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Among the DEFI projects, the UNISWAP decentralized exchange stands out, its token currently has a market capitalization of more than 21 billion US dollars and its dominance of the DEFI market is higher than 17%. Since April 25, the WTON token (Wrapped TON Crystal) has appeared on the UNISWAP exchange, and within three weeks, 210,000 TON Crystal - about $100,000 - will be additionally distributed among all those who provided liquidity in the USDT-WTON pair - this will be the first round of WTON yield farming. Members of the Free TON community talk about making money on farming, and what preceded the creation of a trading pair.
“A couple of years ago, the HODL strategy - buy and hold - was one of the most successful in the cryptocurrency market. But in 2020-2021 the market was literally blown up by DEFI projects, which include the fast growing Free TON ecosystem. With the entry into the market of decentralized exchanges, applications, it became possible not just to hold cryptocurrency, waiting for to-the-moon, but to receive income either from staking or from farming tokens of a particular project, " the Free TON community members note.
Yield farming has literally become a trend throughout 2021 in the field of DEFI. Along with staking and savings deposits in cryptocurrency, yield farming is a relatively new, but attractive method of generating passive income for investors, as well as attracting additional liquidity for any DEFI project. One of the most well-known projects for obtaining additional liquidity for any token is the Uniswap decentralized exchange, which creates trading pairs with ERC-20 tokens. It differs from any centralized exchange in the absence of the usual depth of market. Faster and more automated exchange of trading pairs occurs due to the provision of liquidity to a particular trading pair by multiple participants of the corresponding pool.
Moreover, any exchange participant can create this pair and add their ERC-20 token to Uniswap, again without the usual listing on centralized exchanges, where the listing fee can be hundreds of thousands of dollars.
At the end of April, the decentralized Free TON ecosystem, based on the open-source TON code written by the Durov brothers, released the WTON-USDT trading pair on the Uniswap exchange. This was preceded by the creation of a bridge with Ethereum.
In 2021, Free TON, together with the Broxus team (selected on the basis of a decentralized competition), began developing a bridge with Ethereum. The main goal of the bridge is to combine the liquidity of Ether with the speed of Free TON blockchain, which is now the fastest in the world, and the throughput of the blockchain is 0.2 seconds. Technically, this means that the transfer of information between the Ethereum and Free TON blockchains takes less than a minute.
Wrapped ETH (WETH) is “wrapped” ERC—20 token on the Ethereum network. WETH are blocked on a special contract in Ethereum in order to transfer them to the Free TON. After that, the Free TON network produces WETH of a different TIP-3 standard in a 1:1 ratio. The TIP-3 standard is a Free TON distributed token standard - faster and more reliable than ERC-20
With the WTON listing on Uniswap, anyone can make money on providing liquidity. Everyone who has provided USDT-WTON liquidity to the pool will receive a reward - a part of all network fees (0.3%) proportional to their contribution to the pool. Also, the Free TON project itself will additionally distribute 210000 TON Crystal - more than 100 000 US dollars - among liquidity providers in proportion to their contribution.
Members of the Free TON community note that those pool participants who can provide liquidity from 20,000 USDT and up get the most out of yield farming. Smaller investments may be relevant for staking.
Detailed instructions on providing liquidity to the pool and obtaining profitability from yield farming can be found here: https://forum.freeton.org/t/ton-crystal-yield-farming/10189
This article does not necessarily reflect the opinions of editors or the management of EconoTimes
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