YFD Farming Platform Release: Full Details
Our farming platform is about to go live. All details are laid out within this article. Happy Farming!
Our Farming platform will be released this Wednesday 20th of January. The farming contracts full audit report has been received and the contracts have been found to be ‘well secured’. Hacken are the leading cybersecurity firm within the crypto space, which is why we at YFD have chosen them to carry out the audits on all of our smart contracts before adding them to our ecosystem. To-date they have provided a full audit report on our token contract and staking contract, and this week sees the addition of our farming contract to that list.
Liquidity Farming is a process whereby a token holder supplies a quantity of one token, and an equal quantity (in value) of the token’s trading pair to an exchange (like Uniswap). This is what is known as providing liquidity. In exchange for doing so, the liquidity provider receives a sum of LP tokens (Liquidity Provider tokens or UNI-V2 tokens on Uniswap).
Liquidity Farming is when you then deposit these tokens into a farming pool (or vault) and earn interest in return.
The YFD Farming structure is as follows:
- Farming will consist of four vaults, each with different time-lock periods and reward supplies. Full details on each of the four vaults can be found at the bottom of this article.
- The APY for each vault is variable and is based on the number of tokens held within the vault, and there is no max token cap for any one vault.
- Both LP tokens AND YFD rewards will be locked until the end of the locking period.
- Farmers will be providing liquidity for the YFD/ETH pair on Uniswap. The LP tokens received in exchange will be UNI-V2 LP tokens, you must deposit these on our Farming platform to partake in YFD Farming.
To take part in the YFD farming pools, please follow the steps below:
- Visit our farming platform and click “Add Liquidity”. This will take you directly to Uniswap.
2. Enter the amount of ETH/YFD you would like to provide to the pool. Click “Supply” and “Confirm Supply” and then click “Confirm” in your wallet.
You will now receive UNI-V2 LP tokens. This balance will show in your wallet.
3. Next, visit the YFD Farming platform (link will be shared when Farming opens) Click “Connect Wallet” and click “Next” and then “Connect”.
4. Click on the vault you would like to join. (NB: Each vault has a different locking period.)
5. Enter the number of LP Tokens that you would like to deposit from your wallet. Click “Deposit” and then “Confirm” in your wallet.
6. Now, sit back, relax and enjoy watching the rewards roll in. You are successfully Farming YFD!
Vault Details:
Vault 1:
Locking Period: 3 Days
Duration: 12 Months
Expiry: 20th January 2022
Allocated Rewards: 30 YFD/month
Vault 2:
Locking Period: 30 Days
Duration: 12 Months
Expiry: 20th January 2022
Allocated Rewards: 60 YFD/month
Vault 3:
Locking Period: 60 Days
Duration: 12 Months
Expiry: 20th January 2022
Allocated Rewards: 80 YFD/month
Vault 4:
Locking Period: 90 Days
Duration: 18 Months
Expiry: 20th July 2022
Allocated Rewards: 110 YFD/month
NB: The exact APY for each vault will vary depending on the number of Liquidity Providers in each.
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