Unicrypt Farm Second Round: ETH/ESS Pool Relaunched
Since we launched the first round of the Unicrypt pool, the response from you guys was incredible! So many people were eager to earn $ESS, and we couldn’t be happier to see that. As the farm was getting closer to an end, we have received multiple requests to reopen it, so here we are!
On Tuesday, March, 22:08, a new ETH/ESS farm will be launched: yet another chance for you to start earning your passive income. Joining the pool will take only a few minutes.
Note: If you want to farm $ESS but not using Unicrypt service, we also have 2 farms open on Value Defi. Learn more on how to stake there in the dedicated guide.
If you’re new to Essentia, and farming, you will find a full guide on how to stake on Unicrypt below 👇🏻
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:
Video > https://www.youtube.com/watch?v=ClnnLI1SClA
Farming details
Pool: ETH/ESS.
Rewards to be distributed: 6m tokens.
Rewards start: 8 pm UTC today, 2 March
Rewards end: 8 pm UTC 17Apr (45 days approx)
How to farm $ESS?
1. The first step would be to visit https://farm.unicrypt.network/farms?token=0xfc05987bd2be489ACCF0f509E44B0145d68240f7.
Click Accept.
2. Click ‘Farm ESS’.
Note: the relaunched farm will be open on Tuesday, March, 22:08.
3. Connect your wallet: you can choose between Coinbase and Metamask.
4. 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://app.uniswap.org/#/add/ETH/0xfc05987bd2be489accf0f509e44b0145d68240f7
6. Add liquidity to the pool by clicking on Add liquidity in the top right corner.
7. Pick the number 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?token=0xfc05987bd2be489ACCF0f509E44B0145d68240f7, and click on Farm ESS once again.
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! Now you can lay back and see $ESS tokens coming right to your wallet. For any questions, or suggestions, you can join the Essentia Telegram Group.
