It’s confusing as hell yall.
Im new to defi, and i am slowly learning the robes. However, if I have a bag of stablecoins. Which chain do i start farming on!?
Avax, Solana, BNC – What are the differences, what are the advantages and disadvantages? The amount of information is overwhelming to a noob.
I have heard alot of Noice about ICX, NEAR and ATOM lately.. Which criteria do you look at to determin what makes sense, what is most safe etc?
Thanks in advance!
If I were getting into this for the first time, I would do it on Avalanche, because:
1. You can buy Avalanche on most major exchanges.
2. You can send it from the exchange to your wallet without any of the bridging nonsense you get with some of the other big chains.
3. It’s an EVM-compatible chain so it has a lot of the mature projects in addition to its own projects.
4. It has very good decentralization.
Other options aren’t necessarily all bad, but present some problems for a beginner:
* BSC is hard to get value onto from some exchanges and is centralized.
* Solana is pretty centralized, and doesn’t have a very mature ecosystem.
* Terra’s is great but ecosystem isn’t super mature.
* Polkadot has a pretty weird ecosystem–a lot of the projects are very mature, but it’s pretty hard to do some stuff at least for me.
* Polygon has a mature ecosystem, probably moreso than Avalanche so far, but for a beginner, getting money onto Polygon from exchanges is a bit of a hurdle (I mostly blame it on the exchanges). Transferring through the Ethereum chain is possible from most exchanges, but it’s extremely costly.
There are a lot of other chains but they generally are harder to get into *for a beginner* because they have less mature ecosystems, less tooling, and/or poorer exchange support.
There are a lot of reasons to choose some of these other chains (I’m invested in quite a few of these) but *for a beginner* I believe they will be more difficult than Avalanche.
Learn the ropes on a cheap EVM chain with high TVL (Fantom, Avalanche, Polygon) or an ETH rollup (Arbitrum, Optimism). That way you can get familiar with Metamask and Solidity contracts – which is how you’ll interact with 90% of DeFi.
I have been farming on ETH for a while but I found it more and more pricey, hence less profitable!
I moved 90% of my farming capital to BSC and I’m using Pancake Swap and Kalmy App for farming which pretty decent yields and low fees. For the yield seekers and risk takers Kalmy even provides leveraged options for higher returns
Hottest chains based on TVL, daily transaction growth, and wallets activated – these are at the moment: Ethereum, BSC, Avalanche, Terra, and Fantom.
Check out biggest protocols for each chain on [https://defillama.com/chains](https://defillama.com/chains) and carefully tip your toes into the refreshing cold water of DeFi. 😉
Good luck!
Do you guys usually just farm on one chain continiously, or do you utilize several?
Comment as a bump for ya and to follow along for some learning.
Personally at the severely small amount I know atm my understanding is a majority of blockchains interact with ETH in one way or another because it’s not a chain as much its more of an HTML or HTTPS so things can be built upon it and moved using it.
So im wondering in the context of the question “which is the safest” truly is, because my understanding any of them running through a chain have to be verified in some way. And if they don’t verify it themselves through their chain.. it goes through the ETH protocol to verify? See im new… So it would be super cool to learn.
I just have been listening to Vitalik buterin in between watching blackchain videos that break things down so if anyone has like some cool links to check out that would be awesome
I hope you get the answer OP