Before you invest in a liquidity pool, called a Vault, on Yearn.finance, you will need an Ethereum-based wallet and a general understanding of risks including impermanent loss. Read all four modules first and start small!
- Connect a Metamask wallet (top right home screen)
- Go to “vaults”
- Find a coin you own, such as Eth, and intend to hold long term.
- Check the APY and APR.
- Click on “Show” and enter a small amount you want to deposit
- Click on connect to wallet again to check the fees.
- If the fees are ok, select confirm, if not, reject. You may need a larger amount ($2000 +) for the fees to even make sense, but only invest what you can afford to lose.
- Once you have investments on Yearn, you can access the dashboard
- To withdraw go to the dashboard and select withdraw.
Example
- Connect to a Metamask wallet and click on Vaults
- Select a coin you already own. Check the interest at 1.57%, not exciting but if you are holding it without interest, this is better.
- Click show. You will see the amount available to deposit from the wallet you connect.
- Enter and amount to deposit, then Check the gas on Metamask… In this example, the reaction ought to be: Whoops! Gas is $45 on a $50 transaction! Click reject if gas is too high. The larger the investment, the less important this amount will be.
Now you can use the dashboard to make more deposits or withdraw funds. Note that there is a 1% fee charged to withdraw and coins in vaults with very low liquidity may fail.