SpaceChain opens new Liquidity Mining program at GYSR, for advanced traders
Provide liquidity for SPC v2-ETH pairing on Uniswap, and receive SPC v2 rewards on GYSR!
SpaceChain Foundation has launched a new GYSR on https://discover.gysr.io/, and this Geyser will provide 70M SPC v2 tokens to yield farmers, to be distributed over a period of 365 days.
Here’s how:
- Provide liquidity to the SPC v2-ETH pool. Remember that you have to have an equivalent amount of SPC v2 and ETH, so when you put 1 ETH here, this is 1 ETH + 53745.2 SPC v2. So you really putting in 2 ETH worth of Crypto.
2. Receive LP (Liquidity Provider) tokens in exchange for providing your funds from trades that happen in the pool. If you do not see the LP token, you will have to add the contract address yourself.
Contract address: 0x3f75a5b408feb14cba3d21bd934dc5b88908f105
3. Head over to GYSR and provide your Uniswap LP tokens. Do note that you have to approve GYSR to use the LP tokens, which will incur gas fees. Ensure that you have sufficient ETH in your wallet!
4. Get rewarded with SPC v2 for staking on GYSR!
The Uniswap SPC/ETH LP + GYSR in brief:
- Receive LP tokens by adding to SPC v2/ETH pool
- Provide LP tokens to GYSR
- Get rewarded with SPC v2
What can I do with the LP tokens after the Geyser is depleted?
To retrieve the underlying liquidity, plus any fees accrued, liquidity providers must “burn” their liquidity tokens, effectively exchanging them for their portion of the liquidity pool, plus the proportional fee allocation. Head back to Uniswap’s pool and you’ll be able to get back your SPC v2 and ETH.
What are the risks?
As always, liquidity providers are subject to a variety of risks, one of which is to see their staked tokens lose value compared to simply holding the tokens on their own. This is known as “Impermanent loss”, and you can read it up here.
Consumer warning: Novice users should not do this. This is for traders who understand what a “Uniswap liquidity pair” is. Any yield farming at GYSR competitive. It is important for users to read the documentation before participating.
Conclusion
With better SPC v2 liquidity on Uniswap, it will mean better, healthier SPC markets with bigger trades & less slippage when trading at DEXes. At the time of writing, 53K SPC v2 has been unlocked by users, but there are still more to be issued.
Put your SPC v2 to use now and do join our Telegram Community if you are uncertain of any steps. Let’s get farming!
