4 Yield Farming Tokens Losing Over 34% In Value This Week

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One may argue yield farming tokens are a great addition to the cryptocurrency industry. These tokens benefit liquidity providers across DEXes and other trading platforms. However, the following tokens are on a very slippery slope lately, making one wonder whether they have any long-term potential. 

Meme (MEME)

Although the token name may indicate something else, the MEME asset is part of an ecosystem combining NFT and DeFi technology. Holders can stake the token in farming contracts to earn reward points and farm non-fungible tokens. It is an exciting addition to the NFT and DeFi industry, creating a platform for independent artists. Moreover, users can sell the tokens on secondary markets like OpenSea. 

There was much initial excitement regarding MEME, allowing the token to hit an all-time high of nearly $4,000. Unfortunately, that ATH is 94.9% away from the current price, and $MEME has lost another 34.6% in value today. Things look rather bleak for the token, although the overarching concept remains intriguing. Moreover, the option to stake MEME and acquire new NFTs is appealing, although not all non-fungible tokens have value. 

Tarot (TAROT)

Decentralized lending platforms and protocols like Tarot introduce many revenue-generating opportunities. Tarot operates on the Fantom network and uses isolated lending pools for people to lend and borrow money. Lenders can support assets to gain passive yield without permanent loss. Borrowers can deposit LP tokens in lending pools to borrow additional tokens. 

TAROT tokens are farming rewards issued to borrowers active in the Tarot Protocol. Users who participate in eligible pools earn these tokens, creating an extra income stream. Like other yield farming tokens, TAROT is far off its all-time high (-89.1%) and faces a weekly 39.9% decline. Recovering from this dip is not impossible, but it may take a while.

Paint Swap (BRUSH)

Paint Swap is one of the many projects building on the Fantom blockchain. The developers want to establish a premier open NFT marketplace with a unique, sustainable yield farming AMM mechanism. Although 50% of earnings are locked for three months, users can earn yield farming tokens in BRUSH. So far, the platform has over 10.3 million FTM in volume across over 72,000 NFT sales.

Moreover, the developers use 50% of all sale fees to buy and burn BRUSH tokens from the open market. Unfortunately, that has not prevented the token from dropping by over 82% since its all-time high and losing 63.5% this past month. With no imminent market reversal in sight, and a relatively low trading volume, Paint Swap faces some rough seas. 

Viper (VIPER)

Many yield farming tokens have lost tremendous value since their all-time highs in the past year. VIPER, the Viper DeFi protocol asset on Harmony, is no exception to that rule. Its current value is 96.6% lower than the all-time high, and its trading volume is well below $75,000 per day. Moreover, this week yielded another 35.4% decline in VIPER value. Those statistics do not instill much confidence, yet people are still interested in this asset today. 

ViperSwap, the first project under the Viper protocol banner, is an AMM. VIPER is a governance token for the platform, yet it can also be staked to earn fees from all trading activity. There is a strong utility for this token, yet that alone isn’t always sufficient to keep investors engaged. Moreover, VIPER mainly trades on ViperSwap, and HotBit is the only other exchange, indicating more work for the developers and marketing team. 


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