Nominex offers unique yield-farming models for both experts and newbies
Over the past year, the value of the decentralized finance market, popular as DeFi, has grown exponentially providing new channels for users to earn passive income while holding cryptocurrencies. A top industry has been “yield farming”, a new way for crypto holders (referred to as ‘farmers’) to maximize the value of their digital assets by staking them in a liquidity pool and earning a cut of the exchange fees.
According to data on DeFi Pulse, the total value locked on decentralized finance products is currently at $56 billion, well off its all-time high value of $88 billion recorded in early May. This is in line with the rest of the crypto market, which also witnessed a magnanimous drop in the past seven weeks. Despite the drop in TVL across DeFi products, yield farming is not slowing down – with tens of projects launched every day.
Can you stop yield farming?
Despite Bitcoin’s heroics in 2020, yield farming was the leading sector in the cryptocurrency space. Top protocols such as Uniswap, Sushiswap, and Pancakeswap grew exponentially to billion-dollar valuations as yield farming demand reached new heights. As a matter of fact, yield farming was the main reason that investors are rapidly moving their funds from Bitcoin into the altcoin universe.
The growth of yield farming has been virtually unstoppable with tens of projects coming up daily in the cryptoverse. Staking crypto on a yield farm has proven to be an innovative avenue for crypto holders to earn passive income. At the core, investors earn high yields in low timeframe investing periods and also an opportunity to take part in the governance of the platform.
Could anything stop this insane growth of yield farming?
Lack of education and complex yield farming techniques is proving to be the biggest challenge DeFi protocols are facing at the moment. Despite its prevalence and rising demand in 2020, yield farming is still a foreign concept to many.
Most yield farming opportunities require the farmer to be well versed in crypto or an expert in DeFi meaning many investors pass up the opportunity to earn on yield farms. Additionally, there are several different yield farming types each offering unique rates and products – blinding most investors on which farm to choose.
A unique yield farming model
Nominex, a centralized crypto exchange bringing the quality of DeFi to its users, aims to solve these issues via its unique platform made for the ‘ordinary’ and ‘expert’ investors. Apart from offering market and leveraged trading, the exchange offers utility farming with high yielding rates and ‘rug-resistant’ pools.
According to its website, Nominex is the first-ever yield farm offering “unique models where only you choose whether to stake alone or with a team.” Yield farmers can earn up to 357% APY, paid in its native NMX token, by staking Bitcoin, Ethereum, or NMX on the platform.
Notwithstanding, the platform offers solutions for both expert and newbie yield farmers – enhancing the farming experience for everyone. Nominex offers two main modes of farming to its users, the ‘simple mode’ for the new farmers in the space and ‘pro mode’ for experts, a statement from the team explains.
The availability of the ‘simple farming mode’ opens up the field of DeFi to everyone. According to a spokesperson from Nominex, each of the farming strategies offers the same return meaning new farmers can enjoy the same yield rates without having prior experience in the field.
As DeFi continues to burst through the world of finance, having solutions that incorporate non-technical investors will be key to ensure explosive growth in the space. Nominex is revolutionizing the DeFi space via its simple farming solutions while not compromising on its reward schedule.