Defi mining can be simply understood as pledging the tokens in your hands on the platform to provide liquidity(tokens) for them, and the platform gives you other tokens as rewards. For example, if you currently hold a certain crypto, but the recent crypto price cannot reach the ideal price of selling, or you plan to hold it for a long time, you can participate in pledge mining in order to prevent the funds from being idle during this period.
After the tokens are transferred to the wallet, you can choose the DAPP that supports the mining of the tokens you hold to start mining. On the Bitget Wallet (Previously Bitget Wallet (Previously BitKeep)) wallet, you can find DeFi projects on different chains, choose a mining revenue platform, a single-token stake platform, and the annual mining revenue (APY) of different platforms is different.
Newbies need to be aware that DeFi mining has the following risks:
- The Dapp project party for mining ran away, and the staked funds could not be recovered
- Dapp Hacked, Funds Stolen
- The market volatility caused the price of the crypto to plummet. Even if the income from the pledge is included, it is still a loss.