized trading protocol that is popular for facilitating the automated trading of DeFi tokens. Uniswap aims to automate token trading and keep it completely open to anyone who holds tokens. It is up by over 2% in the last seven days and is currently trading at around $18.43. Uniswap has an all-time high of $44.97 (May 2021) and an all-time low of $0.419 (September 2020).