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An Overview of the YieldEx Feature on TEN Finance

Many crypto users perceive DeFi to be complicated, but products like YieldEx would help simplify and drive DeFi's adoption.

TEN Finance: DeFi Simplified

Many people new to decentralized finance (DeFi), and even veterans, sometimes struggle with DeFi's learning curve. For example, most yield-farming protocols require users to create Liquidity Pool (LP) tokens using a pair of different crypto assets. Users then stake these LP tokens to earn rewards. Pairing to stake or unpairing to recover the original assets may seem basic, but many people find the procedure time-consuming. What if we had a mechanism that simplifies yield-farming by letting users create and stake or unstake liquidity pool tokens with just a few clicks? That is precisely what YieldEx - TEN Finance's flagship product offers.

What is YieldEx?

YieldEx is a premium decentralized finance yield-farming product from TEN Finance, designed to make yield-farming with LP tokens easy for everyone. The simplicity which YieldEx offers is that it helps users diversify their DeFi investment portfolio quickly and with ease.

YieldEx aggregates multiple LP yield farms from different automated market makers (AMM) into LP classes such as Stable Liquidity Pool (SLP) for stablecoins and Premium Liquidity Pool (PLP) for blue-chip coins like CAKE, DOT, ETH, etc. If a user has some BNB or BUSD, the user can opt in to any of the available LP classes with one or two clicks. In the background, the YieldEx protocol will take the BNB (or BUSD) committed by the user, buy the individual tokens that make up each LP, pair the LP and deposit them into each farm. YieldEx takes care of these background transactions on behalf of users, saving users the time and trouble of buying and pairing multiple LPs. 

As of writing, YieldEx has four LP farms: Protocol LP, BiSwap AllStar LP, PLP - Premium LP, and SLP - Stable LP. Each farm comprises LP pairs, each with different allocation percentages.

YieldEx is also designed to benefit the TEN Finance ecosystem. Each LP vault contains an LP for the protocol's TENFI token, either TENFI/BUSD or BNB/TENFI. Having a TENFI LP pair in each vault creates sustained demand for TENFI, strengthening the TENFI ecosystem and ensuring deeper liquidity for TENFI. 

When users invest in any farm, their investments are spread out among the LPs in percentages, hence diversifying the risk of impermanent loss.

How YieldEx Works

YieldEx boasts the most straightforward multi-LP yield-farming procedure. Here are the easy steps required:

Investing

  • Scroll through the page to check the different YieldEx LP vaults. Choose which one to invest in, and click 'Manage' to expand the 'Wallet' menu. 
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  • Choose which asset to invest in, whether BNB or BUSD. If you want to invest BUSD, you will first approve BUSD before depositing (for BNB, approval is not required). After approving BUSD on first-time use, it won't be needed for subsequent deposits. Enter the exact amount you want to invest, or use the slider to invest as a percentage of your holdings. Then click 'Deposit to Vaults.' That's all it takes.
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To Retrieve Your Investment

  • Visit app.ten.finance. Connect your wallet if not yet connected.
  • Scroll to the YieldEx LP vault from where you want to retrieve your investment. 
  • Select the appropriate asset to withdraw (that is, BUSD or BNB). Input the amount to withdraw or use the slider. Then click 'Withdraw to Wallet.'. Next, click 'Claim' to harvest any accrued TENFI tokens from the TENFI LP in the vault.
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Closing Thoughts

When TEN Finance launched YieldEx in October 2021, it was the first product to offer such simplified auto-compounding LP yield-farming in DeFi-space. Charges are minimal, too, as YieldEx only carries a 1% Deposit fee (paid in BUSD or BNB) with no withdrawal fee. The writer believes that DeFi needs to be as uncomplicated as possible to be widely adopted. Products like YieldEx are necessary for every DeFi niche to significantly reduce knowledge entry-barrier and motivate more people to explore decentralized finance. 

What is TEN Finance:

TEN Finance is a yield aggregator/optimizer that makes staking and yield farming easy with the most liquid BSC liquidity pools available. The protocol ensures that users are exposed to the most robust yield farming environment in the Decentralized Finance (DeFi) market while providing security, sustainability, longevity, and simplicity. In short, TEN Finance is simplified DeFi.

Where to find TEN Finance:

Website | Twitter | Medium | Telegram | Github 

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