The Ultimate Guide To Yield Farming on BSC (Part 1 Of 2)

  1. Degen + Compound With New Capital (Riskiest)
  2. Degen + Compound With Rewards
  3. Stable + Compound into Degen
  4. Stable + Dump (Safest)

Part One: Knowing When And When Not To Ape

1. Are there malicious contract functions?

  • setMigrator Function has been removed — the original Sushi and Pancake contracts have a setMigrator function that allows the owner to basically transfer your staked tokens. You’ll want to use https://www.diffchecker.com/ and compare the Masterchef contracts of the new project versus that of a safe and audited one (like Goose or Polaris) to see what the differences are. You don’t need to understand Solidity, but if you see weird functions, you should question them before entering.
  • No hidden mint functions — Also keep an eye out for hidden code that allows the contract owner to mint any amount of tokens. Again, these functions will stand out when you compare the new contract with a trusted one.
  • Timelock has been deployed and set as owner of masterchef contract — A timelock contract delays the execution of a contract function for a set amount of hours. Personally we think Timelocks are overrated and sometimes hurt the project since they delay everything. But having a Timelock is often more secure.
  • Team doesn’t control a large chunk of tokens — This requires some more digging through BSCScan, but you want to look at token holders and make sure no non-contract wallet has a large % of tokens. Look at staking transactions to the Masterchef contract and figure who the whales are, when they got in and what price they got in at. Making a spreadsheet is your friend in these cases.

2. Does the project offer anything new from what’s currently out there?

Unique Farm #1 — Jurassic.farm

Unique Farm #2 — Polarisdefi.io

Unique Farm #3 — Blizzard.Money

Low-Effort Clone #1 — Safufinance.xyz

Low-Effort Clone #2 — Yieldfarm.money

Low-Effort Clone #3 — Ninetails.finance

3. Does the project have a custom UI and branding?

Good — Jurassicfarm.app

Bad — Safufinance.xyz

Good — Blizzard.money

Bad — Yieldfarm.money

Good — Polarisdefi.io

4. What is the vibe of the project’s Telegram and/or Discord channels?

  • Unmoderated chat with excessive spam — Constant gifs or porn spam is always a bad look and will turn off serious buyers.
  • Unprofessional behavior from the admins — One of the most overlooked signs of a good or bad project is how the community manager handles negativity. If you go into the chat and talk shit, and the admins barely react or ask you to politely stop, that’s bullish. Why? Because the team knows what they’re building is valuable and aren’t worried about your opinion. On the other hand, if the admins are constantly being annoying, defensive or arguing with members, that’s a turn-off to newcomers.
  • Admins and owners talking about price — Most professional teams know they should not blatantly shill or make price predictions in the main chat. It’s a big red flag if the devs or admins are shamelessly talking about how the coin will moon, and pushing people to buy.
  • Poor English — If admins and community managers can barely string two coherent sentences together, that’s another red flag. Obviously Crypto is international and English is not everyone’s first language, but if the team talks like 14 year old kids or constantly makes spelling and grammar mistakes, that’s not good. Plus, not having a strong English speaker puts the project at a disadvantage because they turn off the Western audience.

5. What Is The TVL (Total Value Locked)?

Coming Up — Part Two

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