NavCoin Collective
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NavCoin Collective

Farming on PancakeSwap is Now Launched: How to Earn Up to 300% APY

Fellow Navigators,

We are pleased to announce that we’ve successfully integrated farming for the WNAV-BNB liquidity pool of DeFi’s protocol PancakeSwap on Binance Smart Chain.

Liquidity mining ensures that our trading pair has enough liquidity available, thus enabling further integration in other DeFi tools and increasing interest for other traders to trade and use wNAV. Aligned with our commitment with enabling free access to the financial system, our goal is to achieve a higher aggregated liquidity in decentralised exchanges compared to that available in centralised exchanges.

Those providing liquidity in the WNAV-BNB pair, are now able to stake their LP tokens to earn up to 300% APY over the staked WNAV amount. The APY to receive is a fluctuating value which depends on the total amount being farmed. You are invited to join the farm early for increased rewards!

In the next section we will describe the steps to follow in order to start farming. If you are new to farming, we recommend you to first read about some of its basic concepts: What is Liquidity Mining and What is Impermanent Loss

How to farm

  • Use a browser (Chrome/Firefox) with Metamask installed. Metamask does not include the BSC network by default, so you might need to add their servers manually if you do not already have them. You can add the BSC servers manually by following the instructions here. With this done, you will be able to select the network and then connect to the Binance Smart Chain mainnet.
  • Buy equally worth amounts of NAV and BNB from Binance or PancakeSwap and send both to your Metamask wallet. If you already hold NAV in your Navcoin wallet, you can convert it to wNAV using our bridge or depositing NAV and withdrawing wNAV on Binance.
  • Visit PancakeSwap liquidity page, click Add Liquidity, select BNB as the first currency, then look for wNAV using our contract address 0xBFEf6cCFC830D3BaCA4F6766a0d4AaA242Ca9F3D for the second currency, enter the amount you would like to add, and click Supply.
  • After supplying the liquidity and approving the transaction on Metamask, you will see it reflected on the PancakeSwap website.
  • Visit the Wrapped Navcoin Bridge and go to the Farming section. Click Deposit (Approve), and then Deposit to move your LP tokens to the bridge’s Farm. After a few minutes, the liquidity will show along with some data of the pool and the expected amount of rewards you will receive per day.
  • While your LP tokens are on the bridge’s farm, your liquidity won’t show on PancakeSwap until you withdraw it from the bridge. As soon as you remove them, they won’t stake or earn you rewards anymore.

That’s it for now, happy farming!

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