How to Track Your DeFi Yield Using Yieldwatch
Are you facing difficulty tracking your assets across all the BSC DeFi platforms you use? Yieldwatch fixes this.
Learn how you can use Yieldwatch to easily monitor your DeFi assets and their APYs across Binance Smart Chain (BSC).
What is YieldWatch?
Yieldwatch provides a one-stop interface that allows you to monitor your asset exposure and interest payments from several leading DeFi apps on Binance Smart Chain.
Yieldwatch.net will:
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Display the sum of your deposits across DeFi platforms
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Display the net yield across those platforms
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Provide a range of figures for each pool, including price change, HODL value, Impermanent Loss (IL), and fee earnings.
Why You Should Track Your DeFi Yields
As a yield farmer, multiple things are affecting your profits, including:
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the rewards of the pools you have staked in;
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the amount you’ve staked in each pool;
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yields you’ve earned thus far;
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any ILyou’ve been exposed to;
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and pool-specific details.
All of these factors are important for you to see how your earnings have increased relative to your initial deposit.
**Monitoring your yields in each pool across all your DeFi platforms must be compared to how much you would have profited from simply HODLing your assets. **
This comparison will bring your attention to improving your DeFi strategy if your current yield is unsatisfactory.
It will also allow you to manage your risk if you monitor the necessary figures for each pool.
As a result, you may choose to exclude a pool performing poorly, or you could stake more into a pool outperforming the rest of your strategy.
This selection and improvement can only be made if you track the details of the performance of each pool across all the platforms you use.
The Difficulty of Tracking Multi-Platform DeFi Yields
Being a yield farmer, you most likely use many different platforms to put your crypto assets to work. However, each protocol comes with different factors that could affect your DeFi returns.
Trying to see these differences is very time-consuming.
Doing that without a service like yieldwatch.net would involve going to every platform you use individually. Then, you’d have to manually add up the figures from each to get your total DeFi figures, including a net APY.
Or you would have to program your own application that pulls data from each of your favorite platforms using their respective APIs, which would probably take even longer.
Moreover, **some figures that are useful to know may not be displayed by some platforms you use, adding another hurdle to your yield tracking efforts.
Watching Yields on Yieldwatch
When you access Yieldwatch, all you have to do is enter your wallet address, and BAM!All your assets across supported platforms are listed in one convenient place.
Currently, the supported protocols are:
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Beefy.finance
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PancakeSwap
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Venus Protocol
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AutoFarm
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ACryptoS
The developers have scheduled to add more platforms in Q1/2021 and expansion into the Ethereum network is also planned at an unset time.
Data Provided by Yieldwatch
Aside from Total Deposited and Net Yield figures for all your pools, Yieldwatch also hows you pool-specific data.
For example, STAX-CAKE LP, Yieldwatch provides everything you would want to know about its performance.
The three earnings figures allow you to differentiate exactly how your pool is generating you the most returns, while token change allows you to see how many tokens you’ve gained or lost for each asset.
Pairs also have a dedicated IL section, as shown below.
The alternating arrows in the top right switch you between currencies for displaying your data. Right now, it’s displaying everything in CAKE, but for a pair, both assets are supported reference points. USD is an option too, and support for other fiat currencies is planned.
In the IL section, you have another earnings figure, Liquidity Pool Earnings, allowing you to further differentiate how the pool is profiting you.
Moreover, the accompanying HODL Value **and **Impermanent Lossfigures provide much-needed convenience to a yield farmer deciding if a pool is useful at all compared to HODLing.
How Yieldwatch Data Can Help You
Assistance provided by the platform can help you in two significant ways:
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Faster decision making due to all your pools’ data in one location
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More informed decision making due to access to data you would otherwise have trouble finding
The Takeaway
Yieldwatch enables you to seamlessly track your exposure and earnings in the Binance Smart Chain DeFi ecosystem.
If you’re a DeFi investor on BSC and want more insight into how much yield you are generating, you should check out Yieldwatch.