How To Make INSANE PASSIVE INCOME With DeFi in 2021 (10.000X Your Money)


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How To Make INSANE PASSIVE INCOME With DeFi in 2021 ( Your Money)

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How to turn 1000$ into $ by YIELD FARMING Crypto In 1 YEAR (MUCH BETTER THAN POLYGON/MATIC):

What is Polygon / Matic?

Polygon (MATIC) is an Ethereum token that is used to power the Polygon Network, an Ethereum multichain scaling solution. Matic Network, now Polygon, the ultimate framework aiming at improving interoperability between the Ethereum blockchain and compatible networks, has recently seen a significant increase in traffic. MATIC might be a rewarding investment in 2021 and beyond.

What is DeFi?
Fair question. For folks who tuned out for a bit in 2018, we used to call this “open finance.” That construction seems to have faded, though, and “DeFi” is the new lingo.

In case that doesn’t jog your memory, DeFi is all the things that let you play with money, and the only identification you need is a crypto wallet.

I can explain this but nothing really brings it home like trying one of these applications. If you have an Ethereum wallet that has even $20 worth of crypto in it, go do something on one of these products. Pop over to Uniswap and buy yourself some FUN (a token for gambling apps) or WBTC (wrapped bitcoin). Go to MakerDAO and create $5 worth of DAI (a stablecoin that tends to be worth $1) out of the digital ether. Go to Compound and borrow $10 in USDC.

(Notice the very small amounts I’m suggesting. The old crypto saying “don’t put in more than you can afford to lose” goes double for DeFi. This stuff is uber-complex and a lot can go wrong. These may be “savings” products but they’re not for your retirement savings.)

Immature and experimental though it may be, the technology’s implications are staggering. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.

DeFi applications don’t worry about trusting you because they have the collateral you put up to back your debt (on Compound, for instance, a $10 debt will require around $20 in collateral).

If you do take this advice and try something, note that you can swap all these things back as soon as you’ve taken them out. Open the loan and close it 10 minutes later. It’s fine. Fair warning: It might cost you a tiny bit in fees, and the cost of using Ethereum itself right now is much higher than usual, in part due to this fresh new activity. But it’s nothing that should ruin a crypto user.

So what’s the point of borrowing for people who already have the money? Most people do it for some kind of trade. The most obvious example, to short a token (the act of profiting if its price falls). It’s also good for someone who wants to hold onto a token but still play the market.

Broadly, yield farming is any effort to put crypto assets to work and generate the most returns possible on those assets.

At the simplest level, a yield farmer might move assets around within Compound, constantly chasing whichever pool is offering the best APY from week to week. This might mean moving into riskier pools from time to time, but a yield farmer can handle risk.



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DISCLAIMER: Please be advised that the content of my media is my personal opinion and is intended FOR GENERAL INFORMATION PURPOSES ONLY, not financial advice. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Purchasing cryptocurrencies poses a considerable risk of loss. The speaker will not be held responsible for any losses or gains. Always do your own research and advise with a professional before making your own investments. Links in the description are typically affiliate links.

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