$FARM Passive Income with Binance Staking [For Beginners]
Staking is one of the best ways to earn passive income in the crypto market — and doing this is easier than you think, as you can get started in minutes with little capital.
Currently, due to high fees on the Ethereum network, it doesn’t make economic sense for small farmers to plug in on-chain to our profit sharing pool.
This is why we integrated with Binance to give everyone the opportunity to participate in the pool, even with just $100 to your name.
The Binance staking guide here is for absolute beginners — so for those of you out there waiting to step into the world of $FARMstaking, here’s the push you need!
Why Stake $FARM on Binance?
You might be wondering why you should choose to stake $FARM on Binance — especially if there are other platforms (like Harvest Finance itself) where the APY may be higher.
While there are multiple ways to stake $FARM, staking on Binance is great for beginners. You can choose a duration of 30/60/90 days, and the transaction fees are also zero.
Binance takes their cut to cover all the Ethereum gas fees along the way (hence lower APY than at harvest.finance)
There are a couple of on-chain transactions involved and sometimes it might fail, which is not the case at Binance as they bear all the risks.
Besides these two critical benefits, staking on Binance can also be set up in a few minutes and with as little capital as 0.2 $FARM. Together, these make Binance staking suitable for beginners.
A Step-by-Step Guide to Staking $FARM
This tutorial assumes that you already possess a Binance account.
1. The first thing you’ll need to do is head over to Binance Staking Page. This is where you’ll find various Proof-of-Stake (PoS) chains to stake in.
2. Search for $FARM. At the time of writing, the estimated APY for staking $FARM is 12.12% for the 30 days, with the returns on 60 days and 90 days being a little higher.
3. Choose the duration for which you’d like to stake $FARM. The longer the duration, the higher the passive income generated! Click stake now after selection.
4. Now enter the amount you’d like to stake. You will see the estimated interest you will earn for the selected parameters on the right.
5. Once you’ve confirmed the duration and amount, check the Binance Terms of the Service box and hit confirm!
6. That’s it! You’ve staked $FARM in a matter of minutes! You will automatically be earning interest and this will reflect in your wallet daily.
Where You Can See Your Earned Interest?
There are two ways to see the interest you’re earning for staking $FARM.
#1 method is to go to this URL: https://www.binance.com/en/my/wallet/account/saving
and make sure the Locked tab is open:
Note that interest doesn’t appear there immediately, but adds up once every 24 hours.
#2 method You can also view it under “locked staking” on the Binance Staking page, where you will see the amount under the “locked” section for whichever asset has been staked.
Binance Supports Harvest’s Profit-sharing Pool
Some of you may be wondering about Harvest Finance’s profit-sharing mechanism, where fees generated from yield farming strategies’ performances are distributed to FARM stakers.
Binance has directly plugged this into our staking platform, so even if you stake via Binance, you are entitled to $FARM from the Profit Sharing mechanism! This is also subject to auto-compounding, which means less micromanaging on your part.
About Harvest Finance
Harvest is an asset management platform that maximizes yield for assets deposited by users. Harvest reduces gas costs and develops cutting-edge strategies to become the stop-shop of yield farming in DeFi.