Have you been earning from DeFi farming and thinking how to cash out your earnings?
You’ve been yield farming on Avalanche for a while, generating some nice earnings and now you are thinking it is time to spend and enjoy your yields. Now what? Let’s have a look at the scenario that you’ve have earned some PEFI on Penguin Finance and now thinking what you can do with your PEFI earnings. One way is to stake your PEFI back and earn some more. But what if you need that cool PC monitor you’ve been thinking to buy for a while and looking for ways to do it with your PEFI earnings.
With this guide, we will explain how to use your earnings from yield arming and spend them for real world goods and services at CryptoRefills. We will use PEFI as our use case. But remember this also applies to other yield farming options on Avalanche such as OLIVE, LYD, BAMBOO and many others.
At CryptoRefills, you can buy gift cards with your crypto and use these gift cards to buy real-world goods and services from thousands of top retailers and brands. Head to learn how CryptoRefills work.
Not a DeFi Farmer Yet on Avalanche?
If you are not a DeFi farmer and earning PEFI yet, join their Discord server where you will find more information on this. In the image below you see a quick introduction on how farming on Penguin Finance looks like.
Let’s have a look at the likely scenario with Bob. Bob provides liquidity on Pangolin for ETH-AVAX pair on Pangolin Swap Pool. He acquires his LP Tokens and deposits them on Penguin Finance and earns his PEFI.
Now that Bob has earned some nice amount of PEFI, he thinks he can afford that PC monitor he has been thinking to buy for a while. What are the next steps for Bob? Here is where CryptoRefills comes in.
Bob now can spend his earning at Cryptorefills in exchange for gift cards for hundreds of top retailers or brands thanks to Avalanche payment option.
Let’s see how it works exactly.
How to Spend Your PEFI on Real-Word Products
Time needed: 15 minutes.
Here is how to transform your yield farming on Avalanche into real-world goods and services. In this example we make use of Pangolin swap.
So you should already have MetaMask installed, and you need to make sure Avalanche Network is set up in MetaMask. If not installed already, we recommend taking a look at our How to Use Metamask article.
- The first step is to swap PEFI for a stablecoin supported by CryptoRefills
CryptoRefills is accepting USDT, USDC and DAI for payments. Pangolin swap can be used to swap your PEFI into USDT easily.
- At this moment you will see your freshly swapped USDT appear on your Metamask wallet
Please make sure that your Metamask is connected to the Avalance network
- Now it’s time to buy some real world goods and services
Visit CryptoRefills, select your country and the gift card you would like to buy.
- Select Avalanche as your payment network
After adding the product that you want to buy in your shopping cart, simply select the pricing in “USDT, USDC or DAI” and “Available network” as “Avalanche”.
On the payment page you will see a Avalanche wallet address you can make your payment to.
- Pay via the Avalanche network
First make sure the Avalanche network is selected in your Metamask wallet. On the payment page you will now see an option to pay with Metamask wallet. Click “Open Metamask” and connect your Metamask wallet. Confirm your payment. After a few minutes, you will receive your gift card code by email from Cryptorefills.
- Spend your gift card on real-world products
Get your QR code or barcode on the gift card scanned by the cashier or display the gift card number and associated PIN to the cashier at the time of purchase. If you are paying online, at checkout, select Gift Card as the payment type and enter the gift card number and PIN when prompted.
That’s all you need to know about transforming your earnings from Avalanche yield farming into real world goods and services. For any questions, contact us at firstname.lastname@example.org.
Happy yield farming and keep shopping with your crypto!
Disclaimer: This post is for informational purposes only, and none of the information above is intended to be legal, investment, financial, or other advice.