vFarm is open! How to farm $ESS on Value DeFi: Step-by-step Guide
Not so long ago we have announced our partnership with Value DeFi, and an intention to open a new farm on their platform. Now, it’s happening! We don’t want to waste the time you can use to earn some $ESS, so let’s get straight to the point.
First, a little into for you to know what you’re getting into.
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.
By staking your ETH and ESS tokens into a vFarm, you will become a liquidity provider and will be able to earn rewards for your service. The rewards will be accumulating in $ESS tokens.
This was a short explanation of how liquidity mining works, you can check out the following video to learn more:
https://www.youtube.com/watch?v=ClnnLI1SClA
Now getting straight to the guide 👇🏻
How do I farm $ESS on Value DeFi?
- The first step for you will be to follow this link: https://valueliquid.io/#/faas/0xca007c4607130be7983193104dbeb88267b7ea98
It will take you directly to the pool. Currently, there is only one pool you can add liquidity to, and it’s ETH/ESS.
Connect your wallet. In our case it’s Metamask.
2. Now that your wallet is connected, click on Add & Stake.
3. Once you do, you will see the pop-up informing you about the possible risks. Read, take into account, tick the box and click on I agree.
4. Enter the amount of ETH and ESS you’d like to deposit into the pool.
5. Once you do, click on the button Approve ESS.
Confirm the transaction on Metamask.
6. When the transaction goes through, you can proceed with adding liquidity. Click on Supply.
Double-check all the information on the pop-up, and Confirm stake.
Once again, confirm the transaction on Metamask.
7. You’re done!
On the same page you are now able to Unstake you tokens, by clicking on Unstake VLP.
Note: Take into account that you will only have a chance to unstake after the 12 hours lock is lifted.
If you scroll down the page a little bit, you also see all the details about your rewards, and a button allowing you to claim them.
If you do not want to use Value DeFi to earn Essentia tokens, you can use Unicrypt for that purpose. Here is a guide on how to do just that.
Have questions? We are always there to answer them! Join our Telegram group and ask away.
