How to Deposit BNB on Yearn Finance: Step-by-Step Guide (2023)

Why Deposit BNB on Yearn Finance?

Yearn Finance automates yield farming strategies to maximize returns on your crypto assets. By depositing BNB into Yearn’s optimized vaults, you leverage advanced DeFi protocols without manual management. Benefits include compounded yields, risk diversification, and gas efficiency – ideal for passive BNB holders seeking growth beyond standard staking.

Prerequisites for Depositing BNB

• BNB Tokens: Ensure you hold BNB (BEP-20 version) in your wallet.
• Web3 Wallet: Install MetaMask or Trust Wallet with Binance Smart Chain (BSC) configured.
• Gas Fees: Keep 0.01-0.05 BNB for transaction costs.
• Yearn Access: Bookmark the official Yearn Finance site to avoid scams.

Step-by-Step: Deposit BNB on Yearn Finance

Step 1: Connect Your Wallet

1. Visit the Yearn Finance homepage and click “Connect Wallet” (top-right).
2. Select your wallet provider (e.g., MetaMask).
3. Confirm connection and switch network to Binance Smart Chain if prompted.

Step 2: Navigate to BNB Vault

1. Go to the “Vaults” section from the menu.
2. Search for “BNB” or locate the BNB vault (e.g., “yBNB”).
3. Click “Deposit” on the BNB vault page.

Step 3: Approve BNB Spending (First-Time Only)

1. Enter the BNB amount you wish to deposit.
2. Click “Approve BNB” – this authorizes Yearn to access your tokens.
3. Confirm the approval transaction in your wallet (gas fee applies).

Step 4: Deposit BNB into the Vault

1. After approval, click “Deposit.”
2. Review transaction details in your wallet pop-up.
3. Confirm the deposit. Wait 1-3 minutes for blockchain confirmation.

Step 5: Track Your Investment

• View your deposited BNB balance under “Vaults” → “My Vaults.”
• Monitor yields via the vault’s APY display or platforms like DeBank.

FAQs: Depositing BNB on Yearn Finance

Is there a minimum BNB deposit amount?

No strict minimum, but gas fees make small deposits impractical. Aim for 0.1 BNB+.

What risks should I consider?

• Smart Contract Risk: Vaults rely on unaudited code (despite Yearn’s strong security record).
• Impermanent Loss: Possible if vault uses BNB liquidity pools.
• APY Fluctuation: Yields vary based on DeFi market conditions.

How do I withdraw my BNB?

Go to “My Vaults,” select BNB vault, click “Withdraw,” and confirm. A 0.1%-0.5% withdrawal fee may apply.

Are fees charged on deposits?

Yearn charges a 20% performance fee on earned yields and a 2% management fee. Gas fees are paid to the BSC network.

Can I deposit BNB from exchanges like Binance?

No. Transfer BNB to a self-custody wallet (MetaMask/Trust Wallet) first. Exchanges don’t support direct Yearn integration.

Maximizing Your BNB Deposits

For optimal results, reinvest yields quarterly and diversify across multiple Yearn vaults. Always verify vault strategies and APY histories before depositing. Remember: DeFi rewards come with higher risk – never invest more than you can afford to lose.