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If you are in the state of diving into Defi world, this article might help you especially on farming. But before we start doing the step by step procedure, let me give you a brief description of how farming works, how can you earn and what are the risks of doing it. Also, let me introduce the new decentralized exchange on smartBCH, the MistSwap.fi
Like any other dexes on different chains, MistSwap is allowing you to trade your tokens, farm and stake it on pools, the only difference was dex is built for SmartBCH Network and they offer different APR (Annual Percentage Rate) and more features that makes it unique compared to any other dexes out there.
"MistSwap provides greater incentives for token holders by distributing a portion of all fees to people who stake MIST, as well as an overall improved fee structure which reduces impermanent loss from liquidity providers. We also have many farms, a staking system, and a SLP redemption system." - @kasumi
If you are new to crypto and the DeFi space, you are possibly confused about how liquidity mining and yield farming work, as well as their good strengths and weaknesses.
Liquidity mining is the process of earning tokens by providing liquidity. It also allows you to earn native tokens (in Mistswap dex, MIST is the native token). On the other hand, yield farming transfers liquidity across several DeFi platforms to optimize the return. By doing so, yield farming will reward users with LP tokens.
Despite the risks of impermanent loss, both yield farming and liquidity mining provide considerable rewards to their users. One of the most notable benefits of both systems is that they allow users to make money passively. Besides, the system rewards every movement of the user’s assets. (Choose a good pair!)
Alright, Let's Start Farming Now!
For you to start farming, you need to provide liquidity on the pair you wanted to be on farm i.e BCH/MIST or BCH/FlexUSD pair. (Depends on what do you want)
Step 1: Visit the website and connect your wallet.
Step 2: Provide Liquidity.
Go to Liquidity tab-> choose a pair and then approve and confirm it to your wallet. (In my example, I chose BCH/FlexUSD pair.)
Once you provide liquidity, you will have LP tokensthat can be use in farming.
Step 3: Choose your Farm Pool
Mistswap offers lots of pools to stake your tokens while farming MIST. (remember, you will earn MIST if you put your bch and tokens to the pool)
>Select the pair you provided on your liquidity.
>Input the amount.
>Approve the contract and confirm the transaction.
Note: For first-time staking, you need to approve the token's contract in your wallet. (i. e Metamask)
Step 4: Stake your Pool Tokens
And after approving the contract you are now ready to stake it.
Step 5: you may leave your staked Pool Tokens once you are done and unstake it anytime. (JUST CLICK THE UNSTAKE BUTTON)
Maybe this is the reason why most of the users are diving into Mistswap Dex, More pools to farm. We all know that BenSwap exists but as of this writing, BenSwap had some issue with $CATS and remove the farm pool there, BenSwap had some issue with AXIEBCH as well and Mistswap offers better deal and High APR that might be the reason for them to leave BenSwap. (I don't intend to write in favor, this is only based on what I've seen on their progress and issues)
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