Binance, one of the world’s largest crypto exchanges by trade volume, hosts one of the world’s most efficient blockchain networks.
With speeds often much faster than Ethereum and transactions often costing far less than $1, BNB Chain (formerly Binance Smart Chain) was an obvious choice for a new RFOX-BNB yield farm from RFOX Finance.
Metaverse company RFOX’s DeFi arm has been operational for nearly a year now. What began as an RFOX-VFOX farm, along with trading and staking, on BSC has expanded to Ethereum and forged a bridge connecting the Ethereum network to the WAX blockchain.
RFOX-BNB liquidity provision goes live when BSC block 15560000 enters the world and will run for about 90 days.
The team’s farming how-to article delivers further details:
- Finish line: 18152000 (approximately 8 AM UTC on May 26, 2022)
- Rewards per block: 1.574 RFOX
- Maximum stake per wallet: None
The RFOX-VFOX farm is nearing its end and is hovering around 6% APR. But since the RFOX-BNB pool is still just a baby, its APR is very high. I’m looking at is 250% right now!
Of course, RFOX isn’t running a Ponzi here, so those astronomical gains will decrease as more participants stake LP tokens in the farming contract. But now the iron is hot, and it’s time to strike!
Just remember that impermanent loss is a real threat and could erode your holdings of one coin or the other. If you’re not fussed either way and are looking to score LP rewards, then what’s to stop us?
Sub-$1 transactions are very welcome in a farming environment. If you’re tried farming on the Ethereum network, you know what I mean. You must have a big bag of at least $1,000 to make anything worthwhile after gas fees eat into your profits.
Good on ya’ if you’re already farming VFOX-RFOX tokens. But if you want that APR to soar, best to get into the RFOX-BNB farm sooner rather than later.