A Full Guide to YieldFlow: How to Use the DeFi Platform to Generate Passive Income
Following the collapse of several centralized exchanges (CEXes) in recent years, most investors have shifted their focus to decentralized platforms. Moreover, increased scrutiny of CEXes by regulators is forcing crypto users to look for decentralized alternatives. Among the options is YieldFlow. But what is it? This article explains everything you need to know about YieldFlow.
Exploring YieldFlow
Launched earlier this year, YieldFlow is a decentralized Finance (DeFi) protocol that lets users stake their tokens or participate in yield farming. The two practices are considered lucrative. They require investors to lock up their crypto assets on a protocol for a defined time period, and the good thing is that these investors remain in full control of their funds.
As a decentralized platform, YieldFlow uses smart contracts, which allow users to be in complete possession of their tokens despite locking them up on the protocol. To ensure user safety, YieldFlow has an agreement with prominent blockchain security company CertiK to conduct regular audits on its smart contracts to identify any vulnerabilities.
Providing Benefits of CEXes in a DeFi Environment
Although centralized exchanges currently face regulatory issues, they still offer several benefits to crypto users, especially newbies. Their easy-to-understand user interfaces provide a simple way for people to step into the world of crypto. Most CEXes offer DeFi services like yield mining and staking. However, their centralized nature makes them less attractive, as users do not have control over their cryptocurrencies. DeFi projects like YieldFlow give access to similar services without compromising users’ authority over their funds.
Moreover, this protocol is well-designed to allow anyone to navigate it easily. YieldFlow also automates liquidity mining and other services using smart contracts to eliminate from users the complexity of having to manage the system manually.
Crypto assets locked on YieldFlow are invested in various Ethereum-based revenue-generating platforms. The DeFi protocol distributes rewards to users using its native token, YFlow. Holders of this crypto asset can raise proposals and vote on them.
A Step-by-Step Guide to Using YieldFlow
To start earning passive income on YieldFlow, you must create an account. To do this, simply go to yieldflow.com and press the “Start Now” button at the top-right corner of the homepage. But before signing up, we recommend you take your time to read the project’s tokenomics or whitepaper to understand what YieldFlow intends to achieve.
When creating your YieldFlow account, you will not be required to complete the know-your-customer process since the DeFi project does not deal with fiat currencies. After getting access to your account, you will need to connect a crypto wallet to start using YiedlFlow services. Any Ethereum-compatible wallet will work. However, YieldFlow lists WalletConnect and Coinbase Wallet on the platform. If you wish to use any of the two, click on one of them and follow the instructions for linking your crypto wallet with the DeFi protocol.
YieldFlow Services
After the wallet is successfully connected, your crypto balance will be displayed on your YieldFlow dashboard. You will also be able to explore the platform’s products. To stake your tokens, click “YFlow.” You can claim rewards or unstake your funds through this section.
Once you approve your stake, your tokens will be invested in projects like Aave, Fantom, and Polygon.
Moreover, you can provide liquidity to various pools like SAND/ETH, MANA/ETH, LINK/ETH, USDT/ETH, and MATIC/ETH by clicking the “Liquidity Pool” button. But where do you buy these tokens? YieldFlow has made available links for purchasing the crypto assets on each pair.
Do you wish to lend your cryptocurrencies to earn interest? If so, lock your funds on YieldFlow. The protocol will then channel them to lending protocols that offer high interest rates to maximize your returns.
You can also enroll in YieldFlow’s affiliate program to earn more by inviting families and friends to sign up with the platform.
Final Thoughts
As a fully decentralized DeFi protocol, YieldFlow provides crypto users a safe way to generate passive income without worrying that they may lose their funds when the project collapses. With all said, DeFi is a highly risky sector, so do your due diligence before investing in any platform.
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