The DeFi Chronicle: 5 Things I Wish I understood about Degen Yield Farming before I began Degen Yield Farming

Offering yields in the triple digits, Degen Yield Farms looks like an enticing opportunity for making outsized gains. But like many things in crypto, it’s important to exercise caution and try to get an understanding of what you are getting involved with before jumping in with both feet. Here’s are some things I wish I knew before traveling down this bumpy road.

In March of this year, Binance Smart Chain launched and I began my Degen DeFi journey. I went on Pancake Swap and added liquidity into some different liquidity pools with BNB for coins that I already held. I earned huge APY’s paid out in the CAKE token. The markets were going up, my liquidity pools were increasing, and my portfolio was growing.

Once Polygon came in the mix, I was excited because now I could farm and pay nearly $0 in gas fees on harvests/compounds. Time to get rich!!! Then the May crypto correction came and the famine ensued. My robust, luscious degen farms became infected with locusts and stinkbugs. In some instances, I thought I was planting magic beans only to find that I was sowing rotten weeds. If you are thinking or are going down the Degen Yield Farm path, here’s some takeaways that I wish that I understood before farming my plot.

What is Yield Farming?