How to use Farm
Yield Farming is a great way to earn high rewards and get opportunity for getting IGO project tickets in MeijiDAO.
Unlike Staking, Farm require you to stake two tokens to get LP Token, which you then stake in the Farm to earn rewards. This lets you earn high rewards while still keeping a position in your other tokens!
Yield farming can give better rewards than Syrup Pools, but it comes with a risk of Impermanent Loss. It’s not as scary as it sounds, but it is worth learning about the concept before you get started.
Check out this great article about Impermanent Loss from Binance Academy to learn more.
Getting prepared
Yield farming takes a little work to get set up.
You’re going to need some "LP Tokens" to enter into a Farm with. Farms can only accept their own exact LP Token; for example, the MEIJI-BUSD Farm will only accept MEIJI-BUSD LP Tokens.
To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get MEIJI-BUSD LP Tokens, you'll first have to provide liquidity for the MEIJI-BUSD pair.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Choose your Farm
Before you proceed, you can check if that's right for you. Visit the Farm page and you’ll see MEIJI-BUSD Farm details.
There is only MEIJI-BUSD farm with 7 days locked option in MeijiDAO V1.
Providing liquidity to get LP Tokens
Now that you've found a Farm to stake in, you need to add liquidity to get your LP Tokens.
Click "VIEW POOL" button of the Farm. It will take you to the ZoinkSwap where can get MEIJI-BUSD LPs.
2. You can add liquidity by MEIJI, BUSD pair in ZoinkSwap's liquidity page.
Please check guide to adding liquidity to discover the step-by-step process.
Putting your LP Tokens into a farm
Now that you have your MEIJI-BUSD LP Tokens, you’re ready to start staking them in a Farm and earning rewards!
Go back to the Farm page.
When you’re ready, click the APPROVE button and confirm your action in your wallet.
2. After a short wait, the APPROVE button will change to STAKE. Click it and a new popup will appear.
Type the amount of LP Tokens you would like to farm with into the field.
3. When you have the amount entered, the Confirm button will light up. Click it. Your wallet will ask you to confirm your action.
4. After a short wait, the popup will close, and you will see your new staked LP Token balance in the details.
Adding or removing LP Tokens from a Farm
You may decide you would like to add more LP Tokens to a Farm at a later date, or to take some out of a Farm. You can do this very easily whenever you'd like.
Return to the Yield Farms page.
2. Check the MEIJI-BUSD Farm you have LP Tokens in. Click WITHDRAW to remove LP Tokens, or STAKE to add more LP Tokens.
3. A window will open that looks like the one you used earlier to first stake your LP Tokens. Like last time, type the amount you would like to unstake/stake.
4. Make sure your information is correct. When you are ready, click the CONFIRM button and confirm the action in your wallet.
5. After a short wait, your new balance will show in Farm part. If you've unstaked your LP Tokens, any unharvested rewards you had will automatically have been collected.
Collecting your farming rewards
Farming will bring you multiple rewards over time. You can collect these rewards and use them to get more LP Tokens, stake them in Syrup Pools, use them to do anything else you’d like.
Returning to your Farm to Harvest
You can harvest your Farm and Syrup Pool rewards together from the Home page. If you'd like to collect your farming rewards only, follow along.
To collect your rewards, you’ll need to visit your chosen Farm and collect the SCADS waiting for you.
Go to the Farm page.
Find the Farm you staked your LP Tokens in. You should see an estimate of your MEIJI rewards next to “EARNED".
Click the Claim button and confirm the action in your wallet. After a short wait, the multiple rewards will be claimed to your wallet for you to use as you like.
And that's all there is to it! You may also want to look at how to use Lock Staking to earn rewards.
Happy farming!
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