How to earn coins with Farming

How to earn coins with Farming

What is “Farming”?

Farming is a reward given for providing your liquidity to the exchange stock. There are many varieties of farming in the world of decentralized finance, but in this article we will only be analyzing farming on the Everscale FlatQube blockchain exchange.

About liquidity

Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price. Exchanges need liquidity so that people can trade there. You won’t be able to change EVER to USDT if there are no sources to get USDT from. In addition, the more liquidity there is in the pool, the more convenient trade becomes, as the more liquidity there is, the less your deal changes the balance of assets, so the better the  price is. That’s why farming programs exist. They motivate people to provide liquidity to the exchange.

Risks of intermittent losses

There are risks of intermittent losses in farming. The more pool prices change in relation to each other, the greater loss the liquidity provider has. The good thing is that losses are not permanent. If asset rates return to the same level they were at when you put your money into the pool, your losses will be zero. There is a Telegram bot  designed by our team called IL Calculator Bot. Using this, you can enter the value of assets at the beginning of farming and control the intermittent losses in the real time. According to our team’s experienceincome from farming usually significantly exceeds losses. But remember – risks in farming do exist.

The smallest risk of intermittent loss is in the stablecoin pools, such as USDT/USDC, because they are attached to the dollar and they are usually equal to each other. The income in these pools is also the smallest, though.

Instructions for farming on the FlatQube exchange 

In order to send your liquidity to liquidity pools and start farming, you will need liquidity: tokens, Ever Wallet, and FlatQube. If you don’t know how to use Ever Wallet, we have an article on this topic.

Farming 1

In order to see the current farming pairs and conditions, we’ll visit the “Farming” section.

Here, we see which pools you can farm in, how much liquidity there is in them, what percentage of annual returns there are in terms of dollars, and in which tokens the reward is made. There may be several tokens for the reward. Those who create a farming pool and transfer the reward into it determine this.

Let's choose the pool we need and see more.

On the left, we see which assets need to be provided to this pool, and on the right – in which rewards.

Farming 2

Below, we see the amount of blocked liquidity, the percentage of profitability, the remaining reward balance, and the accrual rate per second. Here you see the accrual of all pool members in total, and you receive your percentage in proportion to the percentage of your pool funds. As we can see, despite the fact that the reward in the QUBE token is provided, now it is not awarded. Accrual is possible only in the WEVER token now. Pool creators can change these settings. The history of changes is also visible.

Farming 3

We also see a vesting period below. Vesting is a delay in funds accrual. You receive a reward every second, it is divided into a vesting period, in this case 120 days, and it will gradually unlock. You will thus receive the full reward amount 120 days after the end of farming in this pool, but during farming you will be able to withdraw the part of the reward which has been unlocked at any time.

Farming 4

Only TIP-3.1 standard tokens can be added to the pool. You can obtain these in two ways: either transfer them from another network through Octus Bridge (we have instructions on using the bridge), or WEVER from the native token of the EVER network. To do this, go to wrappedever.io and in the wrap EVER tab enter the number of tokens that you want to wrap.

  1. To do this, go to wrappedever.io and in the “Wrap EVER” tab enter the number of tokens that you want to wrap. Important: don't wrap all your EVER, because you'll need them to pay your network fees. Leave at least 10 EVER in your wallet. The commissions in the network are small, but the contracts take more EVER than needed and then return the change. For example, for a transaction, a contract may take 6 EVER, and then return 5.9. The fee is only 0.1 EVER, but to carry out the transaction on the wallet you must have 6 EVER.
  2. We enter the pool we want and click “Get LP tokens.
  3. Go to the pool page. Connect the account and sign the transaction.
  4. After that, connect the pool.
  5. Now we can send our liquidity to the pool. If you already have both tokens, then when you enter the amount of one of them, the required amount of the second one is calculated automatically. Assets are always provided to the pool in equal parts. If you place one asset for $1,000, you must also place a second asset for $1,000. If you have only one asset, as I have now, enter the desired number of tokens, switch on “Enable auto exchange,” and click “Deposit”. In this case, half of your tokens will be automatically exchanged for a second asset and sent to the pool.
  6. Next, click “Supply” and sign the transaction.
  7. After a short wait, we get our LP tokens, which we will send to farming;
  8. We go to the “Farming” tab again and go to the pool we need.
  9. In the “Deposit” section, click “MAX” and then “Deposit.”
  10. Done! We have placed funds in farming and have already begun to receive a reward. You can add liquidity to the pool at any time in the “Deposit” section.

Funds withdrawal

  • Unclaimed reward — unlocked part of the award that can be displayed. 
  • Entitled reward — a blocked part of the reward that is gradually flowing into Unclaimed reward.

To display an unlocked reward, click “Claim” on the “Claim Reward” tab in the “Withdraw” section.

To withdraw funds, first we need to withdraw LP tokens. 

  1. To do this, go to the “Withdraw LP Tokens” tab in the “Withdraw” section;
  2. Here, we either select the max or manually enter the amount of LP tokens that we are going to withdraw;
  3. After entering the quantity, click “Withdraw” and sign the transaction;
  4. When the balances on the farming page have become zero or changed, and if you have not removed everything, go to the “Pools” tab and click “Remove liquidity”;
  5. Select the pool, and enter the number of LP tokens that you want to burn. Instead of burned LP tokens, you will receive assets from the pool. The number of tokens of each asset you receive after burning can be seen below;
  6. Click “Confirm” and sign the transaction;
  7. Great! Within a few minutes, the assets will appear in the wallet.
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