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How To Start Farming AxieBCH-BCH At MistSwap

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Avatar for bmjc98
Written by ย ย 979
1 month ago
Topics: AxieBCH, Mistswap

One of the exciting news in AxieBCH this December is the Liquidity Education Program, wherein active scholars can become not only co-owners but also liquidity providers. With the said program, these scholars are given another source of passive income by participating in farming AxieBCH-BCH provided by Gramps himself in any SmartBCH Dexes like MistSwap.

With that being said, AxieBCH scholars will surely enjoy 100% profits for as long as they stay active in the guild. The only condition, though, is to not sell the initial investment ever. So as part of AxieBCH's Liquidity Education Program, this article will serve as a guide for my fellow scholars who have little to zero knowledge about farming in SmartBCH Dexes like MistSwap.

What is MistSwap

MistSwap is a decentralized exchange that is built on SmartBCH. It allows you to trade without borders instantly. Since it is built on SmartBCH, traders can enjoy low fees with 5 second block times. Moreover, it focuses on gaining the highest market share and providing the best rewards to its liquidity providers.

What is Liquidity Pools

Liquidity Pools allow users to deposit a pair of 2 tokens in a 50%-50% ratio and earn a certain token. In this case, users who add LP can earn MIST.

There are risks, though. The most common one is the impermanent loss. It occurs when one of the token's prices changes compared to when they were deposited. This impermanent loss could be negligible or huge, depending on how significant the change is.

For example, if AXIEBCH token's price goes up, but BCH goes down, you will have less AXIEBCH and more BCH, or vice versa. If both tokens go up or down, then the share in the pool remains the same. However, when paired with one stable coin, you will have less vulnerable to impermanent loss.ย 

How to start farming

You need a Metamask wallet to do this. If you don't have one yet, here are the following steps that you need to do first:

Getting your own Metamask wallet

  • Download Metamask wallet on your phone or PC.

  • Register an account and follow the instructions carefully.

  • You will be required to back up your seed phrase so be sure to back it up. DO NOT SCREENSHOT the seed phrase but rather write it down in your notebook and keep it safe as if your life depends on it. Don't laugh! I'm serious about it!

Setting up your SmartBCH network

  • Go to Menu - Settings - Networks - Add Network.

  • To add a new RPC Network, just fill-up the form with this information:

    • Network Name: SmartBCH

    • RPC URL: https://smartbch.greyh.at/

    • Chain ID: 10000

    • Symbol: BCH

    • Bock Explorer URL: https://www.smartscan.cash

  • You can also rename the default Account 1. Just press the name and rename it.

Adding a new token

For this article, we are going to add AXIEBCHto your Metamask wallet.

  • From your Metamask wallet, click Add Tokens or Import.

  • All you need is the Token Address (aka contract address), and that's it.

  • Paste the Token Address (of AXIEBCH), then click Token Symbol and Token of Precision to appear the rest, and finally, click Add Token.

  • You can find all the CAs you need here: https://zh.thedev.id/sep20tokens/.

Adding AxieBCH-BCH to the Liquidity Pool

  • Go to Menu - Browser - type app.mistswap.fi.

  • From MistSwap, go to Menu - Pool - Add.

  • Be sure that you are under Liquidity and not Swap.

  • For input 1, choose AXIEBCH and for input 2, BCH.

  • Add the amount of AXIEBCH that you want to add. Meanwhile, the amount of BCH will automatically be calculated as soon as you did the first input.

  • Then click Confirm Adding Liquidity - Confirm Supply - then another Confirm. (Be sure that the Estimated gas fee should be 1.05 GWEI)

  • Wait for the final confirmation.

Farming your AxieBCH-BCH

Now, it's time to farm to earn MIST.

  • Go to Menu - Farm - look for AXIEBCH-WBCH pair and click it.

  • You will then see your balance, hit Max - Stake - Approve.

  • Wait for the confirmation, and that's it! Enjoy farming MIST!

Don't be confused about the pair. When you go to Farm, you will see AXIEBCH-WBCH pair but AXIEBCH-BCH is still fine.

Harvesting your MIST

By farming your pair, you will be earning MIST. Now to harvest your MIST, here are the steps you need to do:

  • Menu - Farm - look for AXIEBCH-WBCH pair and click it.

  • You can either input the amount of MIST or simply click Max to harvest all.

  • Be sure you click HARVEST and not Unstake. You can, however, unstake only if it's from your own fund.

  • Your harvested MIST can be found in your Metamask wallet.

What to do with your MIST

There are several ways to make good use of your MIST. Here are the following:

  • Stake it to earn XMIST.

  • Add it to Liquidity Pool and earn more MIST.

  • Swap it to BCH.

  • Or HODL it and only sell when the price is high.

Closing thoughts

This Liquidity Education Program is one of the perks of being an AxieBCH scholar. All active scholars who submitted their smartBCH addies will get AxieBCH and BCH for free. However, this is not "free money" because once the player decides to retire, he/she will have to return the exact amount that Gramps has provided. Nonetheless, as long as the players stay active, they can enjoy farming while keeping 100% profit for themselves.

December 3, 2021


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Avatar for bmjc98
Written by ย ย 979
1 month ago
Topics: AxieBCH, Mistswap
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Comments

Medyo nakakalito te. Dm na lang po kita pag may panglagay na ko dyan. Thank you sa article na to teh. More article for u. ๐Ÿ˜Š

$ 0.00
1 week ago

ate MJ sa sunod turuan moko mag ganyan ganyan sa mga token ah pag meron na akong funds pang invest diyan at malagay sa liquidity at paano ko siya makuha kasi hindi ko talaga gamay eh kasi hindi naman ako full time sa cryptohan kasi you know naman na may work ako kung may time ka lang na turuan ako napakalaking salamat kung ganun heheh.

$ 0.03
1 month ago

Of course. You know where to find me. I'm just a DM away. :)

$ 0.00
1 month ago

Haven't tried Mistswap yet. Maybe later. ๐Ÿ˜„ Saving this article because it's so helpful. Thanks po. :)

$ 0.03
1 month ago

Maganda sa mistswap. Jan ako nag bubuy and sell ng token. Maganda yung prices kasi jan.

$ 0.00
1 month ago

Sige po. I just tried it kagabi, nanibago pang ako sa way para hanapin yung tokens, pero I love the colors. Hehehe. Parang sira lang eh no. ๐Ÿ˜‚

$ 0.00
1 month ago

Nag try ko ate kaso nalibog ko sa token address hahaha

$ 0.03
1 month ago

Ang token address naa sa article. Ang imu buhaton ra ana is paste ra ang addy unya iclick ra ang 2nd and 3rd field without typing anything. Automatic ra na mugawas. :)

$ 0.00
1 month ago

Nakita ko na ate๐Ÿ˜Š Thank youโฃ๏ธ

$ 0.00
1 month ago

Gusto ko sana mag farm ngayon kaso yung signal ko hindi nakisama kagabi pa ako nag open ng metamask pero nag loading lamang yung sa browser.

$ 0.03
1 month ago

Sana okay na metamask mo. Minsan talaga, ang hirap ng MM iopen. Kahit yung mistswap, loading din sakin yan kadalasan.

$ 0.00
1 month ago

Kaya nga sis, nahirapan ako mag open minsan. Nirestart ko yung phone, na ok na siya

$ 0.00
1 month ago

I had a thousand doubts about how to do all this. I'm going to save the article. ๐Ÿ˜

$ 0.03
1 month ago

I'm sure you can do this without this article. :) You're now a pro. :)

$ 0.00
1 month ago

I can't wait till I'm about to do all the things you write about... Your content is technical,,, and it's usually about how people can improve and invest some more... You're awesome!!! Keep writing friend!!!

$ 0.03
1 month ago

Thank you so much for the positive feedback. I'm glad you find this article worthy of your time. :)

$ 0.00
1 month ago

I always feel good and motivated when a human shares opportunities to his/her fellow human. This liquidity education program is surely a beautiful program to look into.

I'm a newbie here on read.cash๐Ÿ˜€

$ 0.03
1 month ago

Hi! Welcome to read.cash.

And as they say, sharing is caring. :) The more people use smartBCH dexes like mistswap, the better for the entire BCH ecosystem. I mean it's a win-win for all.

$ 0.00
1 month ago

I always find it hard to use mistswap. It always refusing to load. I'll try again tho

$ 0.03
1 month ago

Don't worry, my instructions are pretty easy to follow. I'm sure you can do it.

$ 0.00
1 month ago

Very informative Ate Mj, want to try this. Thanks for Sharing.

$ 0.05
1 month ago

You're welcome. Sana makatulong to sa inyo. :)

$ 0.00
1 month ago

Nice once sis. I wanna try this soon!

$ 0.03
1 month ago

Sige sis. Sorry late reply, sis. Alam mo na. :)

$ 0.00
1 month ago

No worries sis, I knerr...

$ 0.00
1 month ago

Gusto ko siyang etry sis..may minimum ba sa pag stake?

$ 0.03
1 month ago

Wala naman ata but wag naman yung sobrang liit na mas malaki pa ang fee. :) Yung mejo mejo lang. :)

$ 0.00
1 month ago