There are several ways to make extra cash in the crypto space other than buying a token and hoping it surges. Also, although the market has been a bit wavy since the year began, farming remains a good way to earn using crypto. Additionally, several crypto platforms offer decent opportunities to earn from farming. However, the Loop-Luna farm is one of the best.
Loop Finance is Terra blockchain’s first decentralized exchange with incentive liquidity pools. In addition, the platform has two key aspects. The first is Loop Markets, an AMM DEX based on Terra. Furthermore, the market employs the Automated Market Maker (AMM) paradigm of “lazy capital” pooled together to offer passive income for liquidity providers (LPs) and quick swaps across a range of Terra assets.
Loop Wallet is the second key part of Loop Finance. The wallet is a non-custodial mobile wallet for shopping and commercial payments. Also, it incorporates Loop AMM, generating liquidity for payments through native swaps of stablecoins and Terra assets from the Loop DEX.
The $Loop token powers a series of activities in the Loop ecosystem. In addition, the token is used for governance and to earn transaction fees.
Earning a 44% APY on the $LOOP-$LUNA Farm
Loop Finance has several farms where holders of different crypto assets could potentially stake their tokens to earn good yields. Furthermore, amongst the farms, the $LOOP-$LUNA farm stands out due to its high APY. At the time of writing, the farm offers an annual percentage yield (APY) of more than 44%.
Pair your LOOP with LUNA and get killer returns📈
— Loop Finance 🌔 (@loop_finance) April 5, 2022
To participate in Loop Finance’s farms, you need to have available $UST in your Terra Station Wallet. Here’s a breakdown of how to navigate Loop Finance in order to farm for yields.
- Visit LoopDEX using the Loop Markets.
2. Click on the “CONNECT WALLET” button at the top right of the dApp to connect your Terra Wallet Station.
Click on the Connect button to authorize the connection.
3. The farm you want to invest in requires $LOOP-$LUNA LP tokens. Furthermore, the next step is to convert the $UST you want to invest in into an equal dollar amount of $LOOP and $LUNA tokens. Also, to do this, you’d have to head to the swap section.
4. After getting an equal dollar value of $LOOP and $LUNA tokens, head to the pool section to swap them both for $LOOP-$LUNA LP tokens.
5. Once you get your $LOOP-$LUNA LP tokens, head to the Farm section to deposit your LP tokens. Scroll down until you locate the farm.
6. After locating the $LOOP-$LUNA farm, click on the “Farm Button” to stake your LP tokens. Currently, the APY (Annual Percentage Yield) of the $LOOP-$LUNA farm is 51.42%.
7. Specify the amount of your $LOOP-$LUNA LP tokens you’d like to stake and click on the “Stake” button.
As of writing, Loop trades at $0.115118. Furthermore, for other passive income options, check out this article on how to stake ATOM and USDC to get 72% APY.
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