Here's how I make SGD40~ monthly with just SGD600 invested into a DeFi Yield Farming Protocol.

Note: This post contains affiliate links. I will gain a small commission and/or bonus if you click through the links at the end.

Extra note: This is not financial advice and the information here is solely intended for educational purposes. Do your own research and do not risk more than what you can afford to lose.

Yes, the title is clickbait.

Yes, I re-invested the proceeds gained during the crash and recovery 5 weeks ago to bump my daily earnings up.

The price has dipped again, and my total value locked has decreased to USD$412, but I am in for the long run and this is one of the DeFi Protocols I personally have done thorough research on before 'aping in' - literally.

In this opinion piece, I will give a very brief explanation of how I did it with ApeSwap, a DeFi Yield Farming Protocol! (Read my article here on what are DeFi Protocols)

What is ApeSwap?

ApeSwap is an Automated Market Maker (AMM) that enables users to produce yield farming and staking platforms on the Binance Smart Chain (BSC). It was forked from PancakeSwap and maintains most of the same usability.

Rising gas fees on the Ethereum Network turning you off from providing liquidity in protocols like Compound Finance, making you constantly face-palm yourself at every button you click?

Due to the nature of ApeSwap's decentralized exchange, gas fees are not applicable as ApeSwap runs on BSC. This makes it a more viable option for smaller investors and the general public.

$BANANA is the native currency of the ApeSwap platform and users can stake, farm and pool their tokens to earn more $BANANA with insane APYs of up to 390%! (As of 22/09/2021, 6:29PM SGT)

How I got started?

In the beginning, I was a crypto newbie and did not understand the complexity of DeFi Protocols and how its mechanisms. I eventually did my own research on YouTube, Reddit and even using our best friend, Google to expand my knowledge before I stumbled upon this opportunity.

Looking at the unbelievably high APR/APY made me sceptical and at first thought, these looked like scams!

I decided to start out with SGD100 - money I was willing to lose in case it was too good to be true. This was way back in May when the price of 1 $BANANA was $1.50 and before crypto reached the height of the bull run.

At this point in time, I provided liquidity for the BANANA-BNB Liquidity Pool and the APR was 400%, easily making me SGD1.2/day for doing nothing! In case you are thinking that this is a small amount, please do note that I only started out with SGD100, and SGD1.2/day was way more money made than the interest earned from banks. OCBC paid me SGD0.8/month! 🤣

After noticing that I was able to cash out my earnings daily into Binance and swapping it for stables, I decided to risk another SGD500, and at this time, 1 $BANANA was worth $3.

$BANANA eventually hit an all-time high (ATH) of $12 at the peak of the crypto bull run in May, before crashing to phenomenal levels, teaching us that crypto is extremely volatile and anything can happen at any point in time.

Fast forward 4 months

I left my $BANANA alone and forgot about it, until I checked back 3 weeks ago and realised that I managed to farm 52 $BANANA, which at that point of time was worth $3, making me more than $150 just over 4 months, with only $600 invested!

I decided to re-invest my earnings and as you can see from the stats above, I am now making USD35~ (SGD40+) monthly by staking into a farm and a pool - definitions which I will explain in another opinion piece.

Conclusion

DeFi Protocols are extremely high-risk mechanisms with risks like counterparty risk and impermanent loss. It is extremely important to form your own opinions about these mechanisms and to also conduct your due diligence and research.

You can get rich quick with DeFi, but you can also get poorer quicker if you risk more than what you can afford to lose.

If you would like me to teach you how to get started with DeFi Protocols, feel free to leave a comment below!

Referral Links (Click and Sign Up)

Hodlnaut, earn up to 12.73% APY on your crypto:

You earn: Earn USD20 in-kind when you deposit USD1000 or more. SGD20 via paynow when you complete KYC and deposit.

I earn: 10% commission of your interest earned weekly and 20 USDC

Gemini Exchange, earn up to 7.4% APY on your crypto:

You earn: Buy US$100 or more crypto on Gemini and you will earn US$10 in BTC.

I earn: US$10 in BTC

Coinhako Exchange:

You earn: no bonuses at the moment.

I earn: 20% commission on your transaction fees

Celsius Network, earn up to 17% APY on your crypto:

You earn: US$50 in BTC for free with your first transfer of US$400 or more in any crypto asset and wait for 1 month! SGD20 via paynow when you complete KYC and deposit.

I earn: US$50 in BTC