Euphoria’s LP Staking will be conducted through PancakeSwap. PancakeSwap is a decentralized cryptocurrency exchange that operates on BNB Smart Chain. The liquidity pools on PancakeSwap are filled by users. In return, users receive liquidity provider tokens — LP. LP tokens can be used to return your share and pay off part of the commission. Also, LP tokens can be used for farming. Rewards can be collected at any time.
LP tokens — Liquidity providing tokens — special tokens that a decentralized exchange gives you in exchange for the fact that you provide liquidity to a particular pair. The more funds you provide, the more LP tokens you will receive. Further, with their help, you can farm on the exchange where you provided liquidity or on third-party sites.
For example, if you provide liquidity to the pull EUPH-BUSD on PancakeSwap you will receive EUPH-BUSD tokens.
Farming (also known as LP staking) is the process by which you provide liquidity in a pair on a decentralized exchange and transfer it to a third-party platform through LP tokens. For this, you receive a permanent reward (in a certain percentage of your deposit) in tokens of the platform that took your liquidity. In simple words — you “deposit” your tokens and receive Rewards on top of them.
The main difference between farming and regular staking is that as a reward for the liquidity you provide, you will receive different tokens (depending on the website and specific offer), and for staking or simply, adding tokens to the liquidity pool, you get more tokens as a reward, which you have entered.
Thus, Farming is beneficial for users who earn even more and for the token’s price, since users add liquidity to the pool.
Follow the instructions below to stake EUPH LP tokens:
- First, connect your wallet and go to the “Farming” page. Here you can see the current APR, the share of the farming pool, and Staking Info. Click “Get LP”, and you will be transferred to PancakeSwap.
2. On PancakeSwap enter the desired amount of EUPH.
3. Unlock the wallet and confirm the supply
4. After that return back to the Euphoria Farming page, update it, and press “Stake”
5. Confirm and you will see a changed APR and percentage of your share in the farming pool
6. Then every 5 minutes your rewards are updated, to claim the reward and send it directly to your Metamask press “Harvest” and you can also Unstake your LP tokens whenever you want.