With cryptocurrency becoming extremely popular, more and more investors and traders are discovering how to make more money through crypto. Besides the conventional long-term investment in a specific cryptocurrency, more baskets of money have appeared, known as staking.
NFT, blockchain, yield agriculture
With NFT games on the rise, it shows just how versatile the entire cryptocurrency blockchain universe can be. With the popularity of NFTs, there are other corners of crypto that are not really explored by the general public and one of them is staking or farming.
Staking or farming involves investing in a certain currency, or a combination of currencies, in order to earn flexible interest on what they issue. Interest is usually in another form of currency and these cryptocurrencies are commonly referred to as “farm coins”.
APR and high profits
Farm Coins are used to describe tokens whose primary purpose is primarily farming and although these farms typically give extremely high APRs per year, it is important to note that these farm coins usually run out and their value drops to zero, as shown in a YouTube video by Taiki Maeda. This means that not all yield farms are fundamentally profitable.
Investors could stake their money too late when the value of the currency in question has already dropped significantly and is close to zero and although the single stake could own a significant amount of that cryptocurrency, the value of that amount would be considerably small. . In order to profit from crypto yield farming, it is important to choose the right cryptocurrency and be early.
PancakeSwap just listed a $ NAOS-BNB combination giving a massive APR of 587.37% at the time of writing. At the moment, $ NAOS is # 456 on CoinGecko and has risen 82.6% in the last 24 hours.
Here’s all about $ NAOS at the moment:
Market capitalization – $ 77,947,029
Dominant market capitalization – 0.00%
Volume / Market Capitalization – 0.1174
Trading volume – $ 9,147,385
24h Low / High – $ 0.990598 / $ 1.84
7d Low / High 0.927442 $ / 1.75 $
Market Cap Rank – # 456
All-time high – $ 3.44 (-45.9%) on May 13, 2021
All-time low – $ 0.286195 (+ 549%) on June 26, 2021
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DYOR before investing
It is also important to note that investors should DYOR before embarking on any type of investment. While the numbers may look very appealing, every trader or investor should always convert currencies to dollars or their preferred currency in order to truly assess the value of each cryptocurrency, whether profitable or not.
NAOS, or NAOS Finance, from their official website, is in the lending business and already has a few partners although it is fairly new. For those interested in staking or investing, it’s important to do some more research on the coin first.
With the value of NFT coins also increasing, there are a number of potential investment opportunities to explore in the blockchain world. TechTimes encourages readers to do their research before embarking on any form of trading, investing, participating, or other movements in the blockchain arena.
Associated article: Google cracked down on 8 bogus crypto applications | Bitfunds, Crypto Holic and more
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Written by Urian B.
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