Both of these guys I think are more or less on the same level with Yield Yak coming out above because of the really cool social auto compounding they promote.
YY puts a button on the farm specific page and allows anyone in the community to click, and in exchange they receive a small 1% or sometimes 0.25% return after investing more AVAX gas into the fund. You don’t even have to have anything invested in the pool. It’s really neat stuff but simple to understand once you learn more about Farms VS Staking.
Elk Finance on the hand does not offer a social auto compounding community but instead, has the “bridge” that people are always looking for when needing to transfer crypto across different chains (from ETH or BSC to AVAX for example). Elk has a smaller TLV but the codebase is real nice, just like YY, both of those guys run a nice team. Personally, I find the YY medium blog updates more exciting but Elk has some cool stuff they trickle in here and there.
- Dump some $$$ into a high performing auto compounding pool
- Swap between chains to transfer funds between Coinbase, Binance or whomever.
- Discover about new partnerships and learn new stuff in the crypto field
- The swap on YY is beautiful, similar to that of other top DEFIs… very smooth and no jenk code.
- If you just want a place to earn over 10% APY and your investment is less than $50,000 this place is a great home for your funds where I can easily see you earning UPTO 30% no matter how the market bobbles.
- Both TraderJoeXYZ and YY synergize; YY works really well with JOE.
- I could easily see the YY team being around for another couple years
- No affiliate or refer platform
- Farm APY fluctuate randomly, sometimes they are great for days and days in a row and other times, you might invest in a 300% APY and it goes to 20% the next day.
- The medium.com posts for Elk Finance could be a little better quality
- Small prize giveaways on Twitter for “bending the knee” and hypebeasting
- Hard to remember that an actual Yak and Elk are different creatures and I often confuse both platforms.
- Telegram community is hit or miss.
Instead of leaving your crypto on Binance or Coinbase and having your wallet funds idle, do something with those funds. I don’t think anyone should settle for APY under 10% or even 15%.
I would really love to see both of these guys offer an Affiliate module to encourage me to tell other people about them. I don’t like explaining things over and over to people and using a DEFI in general is more complex than a CEX like Coinbase but the rewards are just as bountiful (if not more). I don’t either of these guys breaking 500 million TLV until this happens.