The Defi Chronicle: How I am stacking rewards on Binance Smart Chain tripling my yield streams
Altcoins have taken a beating since May’s Bitcoin/crypto washout. Bitcoin dominance has been increasing and it may continue going up at the expense of the altcoin market. I haven’t given up on the alts in my portfolio as I am optimistic that the bull cycle is not over and at some point, the alts will take off again. I am not focused on adding too many low cap alts right at the moment because the risk/reward isn’t attractive to me. I am DCAing into Link and ETH as well as BTC as I feel that all three of these projects will benefit if/when the markets heat up again and have lower downside risk compared to smaller projects. This is not financial advice and I am not a financial advisor. These are just my experiences and interpretations that I am sharing.
I had some yield farms on Pancake Swap prior to the market correction that were generating a steady flow of Cake tokens. However, Pancake Swap lowered the rewards on many of these projects so I went exploring for some different ways to maximize my yield on on the Binance Smart Chain. One project that I have started using to stack my Cake rewards is Ramp Defi.
Why I am bullish on Ramp Defi?
Defi platforms aren’t providing enough yield to protect me from losses on my yield farms. I am playing a longer game trying to generate rewards from stablecoins and the existing farms that I have. BSC has seen a lot of exploits on their network making me hesitant to use anything other than Pancake Swap. I tried Pancake Bunny, Spartan, and Belt and they all got attacked so I have no interest in using these platforms or owning these tokens right now.
Ramp Defi is not the largest Defi platform. They have around $40 million in total locked value which isn’t that much. I like Ramp Defi because it has a unique value proposition in that you can borrow a stablecoin, rUSD against your farming vaults. You can then take your rUSD and put it in a vault where you can earn rewards in Ramp tokens. So now I am earning multiple reward streams on Cake rewards from Pancake Swap. I will go more in detail on how I do this in the next section.
The Ramp team and advisors are comprised of professionals from many big name companies increasing credibility in…