Lately, one of the biggest trends in crypto has been yield farming. Yield farming is using native tokens as collateral to borrow loans against as the cryptocurrency you hold fluctuates in price. The holder gets interest for holding their crypto from the interest paid on the loan. This gives the holder an advantage because they can now borrow more crypto and earn interest on it. Post below and help me by letting me know whether or not you think this is a good idea for the Incognito app.
Yield Farming for Incognito App Idea
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This would be interesting to add to Incognito, but it would require a lot of capital.
Yield farming can also be as simple as staking and getting a different or same coin in return for your stake.
Lending(staking) plus borrowing is yield farming.
Incognito essentially provides staking and gives PRV. Which is great. No borrowing yet. And PRV can only be used within the incognito ecosystem currently.
You can pull together capital by rewarding people who provide capital and hold it for a period of time. Just an idea…
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No borrowing yet but they could do an internal borrowing on the incognito network against PRV for those who have nodes, since they all connect together to form a worldwide network.
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That’s brilliant honestly
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I think when you run a node or provide prv, you already do farming
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If you want to own something stable and sustainable, should not turn it into yield farming. My opinion only
What should you turn it into? And why?
Yield farming only good when you get in first and get out, not stay too long, if note you will be lost like me
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If u think about Provide and Add functions, we have already a Yield Farming system. But are not a mainstream products or advertised as well…
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If PRV have more pool to farm instead of staking or provide only, there’ll be a more fun and PRV maybe can become governance token
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But would be less sustainable over the time. The team is focusing on the biggest pairs at the moment. As we grow bigger and more projects want to choose us to put their liquidity it would be possible for many different scenario to take place.
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