Cross Finance yield farming: Earn ~280% APY when staking BNB on Binance Smart Chain
The discrepancies and insecurity of trading on centralized exchanges forced people to move towards decentralized exchanges (DEXes) where they have full control over their money, and transactions are completely transparent and autonomous. Since last year, there has been tremendous growth in the application of DEXes and DeFi. The success of DEXes is quite evident from the huge success of Uniswap.
With the advent and success of DEXes and DeFi, the new age of earning platforms are mushrooming, known as Yield Farming platforms. A yield farming platform is a liquidity pooling eco-system with the collection of various DeFi products where one can invest funds to earn returns, much higher than traditional savings and investment services.
Introduction to Cross Finance Project
Having said that, there are some challenges to the current swapping platforms. One of the main problems is the cost of transactions. Currently, a $100-volume trade on Uniswap charges $5 of fee; 1 farming transaction can cost around $30 of fee. These problems can cause users to miss the opportunity to make profits or even makes it difficult for retail investors to access DeFi.
Cross Finance analyzed the existing issues prevalent with the DeFi, and addressed them by creating a transparent and completely decentralized finance platform with no intermediaries and borders. Cross Finance is an inter-chain swap and multi-chain yield farming platform. The project is one of the first cross-chain DeFi solutions built on Binance Smart Chain (BSC). The dApp has been featured on the dApp radar and is one of the top two dApps on BSC.
The project is currently running an AMM at https://exchange.crossfin.io/#/swap and especially the yield farming platform that can help you to earn up to 280% APY on your BNB.
Cross Finance Eco-system
Cross Finance will not only be the all-in-one platform, but also the most inexpensive platform in the market. One can participate in any DeFi applications from any decentralized networks simultaneously at the same time regardless of the type of asset he owns. Their vision is to build an all-in-one platform where users can trustlessly swap and yield-farm all assets in all blockchains.
Cross Finance uses Synthetic Protocol. It is a protocol that trustlessy converts all crypto assets into assets on Cross Finance. They use the trustless synthetic design instead of a trusted wrapped token, thus ensuring the decentralization of the protocol.
Cross Finance yield farming
Your investment in Cross Finance yield farming platform is backed by Dollar Yield (USDY), the first by-community stablecoin issued on Binance Smart Chain. The Cross Finance team was willing to use $360K, a part of what they raised in the pre-sale, as collateral assets for the first USDYs minted.
Cross Finance yield farming uses a single-token farming mechanism, in which you can only have 1 coin to join their farming. Funds added into farming pools will be added into 2 liquidity pools of CRP <> USDY trading pair on Cross Finance Exchange. Half of your bags will be locked-to-mint or transferred to USDY and half will be locked-to-mint or transferred to CRP. After that, the 2 same-value sub-bags will be added to the liquidity of CRP/USDY pair. By representing your funds in 2 currencies, the single-token farming mechanism captures the USD-value of your bag at the moment you participate in the farming. Over time, by being added into liquidity pools of the asset pair, 2 new currency bags reserve the original USD-value, thus ensuring that you would never suffer any financial losses.
How much APY can you get?
For Bronze farming, you can get the APY of 102.2% on your BNB, CRP, USDY. There is no lockup time
For Silver farming, you can get the APY of 140.22% on your BNB, CRP, USDY. The lockup time for your fund is 7 days
For Gold farming, you can get the APY of 242.72% on your BNB, CRP, USDY. The lockup time for your fund is 30 days
For Diamond farming, you can get the APY of 280.03% on your BNB, CRP, USDY. The lockup time for your fund is 45 days
All 4 types of farming on Cross Finance have been audited. So, if you want to be a flexible farmer who can withdraw from the staking position anytime, you can join Bronze. In contrast, if you enjoy a high-APY along with safe investment, you can join Diamond. It’s the first time that your BNB can work effectively at its maximum level.
Website: http://crossfin.io/ or https://farm.crossfin.io/
Telegram channel: https://t.me/Cross_fin