There are many yield farms on the Binance Smart Chain (BSC). Each of these farms provides DeFi solutions and yield farming opportunities for users of all experience levels.
DeFi platforms on BSC are unique for being permissionless, allowing anyone with internet and a compatible wallet or browser client to interact with them. They are also trustless, meaning no third parties or middlemen are required.
BSC has recently emerged as a suitable alternative for Ethereum-based DeFi platforms due to high gas fees and heavy network congestion on the Ethereum blockchain. BSC is a relatively new network, launching its first main net in May 2020. Since then, they are currently securing over $25bn in total assets across their entire network.
Hence, Binance Smart Chain also provides DeFi users with many advantages and benefits, including:
- Higher yields due to the accessibility and popularity of the network
- Lower fees compared to other leading blockchains
- More inviting, intuitive yield farms that make DeFi accessible to even the most novice user.
Now, due to its growing popularity in the DeFi space, we’re going to cover the top 5 yield farms on the Binance Smart Chain. We’ve also covered top-yield farms on Fantom, Ethereum and Polygon.
How much can I earn using a yield farm?
As there are so many platforms, the rewards you can earn vary. Most popular platforms offer anywhere between 10-50% yield on leading major assets such as:
- Binance Coin (BNB)
- Bitcoin (BTC)
- Ethereum (ETH)
- Stablecoins like BUSD and USDT
Platforms on Binance Smart Chain often offer higher yield rewards. This is especially true when using their native token or riskier assets. Their need for liquidity to run DEX or AMM operations drives this incentive.
Top yield farms on Binance Smart Chain have fluctuating rewards, influenced by price action and liquidity. It’s important to check for stable yield percentages. Yield farming rewards are calculated annually, meaning they’re displayed as the returns that you could expect over a year.
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The most commonly used metrics are Annual Percentage Rate (APR) and Annual Percentage Yield (APY). APY takes into account the compounding of your assets whilst APR doesn’t.
Top 5 yield farms on Binance Smart Chain
Now we’ve answered some questions you might have about yield farming, let’s move on to our rundown of the top yield farms on Binance Smart Chain.
1. PancakeSwap
PancakeSwap is the #1 AMM and one of the biggest yield farms on Binance Smart Chain and is a fork of UniSwap. Their DeFi and yield farm offerings allow users to exchange tokens, providing liquidity via farming and earning fees in return.
It launched in September 2020 and remained the most popular DeFi platform on BSC due to its inviting interface (Bunnies and pancakes!), fast and cheap transactions, high yields, and generous rewards.
A user can farm yields on PancakeSwap by either becoming a liquidity provider, where they add their tokens to the liquidity pool and farm their denominated token or stake the native token, CAKE, to earn further rewards. PancakeSwap also incentivizes DeFi users through lotteries, collecting native NFTs, and prediction markets.
PancakeSwap currently secures close to $7bn in TVL across their platform and often handles the most trading volume across the BSC network. They also have close relationships with the Binance team, with former Binance members involved in the development of the platform.
2. Venus Protocol
#2 on our list of the top yield farms on Binance Smart Chain is Venus Protocol. Venus Protocol is a decentralized AMM and Stablecoin lending protocol available only on Binance Smart Chain (BSC). The protocol offers an intuitive, easy-to-use asset lending and borrowing solution that enables users to borrow against collateral and lend their assets to earn yields.
Being built on the Binance Smart Chain, Venus provides fast, low-cost transactions and a deep pool of wrapped tokens and liquidity. Moreover, users can use their collateral to borrow other assets and mint synthetic stablecoins with over-collateralized positions to invest further in Venus’ financial products.
Users can earn rewards and yields by lending their assets, such as BNB, ETH, and stablecoins, and earning interest on their supplied assets by providing liquidity. Venus secures over $1.5bn in total assets on BSC and is on track to becoming the leading lending and borrowing solution in a similar vein to Aave on Ethereum.
3. Pancake Bunny
PancakeBunny is a yield aggregator and optimizer for Binance Smart Chain, which is used mainly in collaboration with PancakeSwap to maximize yields on their CAKE. They also offer leading yield returns on BNB, ETH, and stablecoins.
The PancakeBunny protocol allows farmers to maximize yields by delegating the process to the protocol. Pancake Bunny makes DeFi easier and more accessible to users of all experiences looking to increase their profitability on their assets.
Their platform secures close to $1bn in TVL and provides greater yields by offering both denominated tokens and their native token, BUNNY, as rewards. Users can then either sell their BUNNY rewards to reinvest in their yield farms or take profits.
4. Autofarm
Autofarm is a yield aggregator that maximizes returns from yield farming pools by staking in Autofarm products. Autofarm provides two products: Vaults and AutoSwap. Vaults is a yield-farming platform that optimizes yields through strategic compounding. AutoSwap, a DEX aggregator, ensures users get the best prices for DEX trades.
They collaborate with various vault and yield farm providers to offer optimal rewards and focus on user-friendly platform design. Autofarm secures nearly $900m in Total Value Locked (TVL) across BSC vaults, standing out as a top aggregator. This prominence comes from rewarding users in both the denominated token and their native token, AUTO.
5. BakerySwap
“I believe the rise of decentralized finance (DeFi) and the innovative yield farms on Binance will redefine the landscape of traditional finance, offering new avenues for financial growth and inclusivity in the crypto ecosystem.”
Changpeng “CZ” Zhao, CEO of Binance
Additionally, another popular top yield farm on Binance Smart Chain is BakerySwap. BakerySwap is the all-in-one DeFi platform that provides an AMM, DEX, and NFT Marketplace through their platform. Users can exchange tokens, provide liquidity , and earn competitive yields on various assets. The platform is similar to how PancakeSwap operates and offers a range of liquidity pools and staking options to earn competitive yields.
BakerySwap currently secures close to $300m in TVL on their platform and remains a viable option to other DEX platforms like PancakeSwap for leading yield farming rewards. They are offering ETH 2.0 staking on their platform alongside being able to earn rewards from NFT staking and creation.
Moreover, BakerySwap was also one of the first DEX platforms launched on BSC, and remains ever popular due to its range of products and earning opportunities.
The future of yield farms on the Binance Smart Chain
Whether you’re new to the DeFi world or an experienced enthusiast, our comprehensive guide to the top 5 yield farms on Binance Smart Chain offers valuable insights. We’ve meticulously selected these platforms for their potential and reliability, ensuring that you have the best options at your fingertips. As you embark on your yield farming journey, we wish you success and profitable endeavors. Happy farming!
Frequently asked questions
What is a yield farm?
How do yield farms generate yield for users?
What are the risks associated with yield farming?
What is the best yield farm for the Binance Smart Chain?
Is yield farming the same as mining?
Is yield farming better than staking?
What do I need to start yield farming?
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