Decentralized finance was a word and a sector of the crypto industry that everyone grew to love in the best parts of 2020. Inside the DeFi sector, many investors could do everything they ever wanted regarding getting rewards, but a sector of DeFi that caught people’s attention was the yield farming sector.
Last year saw protocols involved in yield farming like Compound make a significant break and steal the spotlight from other protocols. Even though the prevalence of hacks and scams in the DeFi sector is still high, investors were not unmoved as they kept pumping cash into several yield platforms last year.
Unifarm says five protocols are involved in the project
In return, the DeFi sector has seen a degree of surge as the total value locked in the sector has grown to a region around $26 billion. With new protocols in the yield farming section of the DeFi sector springing up every day, it is only a matter of time before they record massive profits. According to several analysts, 2020 was a good year for most yield farming platform, and this year would only see the influx of other protocols that would bring these same features in a bid to reach the droves of users that the sector promises.
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A new platform has emerged in the yield farming sector, enabling the simplification of DeFi farming and giving massive returns to the people. The protocol, OpenDefi, was developed by seasoned developers or pocket to help its users gain custody of assets in real life on the blockchain.
The new Unifarm will partner with a huge list of other DeFi protocols, including Centaur, to bring the feel of collective farming to their users. OpenDefi on its own allows traders to tokenize assets that they own in the real-world on the blockchain. Users tokenized assets that are physically kept with the protocol.
Users would be able to stake on all the tokens if they want
Unifarm on its own would allow users the opportunity to experience the feel of several tokens so that they would be able to choose across different high APYs. This new protocol will involve five other projects, which will include their native tokens to the pool worth $50,000 that Unifarm is planning to create.
Asides from the five protocols, OpenDefi would also add its native token, ORO, to the pool. Users will have the opportunity to stake on any or all give tokens and earn a weekly reward regarding the coins they stake on. This means that the users in the protocol would be able to invest and earn rewards on several tokens without putting their funds in them.
The protocol also mentioned that investors would be provided with a way to diversify their portfolio and earn more easily than other protocols. With this feature, users need not go to different protocols to farm as they can do that on Unifarm, provided the coins they are planning to farm on are part of the unique tokens that the protocol has in their pool. The native digital asset of OpenDefi is currently listed on Bitmax.