With the recent growth of new Ethereum based protocols in DeFi, we’re seeing an exploding trend of users being able to share in the upside of the protocol’s growth. One of the initiatives turning a lot of heads is Yield Farming, specifically on Uniswap. Uniswap is a fully decentralised protocol for automated liquidity provision on Ethereum. Follow this step by step guide to start yield farming GEO!
1. Download Chrome Browser & Install
(In case you find any difficulties, please follow googles guide to do it here )
2. Install Metamask
3. GET ETH
To complete transactions you will need to buy or transfer ETH to your Metamask account. Metamask itself gives you an option to buy ETH directly within a platform, however, everyone has their preferred method according to the country they are in.
4. Buy GEO
In order to start providing liquidity on Uniswap, you must have GEO and ETH in the same wallet.
Here are the places you can buy Geo from! Expand for instructions:
- Go to Geo Uniswap link
- Click on Trade
3. If you already have ETH, you can immediately connect your wallet and swap for GEO through the ‘Swap’ tab.
Once the swap is complete you will have both GEO & ETH! Now you are ready for the step to add Liquidity to GEO-ETH pair!
Another option for you is to head to the centralized exchange Bitforex and acquire some GEO!
- Navigate to https://www.bitforex.com/en/spot/geo_usdt
- Put some buy orders to purchase GEO
- Copy Metamask address and withdraw GEO to that address
4. Add Liquidity
Note: you can only enter GEO liquidity pools with an equal dollar value of GEO and ETH. The amount of liquidity you can offer will be limited by whichever balance is less.
Once you have GEO & ETH in your Metamask follow the procedure below to add liquidity:
Click the ‘Pool’ tab and select ‘add liquidity’ at the top of the page. ETH is automatically selected by default in the top box, so you just have to select GEO in the bottom box. Then click “Supply.”
Select the number of GEO you want to add to the pool for liquidity and the exchange will automatically populate the corresponding ETH. You can look for the GEO per ETH and ETH per GEO price at the bottom.
Make sure to leave some ETH for the upcoming transaction fees. We recommend leaving minimum 0.05 ETH balance in your Metamask for the upcoming transactions.
- Now click on the ‘Add Liquidity’ tab to approve the transactions through your wallet. Once the transaction is successful, you will see the amount of GEO and ETH liquidity provided along with your share in the pool.
- You will automatically receive Uniswap liquidity provider (LP) tokens as soon as you make a liquidity providing transaction. These tokens keep track of your pool percentage and are used for distributing your share of the transaction fees accumulated in the time period that you provide liquidity for.
5. How to Farm GEO Tokens on geoliquidity.geodb.com
GeoDB’s new Defi platform rewards users with GEO tokens when they stake UNISWAP-V2-GEO-ETH Tokens on the platform (Please follow the instructions above if you still don’t have UNISWAP-V2-GEO-ETH Tokens ). In this part, we see how to start “farming” these GEO tokens step by step. If you don’t have UNISWAP-V2-GEO-ETH tokens yet! please follow the steps above to add liquidity to GEO-ETH pool on Uniswap.
Since the launch of the platform we have written how to add liquidity to Uniswap & $GEO Liquidity Incentive Platform, but a lot of our community members still have questions around this, so we decided to write down step by step instructions on farming GEO tokens and answer some common questions asked by people.
6. What is geoliquidity?
GeoDB announced its DeFi protocol geoliquidity.geodb.com on Sep 18, 2020. The new Defi protocol is focused on yield farming and also towards improving the ecosystem for GeoDB.
Users can essentially stake UNISWAP-V2-GEO-ETH and earn GEO token as reward based on the interest rate and amount staked. This is the simplest form of explanation.
Here are the steps to follow:
- Go to geoliquidity.geodb.com
- connect Metamask & stake your UNISWAP-V2-GEO-ETH balance.
7. Checking your GEO farming rewards!
To check what are the rewards gained, go to :
- Go to geoliquidity.geodb.com
- Connect metamask
- Click on the withdraw tab, select the amount of LP tokens to withdraw with will also show you the reward amount!
And that's It! You now have GEO being farmed for you!
Please all stay safe,
The GeoDB Team.