Non-fungible tokens are now being used by yield farmers looking for new ways to leverage digital assets through available DeFi and exchange protocols.
Yield farming is nothing more than putting cryptocurrency assets into use by earning a return on the capital invested. There are numerous money markets. Such as Compound, Curve, and Aave, and these provide the most straight forward road to earning a yield.
The term is widely used within the DeFi ecosystem but now the first mentions are occurring within the non-fungible token sector as collectibles meet DeFi.
.png)
Key takeaways
- Marketplace trading volumes surged by 1127% surpassing $7 million in September.
- Rarible.com is responsible for 81% or $5.5 million of the transaction volumes generated in September.
- Rarible.com has launched the first governance token in the non-fungible token ecosystem.
- 75,000 RARI tokens are distributed each week to users.
- The total weekly token drop is worth $450,750 at the time of writing and might trigger another yield farming wave.
Within this report, we are focusing on one of the most popular marketplace at the moment, Rarible that has generated $5.5 MILLION in September 2020