Earn BIG on stables — Introducing Axial farms on Yield Yak
Yield Yak now offers multiple stablecoin farming strategies for Axial’s new value-pegged stablecoin pools. These strategies auto-compound your $AXIAL farming rewards to increase your stablecoin holdings.
- Good Bridging. It’s easy to move funds from Ethereum to Avalanche using the Avalanche-Ethereum Bridge
- Yield Yak. Explore the Axial farms
- YY Swap. Get the best prices for stablecoin swaps
Unlike providing liquidity to other farms where there is a risk of Impermanent Loss (IL), these stablecoin farms are value-pegged, meaning that the risk of IL is minimal as the value of each asset is pegged to $1.
Another great opportunity when using Axial is that you do not need to deposit an even amount of each asset into the farm. Axial allows you to deposit a single asset or any combination of assets. To keep the balance of the pool stable, Axial incentivizes investors who deposit a token that has a lower supply in the pool or withdraw a token that has higher supply in the pool.
Step by Step Instructions: How to farm your stablecoins on Yield Yak via Axial.
As a first time user, you will need to begin by depositing your assets in one of the Axial pools.
1. Head to https://app.axial.exchange/#/pools and select ‘deposit’ on the pool you wish to participate in.
2. Select the amount of each token you would like to add liquidity for. You can deposit any number of tokens you’d like (you do not need to deposit all 4 tokens, for example).
Note: Watch the Bonus displayed near the bottom! If you add liquidity for a token that is low in supply in the pool, you’ll get a bonus for depositing. If you deposit a token that already has excess supply in the pool, however, your deposit will be negatively impacted.
3. Click on Deposit. You will be asked to sign some transactions through your wallet; first the approval for each token being deposited (if applicable) and then the deposit transaction itself.
Note: By default, Axial will ask you to sign to approve only the necessary amounts of each token for each deposit (in this case, 1000 TSD and 500 MIM). If you’d like to never sign any approvals for the deposited tokens ever again on Axial, feel free to use the Infinite Approval option in Advanced Options.
4. Visit Yield Yak and deposit in the respective farm on Yield Yak. Again you’ll be asked to sign the approval transaction (if it’s the first time you deposit in this pool) and the deposit transaction.
5. Sit back, relax and watch your stablecoin number go up. Happy Yakking!
About Yield Yak
Yield Yak makes numbers go up. Ape into new autocompounder farms with quick releases and high yields. Swap on Yak for the best prices on trades with zero aggregator fees.
Axial is a Decentralized Finance (DeFi) protocol built on the Avalanche blockchain. It is a fully decentralized and self-contained application, and is the centerpiece for liquidity of value-pegged assets in the ecosystem. It was launched in November of 2021, and is one of many projects originating from the Snowball DAO.