How to DeFi in Near: From Zero to Yield Farming Hero

In this tutorial you learn how to set up the wallet in Near ecosystem, swap tokens at Near DEX — Jumbo and do some yield farming (over 1000% in the movement of writing).

TL;TR

#1: Set up Wallet at Near
#2: Buy Near token and send to the wallet
#3: Choose liquidity pool (Jumbo Exchange)
#4: Swap your Near into tokens for selected liquidity pool (Jumbo Exchange)
#5: Create liquidity pool (Jumbo Exchange)
#6: Stake LP to yield farm (Jumbo Exchange)

Introduction

Near is one of the programmable blockchains this means it supports smart contracts.

Jumbo is a DEX (decentralized exchange) — unregulated entity running on blockchain that allows users to swap between crypto tokens. DEX is a part of DeFi (decentralized finance)

#1: Set up Wallet at Near

Wallet Website: https://wallet.near.org/

#2: Buy Near token and send to the wallet

Buy Near token by click Top Up and choose how you want to buy the token.

• For the simplicity of fees calculations, spend 100 USD to buy Near token.
• You can do that using the first option and your credit card

#3: Choose liquidity pool at Jumbo

First, choose the liquidity pool from the list

#4: Swap with Jumbo

Let’s assume that we are going for the pair PEM/wNEAR

It means that we need to swap some NEAR tokens into PEM and some NEAR tokens into wNEAR.

You can do this by going to the SWAP sections in the top menu:

• swap some Near tokens (e.g. 10) into PEM
• swap some Near tokens (e.g. 10) into wNear

#5: Create Liquidity Pools

Go back to Pool section (top menu) and click Add liquidity close to the PEM/wNEAR section

Put there the amounts PEM or wNEAR that you acquired. Be aware that the liquidity pool decided on the ration between them. Click Add liquidity

#6: Stake at Yield Farming

Go to the farming section in the top menu

And find the pair, for which you created the liquidity pool. Stake it.

Closing Thoughts

Congratulation! You just did your first yield farming. Not go to Jumbo to swap your remaining Near tokens to other tokens and farm them. Have fun!

How to DeFi — Introductory Series

1. Hitchhiker Guide to Blockchain
2. Internet of Blockchains: Why are there so many blockchains?
3. How to DeFi in Cosmos via Osmosis: From Zero to Staking Hero
4. How to DeFi in Polkadot via Acala: From Zero to Minting Hero
5. How to DeFi in Near via Jumbo: From Zero to Yield Farming Hero

📌 Follow on Twitter for live updates

📌 Join the discussion on Discord!

📌 Visit the Web: www.yanus.tech