Yield farming is now unlocked! Everyone who is interested in farming $ESS tokens can do that in a series of quick steps. In today’s guide, we will guide you through the process to ensure everything goes smoothly.
Support the Essentia ecosystem and be rewarded!
What is yield farming a.k.a liquidity farming?
“Yield farming is the process of lending cryptocurrencies to a variety of decentralized application (or Dapp) smart contracts for a set period of time, in order to receive rewards (or ‘yield’) in the form of additional cryptocurrency.”
In other words, you provide the liquidity — add the assets you currently have to the existing supply. By doing so, you become a liquidity provider. You add to the ecosystem and are rewarded for that.
What are liquidity provider tokens (LP)?
LP tokens are mathematical proof that you provided assets to a pool, you can think of them as a coupon or a receipt. Naturally, you receive them only after you provide liquidity.
This was a short explanation of how liquidity mining works, you can check out the following video to learn more:
How to farm $ESS?
1. The first step would be to visit https://farm.unicrypt.network/farms. In order to allow for the $ESS tokens to be farmed, we are currently using the Unicrypt service.
2. In the list of farms, find ‘Farm ESS’ (currently on page 4).
3. Click on Farm ESS.
4. Connect your wallet: you can choose between Coinbase and Metamask.
5. In order to stake your LP tokens in the farm, and receive $ESS as a reward, you will first need to add liquidity to the ETH/ESS pool on Uniswap.
Click on Get liquidity tokens. This will redirect you to the Uniswap pool. Or, you can go directly to Uniswap by the following link: https://info.uniswap.org/pair/0xf3a4b52bf0d1fcb8a81123f44933edbc35af4da0
6. Add liquidity to the pool by clicking on Add liquidity in the top right corner.
7. Pick the amount of tokens you’d like to add to the pool. Approve the tokens, and confirm the transaction in your wallet — in our case it’s Metamask.
8. Press Confirm supply and confirm the transaction in Metamask.
9. Go back to https://farm.unicrypt.network/farms, find Farm ESS.
10. Stake the UNI LP tokens you received before. Click Approve, confirm on Metamask. Then click on Stake.
Note: If you cannot see the $ESS tokens in your Metamask wallet, here’s what you need to do.
- Follow this link: https://www.coingecko.com/en/coins/essentia.
- Click on the Metamask icon here:
All done! Simple, isn’t it? Now that you have your tokens staked, they will passively earn you $ESS tokens.
If you have any questions regarding the farming process or anything about the project, make sure to contact us on our Telegram channel.