Join 76,351 users and earn money for participation

How to FARM on MistSwap: NEW DEX on SmartBCH

25 224 boost
Avatar for carisdaneym2
Written by   481
2 weeks ago
Topics: Defi, SmartBCH, Farming, Staking, BCH, ...

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

What is MistSwap?

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

How providing liquidity and yield farming works

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 tokens that can be use in farming.

This is now your pool share. Your LP token is 0.4505

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.

You can see your staked token under the stake button. And the Harvest button is showing how much MIST you already farm.

Step 5: you may leave your staked Pool Tokens once you are done and unstake it anytime. (JUST CLICK THE UNSTAKE BUTTON)

How to Harvest the Rewards (MIST)

>Go to the Farm Page, select the pool your are farming and click harvest.

ALL DONE!

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)

Attention: Just remember, this is NOT a financial advice. Make sure to do you OWN research (DYOR) before investing your money.

Reference:

Related Articles:

Author's Note:

Article #103 (October 08, 2021) 💜💜💜

Hi! Welcome to my humble abode. Thank you for sincerely reading my content and I really appreciate your visits, likes, upvotes, comments, and subscriptions so thank you so much. I hope this article helps you in a little way. Any violent reaction is open to the comment section.

💜Find me on my Socials!💜

Noise.cash | Twitter | Torum | RedditPublishOx | medium| Wordpress| Facebook| memo.cash | Club1BCH | Telegram|

My Communities

29
$ 18.20
$ 16.86 from @TheRandomRewarder
$ 0.27 from @Telesfor
$ 0.13 from @meitanteikudo
+ 16
Avatar for carisdaneym2
Written by   481
2 weeks ago
Topics: Defi, SmartBCH, Farming, Staking, BCH, ...
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

A unique article I read today . Thank you for sharing this article

$ 0.00
6 hours ago

i love this project.

$ 0.00
4 days ago

Will try this tomorrow

$ 0.00
2 weeks ago

Aguyy nicee

$ 0.00
2 weeks ago

haha yeep :)

$ 0.00
1 week ago

Possible yata diyan impermanent loss ano since may lp hahaha diko kasi tinatry ganan gawa nga ng impermanent loss. Kaso stable coins yata flexUSD so less risky since di masiyadong volatile. Not sure diko kasi tinatry🤣

$ 0.00
2 weeks ago

Oo din pero eto pinaka safe na pool haha kaya dun ako naglagay xd bch/stable coin pero ayun nga mas maliit APR niya compared sa native token/bch pair.

Sa liquidity naman okay lang, for example, madaming buy ng MIST, mag increase ang bch mo sa LP, madaming sell ng MIST mag increase yung MIST mo sa liquidity goods iyon if want mo mag hold ng mist pero ayun possible na malusaw BCH sa LP pag puro sell mangyayari haha

$ 0.00
2 weeks ago

This is new to me like the farming but then I am using mist swap on metamask to swap/buy coins. Hehe! Just a newbie in trading as well. Still learning

$ 0.05
2 weeks ago

Keep on learning! Will be happy to learn with you 💜👌

$ 0.00
2 weeks ago

Thanks! ☺️

$ 0.00
2 weeks ago

Brilliant article on how to farm, much appreciated, I saw your article link in discord mistswap channel

$ 0.05
2 weeks ago

Oh wow, it flew out there haha thanks for the compliment, Ten! (your username is too long hehe hope it's fine :) 💜

$ 0.00
2 weeks ago

Isa ka taalga sa mga source ko pag ganito beee. save ko na muna itoo for future reference. Thankiiieeee.

$ 0.05
2 weeks ago

Alrightuuu thanks for saving it!💜

$ 0.00
2 weeks ago

try ko to bhe. ngkagulo gulo na kasi nkaraan kaya nwlan ndin aq ng gana..huah

$ 0.02
2 weeks ago

Ahaha dapat TP tp din pag may time, huwag puro pa lusaw hahaha

$ 0.00
2 weeks ago

Thank you sa sponsorship po 😳 hehe not related but yeah hihi

$ 0.05
2 weeks ago

You're welcome ate meyzeee! 💜

$ 0.00
2 weeks ago

So alam ko na kung bakit mababa ang eben lumipat na sila 😆 Narinig ko na yang mist before kaso busy kaya no time to learn haha...let me try this on sunday

$ 0.05
2 weeks ago

Nakapag out kana ba? 😆 Ang bilis ng pangyayari haha

$ 0.00
2 weeks ago

Yun nga po problema di ako nakapag out haha..ka bad trip

$ 0.00
2 weeks ago

Want ko to itry

$ 0.00
User's avatar Yen
2 weeks ago

Go na!

$ 0.00
2 weeks ago

Mist/flexusd sakn dun 😁 so far nka 2k+mist na ako..binenta yung iba 🤣

$ 0.02
2 weeks ago

Nice! Payaman :)

$ 0.00
2 weeks ago