EGG-LP Farming
What is it, when is it, and how do I do it?!
Trader Joe ‘Double Rewards’ EGG LP Farm — Launches Dec 30th.
(Stay up-to-date on Twitter and in our Discord)
Until now, we have offered single-sided staking as the only option for $EGG holders wishing to attain $FEED.
This changes in the next 24hrs, as the first EGG-LP Farm goes live on Trader Joe. This is our first external Farming opportunity for $EGG holders, and it will certainly not be the last. We aim to have multiple farming opportunities to tide our community over, before our native mainstay LP Farm is up-and-running on chikn.farm
For the seasoned farmer, this is basically all you need to know.
You will be able to head to the EGG-AVAX Pool, supply liquidity, and then stake your received LP tokens on the EGG-AVAX Farm, for $JOE and $FEED double-rewards!
Note: After 15 days this Farm will revert to 1xJOE rewards.
If you’ve just read all this and you’re sitting there glassy-eyed & questioning life’s futility — DON’T DESPAIR! As always, we’re here to help, so let’s break it down:
How do I Farm all of the things with my EGG??
- Get some $EGG. By now, you’ve probably already laid a small fortune in EGG, and we’re super proud of you — but this is only the beginning, so no medals will be awarded (yet). If you don’t have any EGG, head here to Trader Joe to swap some AVAX for EGG.
*Note: make sure to keep the equivalent dollar value in AVAX for step 2.
2. Next, Provide Liquidity. This means adding your $EGG and $AVAX in equivalent dollar amounts to the ‘Pool’ that is used for EGG token swaps on Trader Joe. Do this under the ‘Pool’ tab — or through this handy link here. Remember to retain a little of your AVAX for gas fees!
*Note: You will receive yield for Providing Liquidity— a percentage of all fees based on your share of the Pool.
**Note: The only risk is that of Impermanent Loss, or ‘IL’ — which can occur with drastic changes in relative token values. We encourage due diligence here, but it’s not as scary as it sounds.
3. Head to the Farm tab — or this other handy link, you’re most welcome — and at the specified time, you will see our EGG-AVAX farm, with JOE + FEED Rewards.
Click on it, stake your EGG-AVAX LP tokens, and presto! You’re farming JOE + FEED double rewards! Harvest at any time!
Why should I do this rather than staking EGG to farm FEED on chikn farm??
A few good reasons.
One, you’re diversifying your exposure to other tokens — namely JOE — which has just been listen on Binance & crypto.com, this is a huge value-prop for your eggies.
Two, MORE FEED FOR YOUR CHOOK’NS!! The amount of FEED you will yield is likely HIGHER than the 3x per-day received for single-sided staking.
While we cannot guarantee this, as the rewarding mechanisms are different (chikn farm being linear, Trader Joe farm being % based) — it is highly likely to be the case.
Plus, the TRIPLE YIELD (% Pool fees, JOE rewards, FEED rewards) should be encouragement enough!
Three, the more liquidity that is provided for EGG, the more stable the price will become over time. If large ‘sells’ come through with low liquidity, the price is impacted quite drastically. With more Liquidity provided for EGG, the price impact of these sell-orders becomes lesser and lesser, which is fantastic for both the longevity of the chikn ecosystem, and all of you EGG-layers alike.
In Summary
As there has been significant demand for LP farming, we hope our community is pleased with this incredible, and generous partnership we have formed with Trader Joe.
Rest assured that while this is our first offering in terms of EGG-LP farming, it will certainly not be our last. So learning how to provide liquidity will hold you in good stead for the future, not just with our project, but with crypto in general.
As always, stay tuned for lots, lots more.
Any questions —just pop into the Discord and ask. The community is super generous and helpful to our newcomers.
Bok bok,
Team chikn.
