📙Guide: Yield Farming
Last updated
Last updated
Yield Farming is a great method to earn extra HERA utility tokens.
In contrast to Mining Pools, Farms require you to stake two tokens in order to generate LP Tokens, which you then stake in the Farms to receive rewards. This allows you to earn HERA while still maintaining a position in your other tokens!
Yield Farming can have better returns than Mining Pools, but it is prone to Impermanent Loss. It's not as scary as it sounds, but it's important to research the concept before you start.
To begin Yield Farming, some modest work is required.
You must first own some liquidity provider (LP) Tokens before you enter a Farm. Farms can only take LP Tokens that are exactly the same as their own; for example, the HERA-ONUS Farm will accept only HERA-ONUS LP Tokens.
To get the exact LP Tokens, you must first contribute liquidity for that trading pair; for example, to get HERA-ONUS LP Tokens, you must first supply liquidity for the HERA-ONUS pair.
It may look frightening at first glance, but it is not terribly difficult. We'll guide you step-by-step.
First, you should pick the most ideal Farm for you. The Farms page contains a list of available Farms.
Once you've located a Farm you wish to choose, make a note of the trading pair, such as HERA-BUSD, in case you need it later.
You'll need to add liquidity to obtain your LP Tokens now that you've picked a Farm to invest in. Choose the said Farm from the list.
Step 1. Go to the Farms page and locate your Farm.
Step 2. Select Enable Contract and confirm your action in your wallet.
The Enable Contract button will be replaced by Stake LP button after a slight delay. A new window will appear once you click on it.
Step 3. In the box, enter the quantity of LP Tokens you wish to farm, or just select Max to use all of your LP Tokens.
The Confirm button will illuminate once you have typed in the amount. Click on it. Your wallet will ask you to confirm your activity.
Farming will soon reward you with HERA utility tokens. You may reinvest these rewards to get extra LP Tokens, stake them in Mining Pools, or do anything you wish with them. Go to your chosen Farm and retrieve your HERA rewards.
Step 1. Return to the Farms page.
Step 2. Locate the Farm where you staked your LP Tokens and select the row to see more details.
Step 3. Select the Harvest button and confirm the activity in your wallet. After a slight delay, the HERA rewards will be collected and sent to your wallet.
It is entirely up to you how frequently you harvest your rewards, however bear in mind that harvesting charges a minor fee.
The fee amount will be displayed in your wallet once you confirm after selecting Harvest. Different wallets may show the details differently. To minimize the regularity of paying fees, consider having your rewards increased by leaving them in the Farm for some time.
That's all there is to it! You might also be interested in learning how to earn rewards with Heraswap's Mining Pools. Best regards!
