Defi yield farming is one of the hottest topic in crypto market ever since pancake swap was introduced less than a year ago.
Launching a defi website on Binance smartchain and polygon is not so difficult, anyone can create a defi token and an yield farming platform.
There are only 5 to 10 yeild farming websites on Binance smart chain which has least risk for your funds. Namely pancakeswap, apeswap, bakeryswap, julswap etc.
On an average there are at least 5 to 6 new farming websites launching on Binance smartchain everyday, 99.9% of them are rug pulled projects and scammer projects.
So called defi deveopers launch their token by saying it's a fair launch, and the token get purchased by a lot of pancakeswap bots, and these bots dump on the innocent users who are new to defi websites.
For example if the token price launched with 0.1$, price get 20-30$ within fraction of seconds, because bots buy and sell tokens for 200% and 300% profit in a few micro seconds.
Most people want to be an early investors for the token launch and sell them for the quick profit, but mostly they fall into bot traps and end up losing money.
Projects get launched with fair launch, and they start marketing for the new investors. When the price go high they mint and dump all tokens on crypto farmers.
Some people launch their token, by showing high APRs like in millions, once they get deposits, they chance 4 to 10%, and changes project code and disable harvest option. They offer no compensation for the deposit fee and they say it's an irreversible error with smart contract.
Never fall for these traps, sometimes they change deposit free from 4% to 100% when you are farming. And you end up losing all your deposits. Never invest in any new defi projects without a proper research.
It's highly impossible to guess which project is good because most of them are rugpulled projects, same scammers come up with new defi websites.
Always invest a little which you can afford to lose in new defi websites, don't invest all your money because APR on farms look really good.
After losing so much money in defi websites, I know how these yeild farming sites work, If you have a doubt about yeild farming comment down below, I'll answer as much as I can based on my knowledge and experience with defi sites.
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