How to use Famrs?
Farming on Photonswap is easy!
Farms is a great way to earn PHOTON rewards on Photonswap.
Unlike Staking, Farms require you to stake two tokens to get LP Tokens, which you then stake in the Farm to earn rewards. This lets you earn PHOTON while still keeping a position in your other tokens!
Yield farming can give better rewards than Staking, but it comes with a risk of Impermanent Loss. It’s not as scary as it sounds, but it is worth learning about the concept before you get started.
Check out this great article about Impermanent Loss from Binance Academy to learn more.
Getting prepared
Yield farming takes a little work to get set up.
You’re going to need some "LP Tokens" to enter into a Farm with. Farms can only accept their own exact LP Token; for example, the PHOTON-CRO Farm will only accept PHOTON-CRO LP Tokens.
To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get PHOTON-CRO LP Tokens, you'll first have to provide liquidity for the PHOTON-CRO pair.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Finding your Farm
Before you proceed, you'll want to choose a Farm that's right for you. Visit the Farms page and you’ll see a list of available Farms.
When you find a Farm that you'd like to use, note down the trading pair, e.g. CRO-PHOTON in case you need it later.
Providing liquidity to get LP Tokens
Now that you've found a Farm to stake in, you will need to add liquidity to get your LP Tokens.
Click on the Deposit Button of the Farm you've chosen from the list. It will open to show more details.
you'll see button. Click the Add (your pair) liquidity button.
This will open the Add Liquidity page for your Farm's pair. We have a guide to adding liquidity you can follow to get your LP Tokens.
Putting your LP Tokens into a farm
Now that you have your LP Tokens, you’re ready to start staking them in a Farm and earning rewards!
Putting your LP Tokens into the Farm
Go back to the Farms page and locate your Farm. Click on the Deposite button. It will expand to show more details and you'll see Deposit (your pair) LP tokens button, it will open a dialog when you click on that button. Type the amount of LP Tokens you would like to farm with into the field, or just click Max to use all of your LP Tokens.
When you’re ready, click the Approve button and confirm your action in your wallet. After a short wait, the Approve button will change to Deposit. Click it and a new window will appear.
When you have the amount entered, the Confirm button will light up. Click it. Your wallet will ask you to confirm your action.
After a short wait, the window will close, and you will see your new staked LP Token balance in the details.
Adding or removing LP Tokens from a Farm
You may decide you would like to add more LP Tokens to a Farm at a later date, or to take some out of a Farm. You can do this very easily whenever you'd like.
Return to the Yield Farms page.
Find the Farm you have LP Tokens in, and click the Deposit button of that row to view details. You will see a Withdraw and Deposit button. Click Withdraw to remove LP Tokens, or Deposit to add more LP Tokens.
A window will open that looks like the one you used earlier to first stake your LP Tokens. Like last time, type the amount you would like to unstake/stake, or click Max to remove/add all available LP Tokens.
Make sure your information is correct. When you are ready, click the Confirm button and confirm the action in your wallet.
After a short wait, your new balance will show in the details section of your LP Token pair. If you've unstaked your LP Tokens, any unclaimed rewards you had will automatically have been collected.
Collecting your farming rewards
Farming will bring you reward tokens over time. You can collect these rewards and use them to get more LP Tokens, stake them in Farms,
Returning to your Farm to Claim
To collect your rewards, you’ll need to visit your chosen Farm and collect the PHOTON waiting for you.
Return to the Farms page here.
Find the Farm you staked your LP Tokens in, and click the Deposit button of that row to view details. You should see an estimate of your rewards.
Click the Claim button and confirm the action in your wallet. After a short wait, the PHOTON will be claimed to your wallet for you to use as you like.
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