The cryptocurrency ecosystem has evolved in many ways, providing anyone with many ways to earn secondary income. While this is naturally not the fundamental purpose of digital currencies, their unique nature has led to the advent of many new opportunities for the benefit of consumers.
One of the ways to maximize crypto is the emergence of Decentralized Finance (DeFi), with the associated offering labeled âYield Farmingâ. Although new even in the cryptocurrency ecosystem, yield farming has proven to be an innovative avenue for bringing value to cryptocurrency holders or users in general. Since the term may sound pretty new to a lot of people, let’s take the time to break down and explain the concept.
Yield farming (or cash farming) is the act of locking your assets into digital currency to power a wide range of activities over a smart contract controlled protocol. These activities are generally cost-intensive and include, but are not limited to, liquidity arrangements and loans.
How yield farming works can be complicated by the outlook, and often reserved for a few crypto savvy people at the start. This is usually no longer the case, however, DeFi’s rate of evolution and advancement has continually presented the concept of yield farming as a conundrum on most platforms that offer the services.
In yield farming, anyone who provides liquidity to the protocol is often rewarded in the form of a new crypto or token. The liquidity provided usually comes in the form of fiat-pegged stablecoins that can range from USDT, BUSD, and DAI, among others. Rewards are paid as either an Annual Percentage Return (APR) or Annual Percentage Return (APY). Although the two terms are used interchangeably, it should be noted that the latter takes into consideration the effect of composition while the former does not.
Grasping the details of yield farming is usually difficult, so you have to try to explain it to a newcomer. Although there are many articles on the new product niche in DeFi, users often think that the reality is so different from the literature. Often times I have tried to teach some of my friends and family how to get around yield farming. While some do end up bypassing it after many sessions, it’s usually not without getting stuck in one of the various processes involved.
Various platforms today offer yield-oriented agricultural products, each with a unique tilt to the generally accepted standard and APYs. The diversity brought about has created enough competition to give users enough choice when it comes to pitching tents.
Joining the Game with a Difference: Nominex in the Yield Farming Scene
As stated before, there are different outfits with many different offerings for yield farming and Nominex is one of the emerging countries with a unique model. Nominex is a cryptocurrency exchange that combines the functionality of a centralized trading platform, with decentralized financial functionality.
The first trades with a utility token and utility farming. This utility farming feature allows trading with a 100% discount. Generally, you get the maximum income from a dynamic affiliate program. After the launch of the Binance brokerage program, users can trade on Binance for free and at the same time constantly cultivate NMX, the native token of the exchange.
With Nominex, not only do you access trading pairs or markets with sufficient liquidity, but you can also stake your crypto and take advantage of other unique product offerings. Nominex’s involvement in decentralized finance is preceded by a number of client-focused incentives including, but not limited to;
- Unusually high withdrawal limits: users can withdraw up to 3 BTC per day even if they have not fulfilled their KYC requirements;
- Users can fund their accounts to buy BTC through Visa or MasterCard;
- Nominex users get a 50% discount when using NMX tokens to pay trading fees;
- A smooth and easy-to-use trading interface, and;
- Smart contracts audited by Unhash.io under the supervision of an industry veteran Alexey Makeev, also credited for the audit of the Aave protocol; (View report)
As an innovative business entity aimed at taking the competition by the horn, Nominex not only offers these benefits to users, it has devised a very simple way to alleviate the difficulty of accessing nascent DeFi products like Yield Farming. Thanks to Nominex, yield farming that confuses a lot and alienates others can now be enjoyed with its accompanying high yields.
Yield farming on Nominex
Nominex offers its yield farming products in two models, including the Simple Farming Mode and the Pro Model. Let’s take a look at how the two work individually.
What is the simple farming mode?
As a cryptocurrency enthusiast and DeFi user, you probably remember the start of your immersion in the ecosystem and agriculture in particular. Due to the lack of technical know-how, you probably only started doing some actions after a long time, because the first time it was quite difficult to understand. Nominex finally solved this problem by introducing the simple farming mode.
As the name suggests, this is a new way to farm, where you just need to have USDT in your trading wallet. To activate it, you will only have to press a button and all other actions will be performed by the Nominex system. This type of farming was designed for new users who had no previous experience with DeFi, without taking the rate of return from them either.
The pro-farming mode
This is the first farming model launched by Nominex and it follows the traditional DeFi method in which you connect your account to Metamask or other third-party wallets. Now, with two options available to Nominex users, it should be noted that choosing Pro mode over Simple mode will not affect profitability, bonuses, and the multitude of other incentives attached to the platform.
While the only difference lies in the technical and interface parts. You can easily switch between these two modes as needed. The Pro mode interface is shown below with the link to connect to a wallet clearly marked in the lower right corner.
With the simplicity of Nominex farming models combined with the high-yielding reward of the platform’s affiliate program, which allows you to receive up to 40% of the tokens grown by your downline and the entire partner structure in Generally, it will be much easier for you to explain to your relatives (friend, father or grandfather, and those who are far from crypto, and DeFi), the Nominex projects.
This way anyone can start growing on Nominex within 10 minutes of signing up.
Which of the two models is better?
All NominexOffers are designed and tested with global customers before being launched. The choice of Pro or Simple mode is entirely subjective as it depends on the choice of each user.
Nominex understands that the technical aspects of cash farming are particularly difficult for some, a situation that naturally prevents them from starting their farming journeys. Now that’s in the past! Nominex wants to attract even more users, to make entering “not crypto” people much simpler and easier.
For veteran crypto traders and investors, Nominex offers 373% APY based on weekly reinvestment, a competitive rate proven in today’s vibrant decentralized financial ecosystem. Ease of start-up and security of assets is a strong point that makes the Nominex agricultural options duo a must-have for all investors.
It should also be noted that through Nominex, users can opt for personal farming where they make their assets work for them, and they can also decide to do team farming where they can earn the rewards associated with it. their family and friends.
Beyond agriculture: Nominex serves all
One of the definitive advantages of DeFi is the flexibility and variety of products and services that users can choose from. Beyond its Farming offerings, Nominex offers a number of other products and use cases around its NMX token that are easily accessible to all users.
If they are not farming, users can take advantage of the staking program to earn competitive income as well. Plus, participate in the sponsorship program, campaigns and tournaments, all designed to reward the growing Nominex community.
Cryptocurrencies have remained and this reality has continued to spark the birth of new projects, products and services for the benefit of all believers. The ultimate goal of this growing asset class is primarily to change the structure of traditional finance and open up a more secure, trustless and highly beneficial ecosystem that users can have greater control over traditional banks.
While a range of products, including yield farming, remains one of the primary ways DeFi chooses to reward users, Nominex has taken the opportunity to a new level by delivering a much simplified model that offers equally important rewards.
NominexSimple Farming and all of its yield farming options are designed for average or newer users. Beyond the desire to get you more value out of DeFi, it seeks to foster more widespread adoption of crypto by removing any visible and long-standing bottlenecks.