Why and where I am Yield Farming

Yield farming is the process of staking coins in return for more coins. The defi space has exploded with this over the last year and although I have explored the options, over the last while I thought larger gains can be made by holding and trading what I have.

The other day @abh12345 shared with  Kionly.io. (Thanks Asher!) Koinly is a cryptocurrency tax reporter. You can import wallet transactions and it calculates your taxable profits and for a fee you can get a full tax report. So I imported my data and well I guess I better start putting by for the tax I owe. 2020 taxes are due by the end of October here in Ireland. That gives me a good few month to liquidate some crypto to pay my bill.

Crypto is a volatile market, often like playing the slots. And although I think good gains can be made from the moon bags, I think I am holding, I have also been around crypt to know if a bear market hits, we could be in it for a while. In the last bull run, I had no exit plan. I didn’t take profits as I should have and yes, I made a lot of mistakes. But this time I will be a lot more prepared, and a little more educated.

So I have decided to take some profits now and put them in stable coin to stake. The app I have decided to use is Yeld.

Yeld is currently offering between 84% and 130% APY depending on the stable that you stake. This is paid out 82% in Yeld and the balance is paid in stable. So why did I choose Yeld over other options, and let's face it, there are plenty of options available?