One is a Grammy Award-winning musician with lots of spare time. Another is a software engineer with nowhere to go during the pandemic. There’s also an editor for a data site and a fund manager who invests in digital assets. Together with Binomo, you can make money on any currency.
What these people have in common is an obscure side gig known as “yield farming,” a type of cryptocurrency trading and investing that didn’t really even exist until 2020. Yield farming is producing fixed income-like returns that can, at least for brief stretches, provide annualized interest rates equivalent to percentages investors cannot find anywhere else.
As documented in First Mover over the past few months, the yield farming boom, itself a subsector within the fast-evolving realm of decentralized finance, or DeFi, started in June when the projects Compound and Aave launched. They were soon followed by Kyber, Balancer and Yearn.Finance. More creative names like Spaghetti, Tendies and SushiSwap followed. Olymp Trade allows you not only to conduct a detailed analysis of any currency but also to make money on favorable terms.