With cryptocurrency becoming extremely popular, more and more investors and traders are discovering how to make more money through crypto. Aside from the conventional long-term investing on a specific cryptocurrency, more money baskets have emerged called staking.
NFT, Blockchain, Yield Farming
With NFT games on the rise, this goes to show just how versatile the whole cryptocurrency blockchain universe can actually be. With the popularity of NFTs, there are other corners of crypto that aren't really explored by the general public and one of them is staking or farming.
Staking or farming works by investors putting in a certain currency, or combination of currencies, in order to earn a flexible interest on what they put out. The interest is usually in another form of currency and these cryptocurrencies are usually known as "farm coins."
High APR and Profits
Farm coins are used to describe the tokens whose main purpose is basically farming and although these farms usually give extremely high APRs per year, it is important to note that these farm coins usually burn themselves out and their value drops to zero, as noted in a YouTube video by Taiki Maeda. This means that not all yield farms are essentially profitable.
Investors could stake their money too late when the particular currency has already significantly dropped in value and is close to zero and although the one staking might own a significant amount of that cryptocurrency, the value of that amount would be significantly low. In order to make a profit from crypto yield farming, it is important to choose the right cryptocurrency and be early.
PancakeSwap has just listed an $NAOS-BNB combination giving a massive 587.37% APR as per the time of this writing. As of the moment, $NAOS is #456 on CoinGecko and has risen by a whopping 82.6% in the last 24 hours.
Here is everything on $NAOS as of the moment:
Market Cap - $77,947,029
Market Cap Dominance - 0.00%
Volume / Market Cap - 0.1174
Trading Volume - $9,147,385
24h Low / High - $0.990598 / $1.84
7d Low / High $0.927442 / $1.75
Market Cap Rank - #456
All-Time High - $3.44 (-45.9%) on May 13, 2021
All-Time Low -$0.286195 (+549%) on June 26, 2021
DYOR Before Investing
It is also important to note that investors should DYOR before going into any type of investment. While the numbers might look very enticing, each trader or investor should still convert the currencies to dollars or their preferred currency in order to really assess the value of every single cryptocurrency whether it does earn well or not.
NAOS, or NAOS Finance, as of their official website, is in the lending business and already has a few partners despite being quite new. For those interested in staking or investing, it is important to first research more about the coin.
With NFT coins also increasing in value, there are a number of potential investment opportunities to explore within the blockchain world. TechTimes encourages readers to do their research before jumping into any form of trade, investment, stake, or other moves within the blockchain realm.
This article is owned by Tech Times
Written by Urian B.