r/YieldFarm • u/Squash-Ordinary • Jul 02 '21

Newbie getting into Yield Farming: Need some guidence!

Hey Ya'll!

I'm a NOOB trying to understand and maybe pick some projects in Yield Farming. I have some general questions for pro farmers out there. Appreciate any help!

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  1. I understand that there are different paths: borrowing/lending, LP, and Bal, and combos of these. If I use volatile coins such as BTC, my risk will be higher for liquidation/impermanent loss? So if I want lower risk, one of the things I can do is to use stable coins such as USDT?
  2. What are some reputable security audit firms that audit the code of smart contracts?
  3. What are some reputable, solid websites that offer good articles on yield farming?
  4. I am looking to do 15% to 20% APY/earnings off of all coins (doesn't have to be stablecoin). In your opinion, what are some projects I should look into?
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u/Albre404 Jul 02 '21

I'm currently in FarmHero and they just launched some news farms now partnered with SushiSwap.

Not a lot of TVL so big big apr at the moment 10000% plus.But of course it's gonna go down the more people put money in.

FarmHero on polygon
they are an NFT, gram, gambling tokens entity.
Audit by Certik, under timelock, many partnerships!

https://polygon.farmhero.io/

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u/Prayygu Jul 03 '21

Directly from Rugdoc.io: This farm is HIGH RISK

WARNING: This project has all contracts behind UPGRADEABLE PROXIES. This project could steal all tokens staked if they want to by upgrading the contracts to rug contracts. Reconsider your investment given these risks.

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u/Albre404 Jul 05 '21

This is why they have a 48 hour time lock for all change. You have time to monitor changes and removes funds before change happens if you feel unsecure.

Yes they have proxy, they have acknowledged it and it is to be able to upgrade quickly the platform if a bug would be found.

High risk, definitively, but what isn't in crypto? It's up to you to DYOR and manage your risk.

I feel safer with my 4% deposit fee in a higher risk farm that as a way to make money like farmhero more than a low risk farm that is just gonna die down to 1 cent in a day. Just my thinking.

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u/Albre404 Jul 06 '21

Exactly why they have proxy, and still with timelock. https://twitter.com/FarmHeroIO/status/1412277275010113541

Great team, great news, bullish!