These are the top ten yield farming cryptocurrencies

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

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Top 10 Yield Farming Cryptocurrencies

We used December 31st market cap data from coinmarketcap.com to determine the top ten yield farming cryptocurrencies.

10. Alpha Finance Lab (ALPHA: >$311 million)

Launched in 2020, Alpha Finance Lab is a cross-chain DeFi platform that aims to make ALPHA available to users across multiple blockchains, including Ethereum and Binance Smart Chain (BSC). ALPHA holders earn a share of network fees by using their tokens to cover loans, if any. The cryptocurrency is down over 9% in the past seven days and is currently trading 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).

9. Mdex (MDX: >315 million USD)

Launched in January 2021, Mdex is a decentralized AMM exchange protocol based on the concept of fund pools. Mdex shares some similarities with standard DEXs, but using a dual-chain model sets it apart from competitors. It is down over 2% in the past seven days and is currently trading around $0.3833. Mdex has an all-time high of $10.06 (February 2021) and an all-time low of $0.3507 (December 2021).

8. Synthetix (SNX: >$652 million)

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

7. yearn.finance (YFI: >$1.13 billion)

Launched in February 2020, yearn.finance is an aggregator service for DeFi investors that leverages 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 over 1% in the past seven days and is currently trading 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).

6. SushiSwap (SUSHI: >$1.27B)

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 over 34% in the past seven days and is currently trading around $9.93. SushiSwap has an all-time high of $23.38 (March 2021) and an all-time low of $0.4737 (November 2020).

5. Compound (COMP: >$1.3B)

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

4. Curve DAO Token (CRV: >$2.37B)

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 over 4% in the past seven days and is currently trading 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).

3. PancakeSwap (cake: >$3.02 billion)

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

2. Aave (AAVE: >$3.67B)

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

1. Uniswap (UNI: >$11.59bn)

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

Updated on 12/31/2021 at 10:06 am

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