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$10,000 profit a day?
With the DeFi space exploding over the past couple months, it seems headlines of people claiming to earn upwards of $5k — $10k daily from yield farming are everywhere. To earn double most monthly salaries in a day seems too good to be true and while certainly possible in the magical world of Defi, it would require either massive sums of capital or a very high tolerance to risk. So, well outside what regular joes like you and me can achieve?
Not necessarily. Instead of focusing on the big headline numbers, this article is going to focus on how you can get started yield farming, with whatever you’re comfortable putting in. With daily ROI’s of 1.01%, $500 capital will see you netting $5.05 daily. A regular high street bank in UK will give you maybe $2.50 for that same $500… after a year. Now throw in the magic of compounding into the mix and suddenly, DeFi as a means of side income doesn’t seem too impossible anymore.
So let’s get started.
How to begin
The first thing you’ll want to do is download Trustwallet on your phone. This will act as your crypto wallet which will store all of the crypto you earn and hold. In addition, it has an in app browser that will allow you to connect your wallet directly to the project you want to work with. If none of that makes any sense, don’t worry! Check out my next article which attempts to demystify the common jargon found in crypto space.
