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How To Use Yield Yak Exchange: An A-Z Guide

Publish by The Junior Builder at 02 October 2021

In this article, I will guide you step by step on how to earn profit from the Yield Yak exchange as well as how to use the services which this platform brings in a detailed way.

Overview about Yield Yak

Yield Yak is a Yield Aggregator Platform, built on the Avalanche ecosystem. According to Markr.io - a website that aggregates DeFi projects on Avalanche, Yield Yak is the 4th largest TVL platform in the ecosystem (at the moment).

In addition, Yield yak also supplies a lot of Farming Pools with high liquidity, so you can freely choose and experience. You can optimize your profit by using the Auto-Compound Yield when attending Yield Farming.

With this Auto-compound feature, your rewards earned when providing liquidity on AMM will be automatically reinvested and then accumulated to get more rewards. As a result, you can significantly save time, costs and optimize your profit.

Prepare before trading on Yield Yak

Download and install Coin98 Wallet

Mobile Wallet

Yield Yak is now available on Coin98 Mobile Wallet for both iOS and Android.

Read the detailed instructions of Coin98 Wallet installation or watch the video tutorial below:

Extension Wallet

Coin98 Extension Wallet is supporting users on both Google Chrome and Firefox. Moreover, new users can directly install the Extension Wallet on their computer following these steps:

  • Install Coin98 Extension Wallet for Google Chrome here.
  • Install Coin98 Extension Wallet manually for Firefox here.

You can also watch the video tutorial below:

Create an Avalanche Wallet (AVAX C-Chain ARC20)

Yield Yak is built on the Avalanche platform. Therefore, to be able to use the services that this platform provides, you need to own an Avalanche (Avax C-Chain ARC20).

You also can import your wallets from other platforms to Coin98 Wallet and I recommend using Multi-chain wallets for easy interaction and management. You can follow the instructions below to create wallets.

  • How to create a Multi-Chain wallet (Recommended) here.
  • How to create an Avalanche (AVAX C-CHAIN ARC20) here.
  • How to import Metamask to Coin98 Wallet here.
  • How to import Trust Wallet to Coin98 Wallet here.

In the case you want to convert your tokens to Avax C Chain standard, I recommend you use Cross-Chain Bridge to convert your token from Avax X-Chain to Avax C-Chain.

If you are already a Coin98 Wallet user, you should import multi-chain wallets again to get updated with wallets on Avalanche C-Chain (AVAX-C ARC20), as well as other integrated blockchains on the latest version automatically.

On Yield Yak, whether you’re using USDT or AVAX, you need to transfer them all to your Avalanche (C-chain) wallet.

Note: Avalanche has 3 chains C-chain, X-chain, P-chain, corresponding to different AVAX tokens. Note that the X-chain wallet address will be changed after each transaction.

For wallet addresses created since version 10.2, Coin98 Wallet has improved the AVAX (X-chain) wallet address. Avax X-chain wallet will no longer be changed after each transaction.

If you are using AVAX (X-chain) wallet before version 10.2 , you can re-import the X-chain wallet to enjoy this .

Prepare AVAX to pay for gas fee

Yield Yak uses AVAX (C - chain) for the gas fee, therefore, to smoothly experience Yield Yak, you need to deposit AVAX (C - chain) into your account.

You can buy AVAX C-Chain tokens on Kucoin/Binance exchange, then transfer them to your wallet. If you want to buy from other exchanges but they only support depositing/withdrawing AVAX X-Chain. Don't worry, you can use the Cross-Chain bridge on Coin98 Wallet to convert AVAX C-Chain to AVAX X-Chain and vice versa. This is one of the outstanding solutions that make it easy for you to use Yield Yak.

Everything is ready, let’s start to earn!

How to use Yield Yak on Coin98 Mobile Wallet

Connect the wallet

Firstly, you have to connect your Coin98 Wallet with Yield Yak. You can follow these steps below

Step 1: Access Coin98 Wallet, choose Browser on the main screen → in the Farm and Stake section, slide to left and select Yield Yak or you can enter Yield Yak in the search bar.

Step 2: Click on the Connect Coin98 button at the top right corner of the screen. Normally, your AVAX-C ARC20 wallet will be automatically connected with Yield Yak.

If you have more than one Avalanche (C-Chain), you can easily select the desired wallet by clicking on the wallet option at the bottom right corner of the screen → choose the wallet you want to connect → click Connect again.

Swap

You can swap to receive the tokens you want by following these steps below. In this article, I will take the YAK-AVAX pair as an example. If you want to swap the other token pair, you can choose the corresponding pair.

Step 1: On the main interface, click on the navigation button at the top right corner of the screen → Choose Swap section.

Step 2: Select the token pair and enter the amount you want to swap.

Step 3: Click on the Check Price button.

Note: The system will automatically provide a list of the platforms with the best prices at the moment. You can compare and choose the platform with the most suitable price.

For this YAK-AVAX token pair, the system recommends that the best price transaction is on Olive and Yield Yak, so I will choose swap at Yield Yak. If the price on another platform is more suitable, you can switch to the corresponding platform to receive more tokens.

Step 4: Click Swap. The system will charge a small network fee to Swap, if you agree, click Send.

Farm

On the main interface of the Yield Yak, click on the navigation button at the top right corner → Choose the Farm section.

As you see on the screen, there are a lot of flatforms integrated on the Yield Yak: Pangolin, Trader Joe, Gondola… To find the pool as your preference, you can filter based on your pool criteria.

If you have a predetermined on which platform to farm on, you can filter the platform you want by clicking on the All platforms section → select the platform you want to farm.

There are 3 types of farms you can choose from:

  • Single asset: If you want to farm only 1 coin/token, you should choose a Single asset
  • Lp token: If you want to farm more than 1 coin/token, you should choose LP assets
  • Stablecoins: This option for farming from stable tokens like USDC, USDT, DAI,...

Step 1: Select the pool you want to deposit to. You can also see the profit in each pool. However, don’t forget that the higher profit, the higher risk, so you should be careful when choosing a pool.

I will take YAK-AVAX on Trader Joe as an example. If you want to farm on another platform, you can choose the corresponding platform and the corresponding pool.

Step 2: Add liquidity for the YAK-AVAX pair on Trader Joe at Dapp Browser.

2a: If you have not added tokens to the liquidity pool yet, you can add liquidity by clicking Get LP Tokens. The screen will automatically switch to the platform where you can receive the corresponding LP tokens. In this article, it is Trader Joe.

2b: If this is the first time you have added this token to your liquidity, firstly you need to go through the confirmation step by clicking Approve → Send to pay the fee.

2c: Click Supply → Confirm Supply →The system will charge a small network fee, if you agree, click Send.

Step 3: Go back to Yield Yak, click on the YAK-AVAX pool, now your wallet balance will be displayed on the pool.

Step 4: Enter the amount you want to farm and click Deposit

Step 5: The system will charge a small network fee, if you agree, click Send.

Stake

On the main interface of the Yield Yak, slide to the left and then click on the navigation button at the top right corner → Choose the Stake section.

Step 1: Select the pool you want to stake. I will take the YAK pool as an example. If you want to stake in another pool, you can choose the corresponding pool.

Step 2: Enter the amount you want to stake.

Step 3: Click Deposit. The system will charge a small network fee, if you agree, click Send.

How to use Yield Yak on Coin98 Extension Wallet

Connect a wallet

Step 1: Access https://yieldyak.com Choose Connect Coin98 at the top right corner of the screen.

Step 2: To connect with Coin98 wallet, click on the Connect button.

Note: You should convert the Web3 Priority of Coin98 Extension Wallet to Avalanche C-Chain! by selecting the Web3 Priority bar → select Avalanche C-Chain (AVAX-C & ARC20).

Swap

Step 1: On the main page, choose the Swap section on the navigation bar.

Step 2: Select the token pair and enter the amount you want to swap. In this article, I will take the YAK-AVAX pair as an example. If you want to swap the other token pair, you can choose the corresponding pair.

Step 3: Click on the Check Price button.

Note: The system will automatically provide a list of the platforms with the best prices at the moment. You can compare and choose the platform with the most suitable price.

For this YAK-AVAX token pair, the system recommends that the best price transaction is on Olive and Yield Yak, so I will choose swap at Yield Yak. If the price on another platform is more suitable, you can switch to the corresponding platform to receive more tokens.

Step 4: Click Swap. The system will charge a small network fee to Swap, if you agree, click Confirm.

Farm

On the main page, choose the Farm section on the navigation bar.

As you see on the screen, there are a lot of flatforms integrated on the Yield Yak: Pangolin, Trader Joe, Gondola…To find the pool as your preference, you can filter based on your pool criteria.

If you have a predetermined on which platform to farm on, you can filter the platform you want by clicking on the All platforms section → select the platform you want to farm.

There are 3 types of farms you can choose from:

  • Single asset: If you want to farm only 1 coin/token, you should choose a Single asset.
  • Lp token: If you want to farm more than 1 coin/token, you should choose LP asset.
  • Stablecoins: This option for farming from stable tokens like USDC, USDT, DAI..

Step 1: Select the pool you want to deposit to. You can also see the profit in each pool. However, don’t forget that the higher the profit is the higher the risk, so you should be careful when choosing a pool.

I will take the example of Trader Joe - pool YAK-AVAX. If you want to farm on another platform, you can choose the corresponding platform and the corresponding pool.

Step 2: Add liquidity for the YAK-AVAX pair on https://www.traderjoexyz.com/

Step 3: Go back to Yield Yak, click on the YAK-AVAX pool, now your wallet balance will be displayed on the pool.

Step 4: Enter the amount you want to farm and click Deposit.

Step 5: Click on the Sign button on the pop-up screen. The system will charge a small network fee, if you agree, click Confirm.

Stake

On the main page of the Yield Yak, choose the Stake section on the navigation bar.

Step 1: Select the pool you want to stake. I will take the YAK pool as an example. If you want to stake in another pool, you can choose the corresponding pool.

Step 2: Enter the amount you want to stake.

Step 3: Click Deposit.

Step 4: The system will charge a small network fee, if you agree, click Sign => Confirm.

Why should you experience Yield Yak on Coin98 Wallet?

For both users who are newbies and who know DeFi for a long time, using Yield Yak on the Coin98 Wallet DApp Browser brings undeniable benefits, such as:

Simple, easy to use

DApp Browser is integrated into Coin98 Mobile Wallet, on both iOS and Android. Just click "Browser" on the main screen, you will quickly access a "Storage" DApp smoothly and without interruption. Yield Yak has officially integrated Coin98 Wallet, facilitating users to connect wallets more easily and conveniently.

Limit the risk of cheat

Coin98 Wallet is constantly working on finding the highly applicable AMMs which give priority to ensuring the safety of user’s assets when integrating the correct address of the AMM on the app. So that you can avoid the cases like searching and accessing fake AMMs, tricking to get a Private Key / Passphrase, or swapping to win scam tokens.

The Cross-chain Bridge

Considered as one of the improvements of Coin98 Wallet to help users easily interact with Yield Yak, now you can convert Avax C-Chain to Avax X-Chain directly on the wallet without performing any redundant operations with 3rd parties.

Experience with multiple DApp Browser

If you are inclined towards earning on Yield Yak after reading this article, why don’t you try to experience other multi-chain DApps on the Coin98 Mobile Wallet DApp Browser?

Let's wait for other planets with Coin98 Wallet to be integrated into the Coin98 Wallet universe in the near future!

Summary

Hope this article has explained & helped you to use Yield Yak directly on Coin98 Wallet.

If you have any questions or problems when using Yield Yak, please feel free to comment below and join Coin98 Community to discuss your problem with admins!

See you guys in the next articles!

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