Earn 60% APR on DFYN by DefiDad

It’s been another week of choppy crypto markets so while everyone’s debating up or down, here’s a tutorial to easily participate with stablecoins earning high yield on Polygon with low fees!

Dfyn is a newer AMM forked from the Uniswap v2 code, but launched on the Polygon blockchain where you can transact in seconds for pennies per transaction. It does not offer the same security and decentralization as Ethereum, but if you’re already familiar with DeFi on Polygon, this is yet another application seeing lots of traction.  I don’t risk all of my portfolio on Dfyn or Polygon but I’m willing to try new apps that provide enough reward to justify the risk.

Dfyn currently boasts about $181M in liquidity with a record day of $73M in trade volume!

Like other AMMs, Dfyn has a simple liquidity mining program where they reward liquidity providers (LPs) with their governance token DFYN, in exchange for adding liquidity and staking the LP token. The 3 farms I identified for this tutorial are available here in the Farms tab under Popular Farms:

• UST-USDT at 60% APR
• DAI-USDT at 58.65% APR
• USDT-USDC at 41.53% APR

Btws, there are other farms earning as high as 500% APR but I want to simply focus on these lower risk, high reward stablecoin farms.

How to Earn Up to 60% APR with Stablecoins on Dfyn

Before we get started, please be aware of a few major risks. 

• Smart contract risk is always a risk. 
• Oracle failure could also contribute to a loss of funds.
• The quoted 60% APR