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Knowing which DeFi platform to choose is essential if you’re interested in starting out with yield farming.

Each of the following lending platforms has its own pros and cons, and will give you a different annual percentage yield and different transaction fees.

It’s based on the Binance Smart Chain, so be sure you have a crypto wallet that will handle BNC tokens easily.

PancakeSwap has several yield farms and all of them will require you to stake two tokens in order to obtain the LP tokens corresponding to that farm.

And by earning these LP tokens, you can also gain CAKE tokens, which are the governance tokens for the platform.

This is one of the biggest decentralized cryptocurrency exchanges and DeFi platforms.

It lets users earn interest on their cryptocurrency holdings by using its liquidity pools.

This one’s Ethereum based and allows you to swap ERC-20 tokens.

However, Ethereum also means its going to have higher gas fees, but it doesn’t require any identity verification or sign-ups to use the app.

This is a decentralized exchange built on the Ethereum blockchain, and it’s specifically designed to provide efficient trading between cryptocurrencies of the same value.

It also provides high annual interest returns on any crypto funds deposited by liquidity providers.

There are columns within the platform that will show you different APY you can gain by providing liquidity to each pool — alongside the assets you’ll gain in return (if any).

This is a cryptocurrency-based lending protocol that lets users earn interest on deposits and to borrow assets.

You can deposit stable coins into Aave and collect yield ranging from 4.78% up to 13.49%, which can be added to your current earnings in the form of staked AAVE.

Their DeFi lending pool is open source and allows customization for developers.

This is a decentralized exchange that uses the automated market maker (AMM) model to let users trade cryptocurrency tokens.

You’re given SushiSwap Liquidity Pool Tokens (SLP).

There are also other sushi-based incentives, such as swapping, liquidity pools, staking, and more.

Some of these platforms will offer the best yield farming if you provide liquidity, and you can use all of them in turn.

Remember to go over the total value locked on each platform so you can analyze how best to earn interest and be assured that the DeFi platforms you’re about to invest in are safe.

In our next lesson, we’ll look at whether or not yield farming is sustainable.

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