How to Use Farms
Last updated
Last updated
Farming in our DEX is a great way to earn BLDT rewards on BlueLotusDAO.
Unlike Pools, Farms require you to stake two tokens to get LP Tokens, which you then stake in the Farm to earn rewards. This lets you earn BlueLotusDAO Token while still keeping a position in your other tokens!
Farming can give better rewards than 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.
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 BLDT-GSYS Farm will only accept BLDT-GSYS LP Tokens.
To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get BLDT-GSYS LP Tokens, you'll first have to provide liquidity for the BLDT-GSYS pair. for instructions please refer to How add/remove liquidity V2/V3.
It may sound intimidating, but it's not too complicated. Let's guide you step by step.
Before you proceed, you'll want to choose a Farm that's right for you. Visit the Farms page and you’ll see a list of available Farms.
BLDT-GSYS are pinned to the top of the list. After the pinned Farms, HOT will show other Farms in order of how new they are.
You can choose another sorting option if you like, such as by APR for the Farms with the highest reward rate currently.
When you find a Farm that you'd like to use, note down the trading pair, e.g. GSYS-BLDT in case you need it later.
Now that you've found a Farm to stake in, you will need to add liquidity to get your LP Tokens.
Click on the row of the Farm you've chosen from the list. It will open to show more details.
On the left, you'll see some links. Click the Get (your pair) LP link.
This will open the Add Liquidity page for your Farm's pair. We have a guide to adding liquidity you can follow to get your LP Tokens in V2/V3.
Now that you have your LP Tokens, you’re ready to start staking them in a Farm and earning rewards!
Go back to the Farms page and locate your Farm. Click anywhere on the row showing your pair. It will expand to show more details.
When you’re ready, click the Enable button and confirm your action in your wallet.
After a short wait, the Enable button will change to Stake LP. Click it and a new window will appear.
Type the amount of LP Tokens you would like to farm with into the field, or just click Max to use all of your LP Tokens.
When you have the amount entered, the Confirm button will light up. Click it. Your wallet will ask you to confirm your action.
After a short wait, the window will close, and you will see your new staked LP Token balance in the details.
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 Farms page. At the top of the page you'll see a Staked only toggle. Click the toggle.
You should now only see the pairs you have LP Tokens in on the list, making it easier to find your Farm.
Find the Farm you have LP Tokens in, and click the row to view details. You will see a - and + button on the right-hand side. Click - to remove LP Tokens, or + to add more LP Tokens.
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, or click Max to remove/add all available LP Tokens.
Make sure your information is correct. When you are ready, click the Confirm button and confirm the action in your wallet.
After a short wait, your new balance will show in the details section of your LP Token pair. If you've unstaked your LP Tokens, any unharvested rewards you had will automatically have been collected.
Farming will bring you BlueLotus rewards over time. You can collect these rewards and use them to get more LP Tokens, stake them in Pools, buy NFTs or anything else you’d like.
You can harvest your Farm and Pool rewards together from the Home page. If you'd like to collect your farming rewards only, follow this simple steps.
To collect your rewards, you’ll need to visit your chosen Farm and collect the BlueLotus Tokens waiting for you.
Return to the Farms page here.
Find the Farm you staked your LP Tokens in, and click the row to view details. You should see an estimate of your rewards under “BlueLotus earned”.
Click the Harvest button and confirm the action in your wallet. After a short wait, the BlueLotus will be claimed to your wallet for you to use as you like.
How often you harvest your rewards is up to you, but it does help to remember that there is a small fee involved in harvesting.
You can see this fee in your wallet when confirming after clicking Harvest.
This shows the fee for harvesting as it appears in the MetaMask wallet. Different wallets will show the information a little differently. Consider leaving your rewards to grow for a while so you pay fees less often.
And that's all there is to it! You may also want to look at how to use Pools to earn rewards.
LET´s GO FARMING! and Earn some BlueLotus Tokens!
