With the current rise of the Metaverse world, the yield farming market seems to have been overlooked. This post is all about the Top 3 Yield Farming Cryptocurrencies for 2022. Let’s take a closer look.
Top 3 Yield Farming Cryptocurrencies: Uniswap (UNI) +454%
UNI/USD monthly chart – TradingView
Of all the cryptocurrencies that have seen major victories in 2021, Uniswap is perhaps one that has garnered the most attention. According to CoinMarketCap, Uniswap (UNI) jumped off in early 2021 with an exchange value of $5.17. By May it had already risen to $44.97. Although the price of Uniswap has dropped a bit since then, the price of UNI has increased by almost +454% in a year. Uniswap is a decentralized cryptocurrency exchange. And UNI is the native cryptocurrency of the Uniswap exchange. The decentralized crypto exchange offers users the opportunity to complete trades and transactions without third-party intermediaries controlling them. UNI could be promising in 2022.
Top 3 yield farming cryptocurrencies: 1 inch network token (1 inch) +189%
1 INCH/USD Monthly Chart – TradingView
1 inch is a DEX aggregator. This means it digs up some decentralized exchanges for the cheapest prices and redirects its customers’ trades between them to ensure the most solid prices. When users want to buy a cryptocurrency, they always look in different dexs where prices and fees are mixed. What 1inch does is look for the cheapest way to work using the different exchanges. In one year, the 1 inch price has increased by almost +189%, just enough for a spot on our top yield farming cryptocurrency list.
Top 3 Yield Farming Cryptocurrencies: PancakeSwap (CAKE) +2,474%
CAKE/USD monthly chart – TradingView
PancakeSwap is a decentralized exchange (DEX) that continues to offer intense growth prospects going forward. Lower fees and increased liquidity make the platform incredibly attractive. The movement towards decentralized finance (DeFi) products and extensive user base make PancakeSwap an incredibly attractive product. PancakeSwap was developed on the Binance Smart Chain. Because of this, the fees for the decentralized exchange are much lower than for competitor Uniswap.
One of the outstanding advantages of the Binance Smart Chain is its increased liquidity. PancakeSwap has the largest daily user base of any decentralized application and continues to have the fourth highest market volume. The reason why liquidity on the platform can be secured all the time. In one year, CAKE price is up nearly +2,474%, just enough for a spot on our top yield farming cryptocurrency list.
Conclusion
Yield farming can be a fantastic way to make a profit in 2022. Still, it’s important to note that yield farming delivers the maximum profit when an asset is trading sideways. So always invest carefully.
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