In this article, we’ll review the best yield farming crypto platforms, looking at how they work, their potential for profitability, the safety concerns, the types of crypto you can farm, and much more. Cryptocurrency yield farming can be a very lucrative investment, so take your time to understand how it works and if it’s the best approach for you!

Top Yield Farming Crypto List

  1. PlayDoge  –  Combining Doge Memes and Play-to-Earn niches with High Staking Rewards
  2. Sealana — Viral animal-themed meme coin getting a lot of attention post halving
  3. Base Dawgz – A New Coin for High-Yield Crypto Investments
  4. Mega Dice — Instant accessibility, encrypted transactions, and regulatory compliance that redefine online casinos
  5. 99Bitcoins — The hub for crypto novices and experts, featuring $99BTC rewards
  6. Sponge V2 — Offers attractive and frictionless yield farming
  7. eTukTuk — Driving towards a cleaner future with affordable EVs and decentralized charging networks
  8. OKX — Best yield farming platform with low fees
  9. DeFi Swap — Earn up to 75% APY on DeFi coin
  10. YouHodler — Worldwide exchange with yield farming
  11. Coinbase — Top-rated yield-generating platform for beginners

Best Yield Farming Crypto Platforms Reviewed

Our research of the best yield farming platforms revealed that the top providers offer a good balance between safety, attractive yields, and reasonable lock-up terms.

1. PlayDoge

PlayDoge is a mobile game that combines two popular niches—P2E games and Doge memes. This game also pays homage to Tamagotchi devices by copying their gaming mechanism. On that note, players will be able to earn $PLAY tokens by taking care of their Doge andplaying mini-games.  Best Yield Farming Crypto - playdoge

Likewise, this token can be used as an in-game currency and for transactions. In short, this BEP-20 token is designed to have value within and outside its gaming ecosystem.

What makes PlayDoge one of the best yield farming platforms? Staking is now available on the Binance Smart Chain (BNB) and Ethereum (ETH). The token will be deployed on Ethereum and Binance Smart Chain, making it multichain with the option to bridge between chains.

Its staking mechanism comes with massive APY, which is currently 523%. Moreover, staking rewards will be distributed over 3 years at a rate of 17.88 $PLAY per BSC block. So far, almost 40 million tokens have been staked, although this project started its presale less than three days ago.

In addition, PlayDoge managed to raise nearly $600K, which shows that it could end its presale before its due date. The recent jump in the value of popular dog-based meme coins, like FLOKI and DOGE, also contributed to this success. The $PLAY token currently trades at $0.005.

2.  Base Dawgz

Base Dawgz ($DAWGZ), one of the best crypto yield farming coins, has gained much attention since its presale launched. One reason for this was its rapid raise of $200,000 within minutes of the launch. 

Best Yield Farming Crypto base dawgz

Another reason for its immense popularity is its multichain functionality. People can trade, store, and claim the $DAWGZ token on many blockchains: Ethereum, Solana, Polygon, Avalanche, and BNB Chain. 

Moreover, its share-to-earn option also makes this project attractive. Through the Be Social for Airdrio campaign, Base Dawgz allows its users to create and share content about Base Dawgz and rewards them with real tokens in return. 

The team behind the project prioritizes security and subjects its smart contracts to strict audits. They use the latest technologies like Wormhole and Portal Bridge to ensure smooth operation across blockchains.

3. Mega Dice

Mega Dice is a prominent Telegram-based gaming platform that has 50,000+ users and 10,000+ active monthly players. This platform also has a native gameFi token, $DICE, that comes with numerous utilities. On that note, it can be used for trading, staking, and playing P2E games. Stakeholders will also get to earn daily rewards, additional $DICE tokens and SOL, and limited edition NFTs.

mega dice best yield farming crypto pltaform

Mega Dice offers three staking pools with different locking periods:

  • 10-Day Pool
  • 3-Month Pool
  • 6-Month Pool

Investors will be able to claim their staking rewards at any time.

The $DICE token has a maximum supply of 420 million, of which 10% will be reserved for staking rewards, while 15% will go towards LP and casino $DICE pool. As much as 35% will be allocated towards the presale. This project has managed to raise over $797K so far. The $DICE token currently trades at $0.069. However, once it gets listed, its price could vary between $0.06 and $0.17.

4. 99Bitcoins

Not only is the $99BTC token one of the best proof of stake coins to buy in 2024, but 99Bitcoins is also one of the best crypto-learning platforms. On that note, this educational platform uses an innovative learn-to-earn mechanism to reward its users. This means that its members will get rewarded by participating in its crypto courses and quizzes.

99bitcoins best yield farming crypto pltaform

At the same time, those who take their $99BTC tokens will earn massive rewards, which currently amount to 1550% p/a. Staking rewards will be distributed over 2 years at a rate of 4143 $99BTC tokens per ETH block. The $99BTC token will first launch on the ethereum network, after which this ERC-20 token will transition to BRC-20. This will enable crypto developers to create dApps on the BTC blockchain.

The $99BTC token has a maximum supply of 99 billion, of which 14% will be allocated to staking. Another 17% will go towards community rewards, while 10.50% will be reserved for the presale. The current price of $99BTC is $0.00104. However, once this token gets listed, its value could reach a potential high of $0.004.

5. Sponge V2 

Sponge V2 is a cryptocurrency that offers a frictionless yield farming experience. Users can accumulate more tokens by simply holding them in their wallets. The ecosystem includes a decentralized exchange (DEX) platform called SpongeSwap that enables peer-to-peer trading within the community.

SpongeV2 staking pool

Sponge V2 uses an advanced coin farming method, enabling investors to earn high APYs through this cryptocurrency. $SPONGE staking rewards on Polygon are distributed at a rate of 300 $SPONGE per POLY block, while rewards on Ethereum are distributed at a rate of 6149 $SPONGE per ETH block.

If you have V1 tokens staked on the V1 smart contract, you will need to withdraw your holdings and re-stake the tokens on the newly launched V2 smart contract. Once you do so, your V1 tokens will be permanently locked in the smart contract.

More than 19.2 million $SPONGEV2 tokens have already been staked and bridged on the V2 smart contract. If you have any $SPONGE tokens staked in our official pool, they will be automatically switched to the new Polygon staking contract.

Please join the Discord and Telegram channel to learn more about this project.

6. eTukTuk

eTukTuk is the best eco-friendly crypto project that aims to improve the transportation system with the help of AI and blockchain technology. I.e., its developers plan to produce electric versions of Tuk Tuks to reduce their harmful impact on the environment.

Best Yield Farming Crypto -etuktuk

eTuk Tuk’s P2E mobile game will play a key role in the realization of this idea. This mobile game will enable players to drive Tuk Tuks through the streets of Sri Lanka and pick up and drop off passengers while avoiding collisions. The reward for completed missions will come in the form of $TUK tokens.

This token can also be staked for annual rewards, whose current APY is 82%. Staking rewards will be distributed over 3 years at a rate of $4.75 TUK per BSC block. At the same time, its power staking system will enable stakeholders to earn a greater yield by changing their set limits.

The $TUK token has a maximum supply of 2 billion, of which 20% will go towards power staking and 4% towards presale staking. Early investors will be able to buy 120 million tokens during the presale at a price of $0.033 (at the time of writing).

7. OKX 

For investors seeking passive income from cryptocurrency holdings, the OKX exchange offers multiple income-earning and high-yield farming opportunities. Available in 100 + countries, the OKX exchange is accessed by over 20 million global users.

With OKX, investors can buy, trade, swap, stake, and earn interest on their cryptocurrencies. Investors can access ‘OKX Earn’ – a one-stop shop for multiple centralized earning options such as dual investment, P2P lending, and staking. Built on the OKExChain, the Earn program offers several DeFi (decentralized finance) products as well – including lending DApps (decentralized applications) and access to decentralized exchanges.

With the OKx Pool, investors can maximize their yields by accessing multiple mining services. Proof-of-Work (PoW) mining is supported by 9 major cryptocurrencies, such as Bitcoin. The top mining features on the OKx Pool include daily settlements, no minimum payouts, and stable income flow.

After completing a quick KYC (Know Your Customer) process within 10 minutes, investors can begin trading cryptocurrencies at the low cost of 0.10% per transaction.

8. DeFi Swap 

DeFi Swap is a crypto exchange and one of the best Defi yield farming platforms that offer crypto investors returns of up to 75% APY. The key to DeFi Swap’s high rates is its native DeFi Coin token (DEFC), which is the only crypto available for staking on the platform.

You must lock in your coins for at least 30 days and up to 1 year. A 30-day lock-in period offers a 30% APY rate, while a 1-year lock-in offers a 75% APY rate.

DeFi Swap Exchange

On top of this, it is a fully decentralized exchange and DeFi service. You can swap into DeFi Coin using virtually any major cryptocurrency, including most stablecoins.

Notably, DeFi Swap has made no secret that it wants to become a place for decentralized finance so early investors can see higher rates or yield farming options in the future.

DeFi Swap offers instant token conversion, avoiding slow and cumbersome centralized exchanges. Finally, DeFi Swap is launching its iOS and Android mobile app and a fully-fledged NFT marketplace.

9. Aqru

Aqru is a leading DeFi lending platform that offers flexible crypto interest accounts. This means that you can benefit from the growth of DeFi without needing to take on impairment loss. Instead, it’s just a case of depositing your tokens into your chosen account and collecting interest daily, free to withdraw at any time.

AQRU yield -Homepage

That’s the case for Bitcoin, Ethereum, or stablecoin USDC. They also offer Maple Finance a 90-day lockup, but the other cryptos have no fixed terms.

Aqru supports fiat currency. You can deposit funds with a debit/credit card or bank wire.

You can then elect to have your USD, EUR, or GBP deposit converted into one of the DeFi platform’s supported tokens. If you decide to withdraw fiat money from Aqru, no fees will be applied. Crypto withdrawals, on the other hand, come with a fee of $20 – which is paid in the respective token.

With that said, no commissions are dedicated to the interest that your tokens generate on Aqru. On the contrary, the APY that you see is exactly what you get. If you like the sound of Aqru, you can open an account in less than five minutes.

Visit Aqru to see the latest interest rates via your desktop browser or the mobile app.

9 YouHodler 

Swiss-based YouHodler has been gaining traction recently as a result of its attractive lending options, slick interface, and transparent nature. Since it was founded in 2017, YouHodler accumulated more than 150,000 users within the 200+ countries it operates in.

Security on YouHodler is excellent. Funds are secured in a mixture of hot & cold crypto wallets, and Ledger Vault technology has been implemented to provide users with more custodial options. Additionally, users with over $10k in their accounts can use ‘3-factor authentication’ to suspend withdrawals.

YouHodler is famous for its excellent yield farming options. The top cryptocurrencies are accepted, and interest can be as high as 15%. Rewards for holding stablecoins can be up to 12.3% (excluding compounding), and Bitcoin can yield up to 6.8%. Returns do vary from asset to asset, so it’s worth double-checking rates before registering.

For investors looking for a yield farming platform, YouHodler is a great choice. It’s available almost everywhere except US territories, Germany, and a few Middle Eastern countries. With a wide array of accepted assets, transparent fee structure, and easy-to-understand terms, YouHodler is a sure contender for the best yield farming crypto platform.

10. Coinbase 

Coinbase is one of the world’s largest cryptocurrency exchanges in terms of user accounts – with the platform now supporting tens of millions of traders. You can easily buy digital currencies here with a debit or credit card, and the Coinbase trading platform itself is perfect for beginners. Once you have crypto in your Coinbase account, you have the opportunity to start earning interest.

This is offered via its automated staking tool – which comes with no lock-up period. As Coinbase has only recently entered the cryptocurrency yield farming space, the platform supports just six tokens as of the time of this writing. This includes Cosmos (5%), Tezos (4.63%), Ethereum (4.5%), and Algorand (4%). Stablecoins include Dai (2%) and USDC (0.15%). Although Coinbase is ideal for newbies, the APYs on offer are a lot less competitive than other platforms.

coinbase staking

On the other hand, Coinbase offers some of the best security protocols in this space, including cold storage, two-factor authentication, and IP address/device whitelisting. Moreover, Coinbase is not only a regulated entity in the US, but the company now trades on the NASDAQ exchange. Coinbase is also a good option if you want to create a diversified portfolio of cryptocurrencies, as the platform supports more than 50+ digital tokens.

What Is Crypto Yield Farming? 

Crypto yield farming occurs when you stake or lend your crypto holdings to generate passive returns and earn rewards. Decentralized finance, or DeFi for short, has gained traction lately as a result of new features such as liquidity mining.

How Does DeFi Yield Farming Work?

In its most basic form, when you use a yield farming crypto site, you will be doing so to earn interest on your digital assets.

In many ways, this is similar to depositing money into a traditional savings account that offers an annual percentage yield (APY) on your funds.

However, make no mistake about it – not only is the concept of yield farming crypto sites a lot more complex than a conventional savings account – but the risks are much higher, too.

As such, we’ll explain the fundamentals of how crypto yield farming works in the sections below so that you have a firm understanding of how this niche sector operates.

Yield Farming Pairs 

The first thing to know about yield farming crypto sites is that each liquidity pool comes as a trading pair.

As a basic example, let’s say that the smart contract deposits funds into a BTC/ETH pool. In doing so, you are providing liquidity for both Bitcoin and Ethereum, which, in turn, ensures that sufficient levels of capital are available on this trading pair. In this example, liquidity is likely to be provided to an exchange that offers a trading market on BTC/ETH.

With this in mind, when you engage in yield farming crypto services, you need to consider volatility levels for both of the digital tokens in the respective pair.

APYs 

The next thing to understand is the annual percentage yield (APY). This simply lets you know how much you will make by providing liquidity for a specific yield farming DeFi pair.

For instance, if the APY offers 10% and you deposit a total of $1,000 in crypto, you should expect a return of $100. However, your returns are paid in crypto tokens instead of fiat money.

Therefore, if you originally deposit 1,000 ETH at 10%, your rewards will amount to 100 ETH.

With this in mind, you need to consider the respective tokens’ market value. After all, crypto token valuations change on a second-by-second basis – which will either benefit or hinder your investment returns.

Reward Coins 

When you deposit funds into a traditional savings account, interest is paid in the respective currency. However, in the case of yield farming crypto sites, there are a couple of clear differences to consider.

  • Your interest payments will be distributed in digital assets;
  • There can and will be a variation in the digital asset in which your interest is paid.

As such, this is something to consider in your search for the best yield farming crypto platform for your requirements.

Lock-Up Period 

A lock-up period refers to the amount of time you will be required to lock your tokens up prior to being able to make a withdrawal.

The lock-up terms stipulated by your chosen yield farming crypto platform are a crucial metric to consider before signing up.

After all, if you need access to your digital assets but your tokens are locked away in a smart contract, you won’t have any way of withdrawing until the minimum redemption period passes.

Distribution Frequency 

The last thing to bear in mind when searching for the best crypto farming crypto platform is to respect the distribution frequency of your interest payments.

For example, some yield farming platforms distribute interest payments anytime users want. This then allows you to re-inject the funds back into an interest-paying account, which, in turn, will allow you to benefit from compound growth.

On the other hand, some crypto yield farming sites will distribute interest at the end of the lock-up term. This means that you won’t have access to any funds – including rewards and your initial principal investment until the lock-up period has concluded.

Is Yield Farming Crypto Profitable?

Yield farming crypto can be profitable, but it’s not without risks. It involves lending and staking your cryptocurrency to earn rewards or interest. The profits can be high, especially when the market is doing well, because the rewards often come in the form of new tokens whose values can increase.

However, the crypto market is unpredictable, and the value of rewards can change quickly.

Crypto Yield Farming Taxes?

You likely know that many countries will tax cryptocurrency profits in the form of capital gains. In other words, if you buy $1,000 worth of Ethereum and cash out at $1,500 – then $500 of this figure could be liable for tax.

However, you might also be required to pay tax on any gains you make from interest-earning tools such as crypto yield farming. Depending on your country of residence, this could be taxed in the same manner as earnings made via interest accounts or dividend payments.

With that said, crypto-related taxes – especially with regard to yield farming, is a highly complex area. As such, it’s best to speak with a qualified advisor who specializes in digital currency taxes.

Is Crypto Yield Farming Safe?

Before getting started on your crypto yield farming journey, it is crucial to consider the risks.

After all, when you consider that many liquidity pools offer double- and even triple-digit APYs, the risk of loss is going to be much higher than that of conventional savings accounts.

The main risks that we identified when reviewing the best crypto yield farming platforms are as follows:

  • Token Price Volatility – It goes without saying that unless you are farming a stablecoin, you will need to factor in the risks associated with volatile and market pricing.
  • Platform Risk – You need to consider the risk associated with the DeFi yield farming platform itself. You need to check if the platform is legitimate so that you don’t deposit funds into a shady one.
  • Rug Pulls – These refer to digital assets that are created with the purpose of theft. Therefore, you need to do your research and make sure that the high-yield farming crypto project you’re trying to inject your funds into is not rug pull.
  • Smart Contract Risk – You need to make sure that the smart contracts are verified and without flaws since a poorly designed smart contract can lead to your tokens being stolen.

How Did We Rank The Best DeFi Yield Farming Platforms?

Before picking our top contenders, our team of experts vet every platform according to the following metrics:

  • Supported Cryptocurrencies – We made sure the platform we chose supports a variety of cryptocurrencies, including stablecoins so that you can maximize your earnings potential.
  • Security Measures –  We looked at the platform’s security measures so that your investments are safe and sound.
  • User Interface – We checked out each platform’s interface to make sure it is user-friendly and easy to navigate.
  • Customer Support – We considered the quality of customer support the platform provides in case of any issues.
  • Annual Percentage Yield (APY) – Finally, we check the platform’s average annual percentage yield (APY) to ensure you’re getting a good return on your investment.

Conclusion

Yield farming, the practice where you earn rewards by staking or landing your digital assets, has become a popular trend in the DeFi space. This is why the best yield farming crypto platforms have seen such hype from crypto investors looking to increase their holdings.

Frequently Asked Questions on Crypto Yield Farming 

Is crypto yield farming worth it?

How do you earn yield on crypto?

What is the best crypto for yield farming?

Is crypto yield farming better than staking?

How do I start DeFi yield farming?