Honeyfarm.Finance has done something I haven’t really seen before. Come with me and we’ll take a deep dive into the world of multi-layer staking, gems, and NFT’s — Ready to Level Up?
If you know anything about me, you’ll already know that my “thing” is seeking out extraordinarily high yield farms and exploring the various ways they can ‘spin’ DeFi these days. So, I was pleasantly surprised to come across HoneyFarm.Finance. And the thing that they have done that I’ve never seen laid out before is their so-called Multi-Layer Farming.
Multi-layer farming, however, isn’t necessarily a new thing. But the way that HoneyFarm has laid it out appears to be extremely strategic. Y’see, most projects have a roadmap where they introduce this and that over time, and importantly, just proceeding at their own pace. So, one day, you might just see a Tweet or something that some catalyst is coming up for that particular project.
Well, not so for HoneyFarm. Well, sort of. They have gone so far as to announce in advance when the farms and pools of their current native token will end, so that users can pull out their staked funds if they so desire. By doing this, they say that they are reducing the risk of impermanent loss. But, users do not have to remove their staked funds— in fact, they are currently on Level 4 with their BEE token, but their 3 previous layer tokens still trade and still have respectable pools and farms.
Hmmm … why does BEE sound familiar? Ah ha! I remember! I mentioned BEE in one of my articles Singular.Farm — TRIPLE Reward High Yield Crypto Banking. If you haven’t read this article yet, you might want to. Here is just a snippet from that article, and don’t worry, I will not be using “old” images in this article. I have a whole slew of new information about HoneyFarm and BEE token to share with you today (see image below):
So, I was joking in my previous article that the APY in the BEE/BNB farm has a letter in it! LOL. It would be like me asking you how old you were, and you answered “J”. I mean, the APY for the top farms on Singular.Farm are so…
