Yield Yak is a Yield Aggregator platform on the Avalanche ecosystem, that will help users optimize profits when participating in Yield Farming through the form of Auto-compound Yield. In this article, Avaxholic will show you how to farming on this platform.
What Is Yield Yak?
Yield Yak is the machine connecting project pieces on Avalanche to create an attractive mechanism to increase competition, thereby promoting development projects. Users can simply understand this form as follows: When you provide liquidity on AMM, you will receive Rewards.
Yield Yak is also in the top 10 largest TVL platforms of Avalanche ecosystem at the moment.
Prepare Before Farming On Yield Yak
Download And Install Metamask Wallet
Before we begin, we need to have Metamask wallet installed and connected to a network (for this tutorial, we will be using AVAX token of Avalanche to yield the most profit at the moment of this article). Download Metamask here:
To further details, read more:
Create an Avalanche Wallet (AVAX C-Chain ARC20)
Yield Yak is built on the Avalanche platform. Therefore, to be able to use the services that this platform provides, you need to own an Avalanche (Avax C-Chain ARC20).
You also can import your wallets from other platforms to Metamask Wallet. In this article, Avaxholic highly recommend using Multi-chain wallets for easy interaction and management. You can follow the instructions below:
On Yield Yak, whether you’re using USDT or AVAX, you need to transfer them all to your Avalanche (C-chain) wallet.
Prepare AVAX to pay for gas fee
Yield Yak uses AVAX (C – chain) for the gas fee, therefore, to smoothly experience Yield Yak, you need to deposit AVAX (C – chain) into your account.
You can buy AVAX C-Chain tokens on Kucoin/Binance exchange, then transfer them to your wallet.
How Do I Get Started?
Step 1: Access Yield Yak’s Website
If your wallet is already configured for Avalanche, your first stop will be to https://yieldyak.com/farms to access the website.
Step 2: Connect To Metamask Wallet
Then connect using Metamask, click on the MetaMask icon.
Connection completed as below:
Step 3: Select Pool To Farm
On the main page, choose the Farm section on the navigation bar.
There are a lot of platforms integrated with Yield Yak, including Baguette, Lydia, Zero, Compplus, Pangolin, Gondola, Birdy, Penguin, Olive, Panda, Snowball, Elk, Yeti. Check it out and choose the pool to Farm.
You can filter the platform you want to farm by clicking on the All platforms section, then select the platform you want to farm.
There are 3 types of farms you can choose from:
- Single asset: If you want to farm only 1 coin/token, you should choose a Single asset
- Lp token: If you want to farm more than 1 coin/token, you should choose LP assets
- Stablecoins: This option for farming from stable tokens like USDC, USDT, DAI…
Avaxholic will take the example of Trader Joe – pool YAK-AVAX. If you want to farm on another platform, you can choose the corresponding platform and the corresponding pool.
Step 4: Add liquidity for the YAK-AVAX
After choosing pool YAK-AVAX to farm, you must have an amount of YAK tokens and AVAX tokens. Brothers over Trader Joe to buy YAK by the link.
Step 5: Go back to Yield Yak and click on the YAK-AVAX pool
Then your wallet balance will be displayed on the pool.
Step 6: Enter the amount you want to farm
Step 7: Finish
Finally, click on the Sign button. After that, the system will charge a small network fee. And if you agree, click Confirm.
So you finish farming, waiting to make a profit on the platform!
All information on the article is for reference only, this is not investment advice. Hopefully, the information that Avaxholic has gathered in the article will be useful to you.
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