81% APY on FTM staking with no IL 🕺
Almost as good as single sided staking, while auto-compounding means you sit back while yields come flooding in. Yes its possible on yieldwolf.finance.
Introduction
Yieldwolf is a great autocompounder I have been using for a while now. Although it has a 47/100 ranking on scam detector, I do feel safe recommending it to you since its been around the block and they have the stamp of approval from RugDoc.
They are quite open in warning you before investing in pools where the token’s projects are high risk. This is a nice feature not spotted before in DeFi.
Which Pool?
We want a pool with the best of both worlds
- Relatively high APY
- VERY Low impermanent loss (IL)
- FTM/TOMB tokens as rewards
The auto compounding gives us a staggering 82% APY which is astonishing by the fact that since TOMB and FTM are pegged, this is almost as good as single sided staking.
Get the right tokens
Since this is a 50/50 pool with TOMB and WFTM, we need to swap our FTM for these tokens.
Step 1 is to swap 50% of your FTM for TOMB. (use the 50% option to maake the calculation for you)
Step 2 is to swap your remaining FTM to WFTM.
Remember to leave some FTM in your wallet for fees.
Provide liquidity
Now, you can head over to spooky swap and add your wFTM and TOMB to the liquidity pool (LP).
To make it easier, use the ‘max’ option above the TOMB token.
Hit the Supply button and watch metamask to see when the transaction finishes.
Deposit into the pool
Now that you have your LP tokens, you can head on back to https://yieldwolf.finance/fantom/tombfinance/105 and:
- Click on max above deposit
- Click on Approve and accept in Metamask
3. Click on Deposit
Conclusion
This is a great way to do DeFi and a-lot less hassle.
Please do understand auto compounders do add an extra layer of risk as the site may get hacked. As a result dont put all your Fantom eggs in one basket. Rather spread it over a few auto compounders to reduce that risk.