User Story: Farmer
Last updated
Last updated
PembRock Finance is the very first leveraged yield farming protocol on the NEAR blockchain. In our other blog posts, we have highlighted that on launch, there will be two main ways to earn — either as a lender or a yield farmer.
To give you an understanding of how easy it is to use PembRock, we will now share with you the experience of Bruce, a yield farmer who got a chance to test our platform for himself. Bruce is someone who has used crypto for a while, but that doesn’t mean he didn’t appreciate the fact that our protocol is so user-friendly. We want you to know that you can benefit from PembRock’s yields whether you’re an experienced DeFi investor or a new user.
To read about the experiences of Steve, a lender who got a preview of PembRock Finance, check out our other blog here.
People’s main objective when interacting with yield farming protocols is to gain profits, but of course, it makes a big difference when a platform is so easy to use. Interacting with PembRock is fun, and it really only takes a few steps to put your funds to work.
Yield farming will always have some risks, but they can be managed depending on your knowledge of the market and the kind of coins you choose to farm. USDT is predictable, and NEAR is a coin with great potential, so I was happy to open a position with these cryptocurrencies.
For those that don’t have so many funds, being able to leverage provides a way to boost returns in comparison with traditional yield farming, and PembRock gives you the flexibility to farm with or without leverage, the choice is yours. I can open a position with 1x leverage or scale it up to 3x (or anywhere in between) if I’m feeling confident.
With PembRock’s leveraged yield farming, a new avenue of profit-making is open to you. For those that don’t have so many funds, being able to leverage provides a way to really boost returns in comparison with traditional yield farming. What’s more, it helps provide greater liquidity to the DeFi ecosystem, making it a win-win for both the farmer and the DeFi sector itself. Once you set up a NEAR wallet and connect to the platform, you simply need to go to our Farm section. You then choose the asset you wish to deposit along with the asset you wish to borrow, and put up your collateral, leveraging between 1x and 3x. Remember that once you start farming you always have the option to adjust or close your position at any time!
