Unicrypt Farm THIRD Round! ETH/ESS Pool Relaunched Again
Did you miss the first two farming rounds on Unicrypt? Don’t worry, we’ve got another one coming. Yes, due to the popular demand we’re relaunching the pool for the third time, so everyone can still get that passive ESS tokens.
As a reminder, Unicrypt farm allows you to become a liquidity provider and gives you rewards for doing your services. Practically all you can do to start earning ESS tokens right now is to provide the idle tokens you currently have — everything can be unstacked the moment you decide to. But as long as the tokens are locked in the farm, you will keep earning the rewards.
Note: If you’re not sure if you want to earn ESS through farming, we have alternative ways like staking and masternode deployment. Lucky for you, we’re currently running an initiative reimbursing fees spent on the token swap and server payments! Learn more details here.
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:
Rewards to be distributed: 3.8 mln tokens.
Rewards start: 9 pm UTC 17Apr
Rewards end: 9 pm UTC 1st of June (45 days)
How to farm $ESS?
1. The first step would be to visit https://farm.unicrypt.network/farms?token=0xfc05987bd2be489ACCF0f509E44B0145d68240f7.
2. Click ‘Farm ESS’.
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 are an official liquidity provider. Sit back, while your tokens earn you even more token. For any questions that may occur, please contact us in the Telegram channel.