YoBit.net DeFi Review 2022 — The Ultimate Guide to Using YoBit DeFi Pools
Besides the obvious benefits of investing in cryptocurrencies, the latter has created many passive income opportunities. When it comes to passive income with crypto, decentralized finance (DeFi) is the first service that comes to mind. And when it comes to DeFi, crypto exchanges make it much more accessible. One particular crypto exchange that has been a leading example in the market when it comes to efficiency and security with DeFi is YoBit. YoBit is one of the oldest crypto exchanges in the market. Based in Panama, YoBit was founded in 2014 by experts and crypto enthusiasts. Essentially, YoBit has never been hacked. Despite that, the exchange does not require KYC or AML verification from traders. Hence, its simple yet effective platform has become home to many crypto investors/traders. Last but not least, YoBit is supported almost everywhere in the world, and it’s accessible by millions of people worldwide.
What is YoBit DeFi?
DeFi has been one of the most used cases of cryptocurrencies. It has revolutionized traditional financial services, and exchanges like YoBit are now utilizing this opportunity to provide users with the best DeFi services. YoBit launched its YoFarm platform, primarily focusing on DeFi. The idea is simple; you’ll be rewarded with additional tokens if you provide liquidity. There are numerous trading pairs available in YoBit for providing liquidity. Users can swap tokens in a matter of seconds and then provide liquidity. The return on liquidity provided depends on the amount of already-pooled tokens. In the natural flow of things, the higher the annual yield, the higher the risk. However, a token with a high APY (i.e., 1,000%) does not necessarily indicate that the pair is less safe to provide liquidity to.
How to Sign Up and Deposit YoBit.net?
Here are the steps you need to take to begin using YoBit.net and take advantage of the services it provides:
Step 1: Go to YoBit.net
The first thing you need to do is to go to the YoBit.net official website. Then, make sure you type the correct URL.
Step 2: Register on YoBit.net
Once you get to the YoBit official website, click “register” on the top right of the screen. There, type your username, email, and a strong password. Then, make sure to read the terms and conditions and accept them. [caption id=”attachment_24524" align=”alignnone” width=”2560"]
Creating an Account on YoBit. Source: YoBit.net[/caption] Once you create an account, you’ll receive an email confirmation that contains some links that may help you set up your account. There, you’ll also have the activation link. Click on the link, which will bring you back to the YoBit website. [caption id=”attachment_24525" align=”alignnone” width=”2560"]
E-Mail Confirmation in YoBit. Source: YoBit.net[/caption]
Step 3: Deposit Crypto
Now that you’ve set up your account, you can deposit cryptocurrencies. However, before you do that, make sure to activate the 2FA so that your account is more secure and that you’re not limited when you want to use YoBit services. On the top side of the page, click “Wallets.” You’ll see a list of cryptocurrencies that you can deposit in YoBit. Let’s take Ethereum as an example. Click on the [+] sign in the Deposit column at the ETH row. You can use a QR scanner or simply type the address that appears in your ETH wallet. You can also deposit directly through a MetaMask wallet, which makes this process automatic and simple. If you’re already logged in with MetaMask, simply type the amount of ETH you want to deposit and click “Deposit with MetaMask.” [caption id=”attachment_24526" align=”alignnone” width=”2560"]
Depositing Cryptocurrencies in YoBit. Source: YoBit.net[/caption]
How to Use YoBit DeFi?
Now that you’ve deposited funds in your YoBit account, you can start trading or start farming. First, most of the liquidity pools are paired with BTC. So, if you want to take advantage of that, swap ETH with BTC. Next, go to “Trade” on the top side of the screen and select the ETH/BTC pair. Next, enter the amount of ETH you want to spend, and click “Buy.” Once you have BTC, go to “YoFarm” on the top side of the screen. There, you have a list of pairs that you can use for farming. YoBit Farming. Source: YoBit.Net The pairs are ranked based on the APY rate. The approach you take depends on the risk level you want to approach. To illustrate:
- Minimum Risk: pairs that provide less returns are usually safer and entail less risk. For instance, pairs such as YO/BTC or SHIB/WSHIB provide less yield, but they are almost risk-free.
- Average Risk: Pairs with a slightly higher yield entail slightly higher risk. To illustrate, pairs such as FLOKI/USDT are considered medium-risk for farming.
- High Risk: Pairs that usually provide higher yields are riskier, mainly because of the high volatility of the tokens involved. Some examples are SPITZ/BTC, SIMON/BTC, FROG/BTC, YOFARM/BTC, etc.
Once you decide which pair to go with, click on it. On the screen there, swap some of your BTC for YO tokens (i.e., if you chose the YO/BTC pair). Then, type the amount of BTC and YO tokens you want to provide liquidity with. Once you add liquidity, you can access your funds at any time and check the number of tokens you have earned. [caption id=”attachment_24527" align=”alignnone” width=”2559"]
Farming in YoBit. Source: YoBit.net[/caption]
But when it comes to user experience, how does YoBit perform? YoBit has received excellent reviews in terms of security, the number of supporting cryptocurrencies, as well as its easy-to-use website. You don’t have to be an expert trader to start using YoBit and its services. Experts have praised YoBit as one of the best tools for passive income. Occasionally, some pairs give more than 1,000% yield, which proves to be extremely lucrative for investors, as shown by My Financial Friend on YouTube. The likes of Michael Wruble acknowledge how easy it is to get started with YoBit, and they visually show the process of getting started with YoBit and its DeFi Pools. Moreover, Economy Watch depicts YoBit as one of the most private, cheapest, and safest exchanges in the market, making it easy for all types of audiences to grasp and use its services. On the other hand, some users have rated YoBit as the best exchange in terms of BTC rates and fiat depositing alternatives. Lastly, YoBit remains one of the most trusted exchanges in the market. Not only that it has continued to perform at high levels for several years as one of the oldest crypto exchanges out there, but it also continues to have hundreds of millions of dollars in daily volume.
To conclude, YoBit is still one of the most reliable exchanges out there. With its DeFi pools and farming options, YoBit maintains a loyal customer base. Moreover, the exchange continues to grow simply because of its security, great user interface and experience, and passive income tools. While it all sounds too good to be true, it actually is when it comes to YoBit.
- YoBit.net is one of the oldest crypto exchanges in the market.
- YoBit.net was founded in 2014 and is based in Panama.
- YoBit DeFi Pools provide farming options for YoBit users that want to generate passive income.
- To use YoBit, you have to create an account, enable 2FA, and deposit funds.
- Once you deposit funds, you can start yield farming at the YoFarm section of the exchange.
- Users can provide liquidity for multiple pairs. The higher the APY, the higher the risk.
- Overall, YoBit.net is a very reliable exchange and provides some of the best DeFi services.