Yield Aggregator SolFarm launches on Solana

The first yield aggregating protocol on the Solana blockchain, Solfarm, launched their Beta in late April, 2021. Solfarm makes the farming experience for users seamless, and with the integration of Raydium's farms, users can start earning high-return yields with large APY.

By
Ahamdi Abarikwu
on
April 30, 2021
Category:
Project Insight

Solfarm Live on Solana

Solfarm's launch on the Solana blockchain was announced today. The announcement indicates that there would be a newer version of the aggregator with time. The Solfarm vaults optimize the #Solszn yields so that users will no longer need to manually compound their $STEP LP. This auto-compounding will result in an optimal yield, provided there is a right time interval between the harvests. Hence, compounding becomes more frequent and users earn more since they are paying only a small amount in transaction fees. The server is already open and working for those with invites while there would be an update for when invites are re-opened. More updates are available in Solfarm's community Discord here and on Twitter here.

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While Solfarm does plan to charge small fees to its users, the team believes that the benefits that their project will provide will more than make up for these fees. Some of the planned features of Solfarm include:

  • Auto-Compounding Yields
  • Simple User Interface
  • Rewards for Beta Participants
  • Low Gas Fees
  • Optimal APY on Investment

About Solfarm

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Solfarm is a Solana-powered, decentralized yield aggregator and it is the first one built specifically with the Solana blockchain. The Solfarm platform makes the farming experience seamless and helps users earn yields easily. Users can rely on convenience, gas efficiency, and other auto-compounding benefits as they use the Solfarm protocol. While the V1 launch only supports single-asset reward pairs, there are plans for the newer updates to support double-asset reward pairs. The Solfarm team has confirmed that no native token will be released during launch, but they might reward early participants in their beta.

About Solana

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Solana is an open-source project that implements a new, high-performance, permissionless blockchain. Solana runs on the proof-of-stake (PoS) consensus mechanism for optimum efficiency. For example, it currently processes more than 68,000 transactions per second (TPS) compared to that of Bitcoin and Ethereum both of which clock under 25 TPS.. Since the launch of its mainnet, Solana has developed more than 50 million blocks with projects running on the Solana protocol. Solana uses a tower BFT which is a special PoS-based consensus mechanism to achieve less latency and communication overhead.

In another development, Solana has announced the opening of registration and the date for the opening of its hackathon season. Registration has opened today and the season will run from May 15 to June 7, 2021. Participants can come from any part of the globe but must be willing to leverage Solana's speed, low fees, and scalability to develop projects that can move forward the NFT, Web3, and DeFi communities. Prizes and seed money that are up for grabs total approximately $1 million.

Closing Thoughts

There is no denying that Solfarm will be a massive hit, especially due to the lack of aggregating projects currently available on Solana. This can be affirmed by checking out the Solfarm vault and the team’s plans for the platform; the project has been carefully developed to meet the needs of users regardless of the number of projects on the Solana blockchain. Their future plans indicate Solfarm plans to be the premier yield aggregator on the network, attempting to mimic successful projects on different blockchains. Check out Solfarm if you are in the market looking for a high-quality yield aggregator on the Solana blockchain!

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time.