Farmii Now Live on Nahmii 3.0
The latest addition to our stable of DeFi products has arrived; say hello to Farmii!
Farmii is the home of liquidity mining, staking and farming on Nahmii 3.0. With a slick modern interface and helpful UI prompts, Farmii makes managing your DeFi positions easy. Farmii rewards are already live, so you can start your farming journey right away!
Read on to find out more about Farmii’s innovative features and the first incentives on the platform.
Automatic Reward Payments
Previously, liquidity mining rewards on our platform were paid out through a manual process. This was often slow and resource intensive, resulting in liquidity spikes on our reward tokens. Farmii solves this problem by automating the calculation and payment of incentives, putting liquidity providers in control of when to claim their rewards.
Farmii is designed to radically improve the DeFi user experience. Using publicly auditable smart contracts, Farmii guides users through a sequential staking process to ‘activate’ their liquidity positions.
After providing liquidity into one of our incentivised pools, which can be viewed and sorted through Farmii, users are prompted to stake their LP tokens by the application. Farmii will remind users if they have unstaked tokens, simplifying the staking process through easy-to-follow pop-ups.
How Does Farmii Work?
Farmii is built on the same principles as the GENII staking contract, which has been running safely on mainnet since early-2023. Staking contracts are generally very simple: users deposit tokens into the staking contract in return for a share of a reward over time.
Farmii is effectively a sequential chain of staking contracts, allowing for the automated distribution of multiple rewards at the same time. Users provide liquidity into NiiFi, either directly or through Farmii, receiving liquidity provider (LP) tokens. These LP tokens are then staked via Farmii, thus becoming eligible for the first incentive payout. If a liquidity pool has more than one incentive token, we repeat the process for each incentive.
As an example, a user provides liquidity into the NII/WETH pool on NiiFi and receives LP tokens (named ‘NIIFI_V1’). They must now stake their LP token through Farmii in order to qualify for the liquidity mining rewards. The user navigates to Farmii and is prompted to stake their LP tokens, for which they receive a second token as a receipt. Depending on the number of tokens used to incentivise the NII/WETH pool, the user may need to repeat the process. If there is just one incentive token, the user’s position is now eligible to receive the incentive tokens.
Which Pools Are Incentivised?
Initially, five NiiFi pools will be incentivised with additional liquidity mining rewards. Please note: these incentives apply to the Nahmii 3.0 version of NiiFi only, not the legacy Nahmii 2.0 version.
The five NiiFi pools are:
- WETH/USDC
- WETH/USDT
- WETH/WBTC
- WETH/NII
- WETH/NIIFI
Each pool will receive liquidity mining rewards worth 2 million NII per month, with additional NIIFI-based rewards available on the WETH/NIIFI pool.
We recommend that users go through Farmii directly to provide liquidity into these pools, as Farmii will then guide you through the full staking process. It is possible to provide liquidity through NiiFi directly, but please be aware that these liquidity positions will only become eligible for additional rewards once their LP tokens have been staked through Farmii.
When Can I Start Providing Liquidity?
Liquidity rewards on Farmii are already live; you can view the current APY rates and provide liquidity here. Upcoming SkunkDAO products will also use Farmii for token distribution and flash incentive offers, including adding additional rewards to existing incentivised pools.
Claiming your rewards is simple: Farmii displays the reward amounts and token types, so you can choose which rewards to claim and when.
Farmii sets new standards for accessible DeFi staking. We’re sure you’re going to love it.
