In this blog post, we will walk through yield farming with Aave on the Polygon network. Aave is a decentralized lending and borrowing protocol and has currently more than US$1.6B in its Polygon market. Polygon is home to one of the largest communities and is aimed at making blockchain technology accessible to the world.
Step 1: Head over to https://app.aave.com
Step 2: To start yield farming, connect to its Polygon market.
Step 3: Connect your wallet by clicking on the connect button and make sure you’re on the Polygon Mainnet.
Step 4: Choose your deposit asset from the available list.
Step 5: Click on the preferred asset to bring up the market information — total borrowed and total supply, alongside key stats like utilisation ratio. You can also find the maximum LTV (loan-to-value) which represent the maximum borrowing power for that collateral asset.
Step 6: To deposit, click on the “deposit” functionality on the right and you are done.
Borrow against your assets as a collateral
Step 7(Optional): Head over to the “Borrow” tab on Aave and select the asset you wish to borrow for.
Step 8(Optional): Use the maximum LTV (loan-to-value) as a guide, you can borrow against your deposited assets from the Aave protocol and pay low interest on the loan.
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About Polygon
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ txns, and ~6M+ daily txns.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
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How to Yield Farm with Aave on Polygon was originally published in The Polygon Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.