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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.
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.
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.
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
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.
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.