Staking and Yield Farming Review

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This week we are going to review a few projects that our community asked us to take a look at. Many of these projects are small emerging platforms with low TVLs and poor liquidity making them high risk. Even stratospheric APRs can't compensate for the risk inherent in most of these new platforms. Our recommendation would be to stick to the more established platforms. There is no shortage of high APR staking options available without the additional risk of betting on an untested platform.

This week’s APRs from leading staking and yield farming platforms

The biggest developments are:

Compound

Last week Compound put out what should have been a routine update to the code that governs users' transactions. However, the update contained a bug that mistakenly sent up to $89 million worth of crypto tokens into some users' accounts.

Compound Labs noticed "unusual activity" late Wednesday, but at that point the tokens were already distributed with no easy way of getting them back.

The company's founder, Robert Leshner, quickly took to Twitter to persuade Compound users to return the surprise windfall — veering from persuasion to praise to threats against anyone who doesn't return the tokens.

Pancakeswap

Staking CAKE became much more attractive with it’s APR increasing to 73%.

Whilst its raciest farm is offering 5,393% when farming CART-BNB. CART is a NFT market place with a $60 million market cap and $1 million daily value. Worth a closer look.

Sushi

This week definitely saw a marked increase in the APRs on many of the platforms. This included Sushi which increased its APR on staking SUSHI from 8 to 12% and is offering a top rate of 12,637% for farming USDC-SAK3. Not one we would be investing in unless you are a sake fan.

Curve

Even the slightly more conservative Curve was offering a 87.42% APR by staking EURN-EURT, an investment for the professional trader not the staking enthusiast.

Yearn

Yearn was offering a racier than usual 676% APR by staking CURVE-MUSD. This is worth further investigation as Curve is a quality platform/project.

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Platform Reviews

KogeCoin aka KogeFarm

KogeFarm.io is an auto-compounding utility built for DeFi users. KogeFarm helps you earn more yield by auto-compounding every five minutes. It claims to have the lowest fees in Polygon and is audited by Obelisk.

Our Opinion

Let’s examine the basics. KOGECOIN has a market cap of $32 million with $27 million of TVL and daily volumes of around $300,000.

It’s platform is easy to navigate albeit with limited options. KogeFarm is a high risk platform with farms from CafeSwap (TVL $7m), PolyBeta (TVL $9m) and Curve.

The platform is paying an APY of 490% for staking its native Kogecoin, a return that accounts for the fact that the token looks overvalued when compared to its lower TVL.

It’s racier propositions included staking BREW (CafeSwap) and earning 1,142% APR and Alpha (PolyAlpha Finance - TVL 182,000 a total imitation of PolyBeta) 1,292% APR. Out of these BREW would be your best bet, but CafeSwap isn't going anywhere fast as a project and Alpha, well its a joke!

Cometh swap

ComethSwap is a layer 2 decentralized exchange, which lets you swap any ERC20 tokens at low cost, it currently trades 40 coins with some $250,000 of daily volume. In addition it offers over 60 different farms.

Our Opinion

This platform is clearly for the seasoned staking professionals. The TVL is not transparent which is our first cross in the box and some of the tokens you can't even find on the main listing sites. Its highest APY is 158% when you farm MATIC-wPTG. Our question is, what the hell is wPTG?

Toad Network

TOAD.Network is committed to creating the safest and most decentralized farming community on the Binance Smart Chain. TOAD's team donated all of their LP tokens to the LP farm where users can farm more liquidity.

Our Opinion

TOAD has a market cap of $4.7 million, TVL of $1.6 million and daily volume of $170k. We are still trying to identify the person or persons who asked us to take a look at this one! It is far from easy to navigate and understand and in our opinion if you can't even get the basics right then you don't deserve to succeed. This is one for the garbage.

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