Betting is one of the best ways to earn passive income in the crypto market – and it's easier than you think, as you can get started in minutes with little capital.
Currently, due to the high fees on the Ethereum network, it does not make economic sense for small farmers to chain to our profit sharing pool.
That's why we've integrated with Binance to enable anyone to participate in the pool, even with just $100 in your name.
The Binance Staking Guide here is for absolute beginners - so for those of you waiting to enter the world of $FARMstaking, here's the push you need!
Why Stake $FARM on Binance?
You may be wondering why you should choose to stake $FARM on Binance – especially if there are other platforms (like itself Harvest Finance ), where the APY may be higher.
While there are multiple ways to bet on $FARM, Binance staking is great for beginners. You can choose a duration of 30/60/90 days with zero transaction fees as well.
Binance takes its own to cover any Ethereum gas fees along the way (hence lower APY than harvest.finance)
There are several transactions involved in the chain and sometimes it can fail which is not the case with Binance as they carry all the risks.
Besides these two critical advantages, Binance staking can also be set up in a few minutes and with a small capital of 0.2 $ FARM. Together, they make Binance betting suitable for beginners.
Step by step guide to betting on $FARM
This tutorial assumes you already own a Binance account.
1. The first thing you need to do is go to Binance Staking Page. Here you will find various Proof-of-Stake (PoS) chains to participate in.
2. Search for $FARM. At the time of writing, the calculated APY for staking $FARM is 12.12% for the 30 days, with the 60-day and 90-day returns slightly higher.
3. Select the duration for which you want to bet $FARM. The longer the duration, the higher the passive income generated! Click on bet now after selection.
4. Now enter the amount you want to bet. On the right, you will see the approximate interest you will earn for the selected parameters.
5. After confirming the duration and amount, check the Binance Terms of Service box and press confirm!
6. That's it! Bet $FARM in minutes! You will automatically earn interest and it will be reflected in your wallet daily.
Where can you see your earned interest?
There are two ways to see the interest you earn for betting on $FARM.
Method #1 is to go to this URL: https://www.binance.com/en/my/wallet/account/saving
and make sure the Locked tab is open:
Note that the interest does not appear there immediately, but accumulates once every 24 hours.
Method #2 You can also see it under "locked staking" on the Binance Staking page, where you will see the amount in the "locked" section for each asset that has been staked.
Binance supports the Harvest profit sharing pool
Some of you may be wondering about the mechanism for sharing on the profit of Harvest Finance , where the fees generated from the execution of harvesting strategies are shared among FARM participants.
Binance has directly incorporated this into our staking platform, so even if you bet through Binance, you are entitled to $FARM from the profit sharing mechanism! This is also subject to automatic compounding, which means less micromanagement on your part.