How to Swap, Stake and Harvest
What is “Swap”, “Stake” and “Harvest” in the Cryptocurrency world and how do we do each one of them? Let us learn step-by-step how to use the different features in YouSwap and what their functions are.
You may have seen these announcements on our Twitter page and may question what is the significance?
APY stands for Annual Percentage Yield which means that if you were to invest in the LOWB/YOU Liquidity pool for a year, you will get a 2022% return. How can we go about with it?
To join in the Liquidity Pool, we will need to have both of the coins that are needed in the Liquidity Pool. This means that we need to have an equal ratio amount of both LOWB and YOU tokens. This is what Swapping is for. We can swap 50% of our YOU tokens with 50% of LOWB in this manner:
Step 1. Go to www.youswap.pro as mentioned in the poster announcement above. Connect your Wallet and click on “Swap”. In this example, we used Metamask as our wallet.
Step 2. Select the cryptocurrency you want to swap and choose the cryptocurrency you want to receive in exchange. From “YOU” To “LOWB”.
Step 3. Enter in the amount to swap and confirm the transaction. Since we need a 50:50 amount of YOU/LOWB, we will put in 50 YOU to be swapped into LOWB, leaving a balance of 50 YOU with us. We will be notified of the amount of the transaction fee in BNB.
Step 4. Click “Swap”, Confirm the Swap and the transaction. Here we will have to pay the gas fee incurred.
Step 5. Once confirmed, you will receive the Loser Coin (LOWB). Add the tokens to your wallet. You can view the transaction on BscScan if you want to by clicking on the link.
Congratulations! You managed to swap some of your YOU into LOWB.
Now that we have both the required token to contribute and join in this liquidity pool, we will have to add our tokens to this pool. By adding the token to the liquidity pool, we can benefit from the fees that people pay.
Step 1. Click the “Add Liquidity” tab that is beside the “Swap” tab.
Step 2. Select our 2 coins and insert them into the liquidity pool.
Step 3. If we click on “Max” for LOWB, we will have insufficient YOU to match the 50:50 ratio. Thus, we will have to click on “Max” for YOU instead. However, you can insert however much you would like to insert into the liquidity pool as long you have enough of the other tokens.
Step 4. Click “Approve LOWB”. A notification will appear from your wallet. Click “Confirm” to allow YouSwap to spend our LOWB. Once we allow, we will have to click on “Approve” again. This Notification for permission will appear every time we are spending our tokens to ensure the security of your transaction.
Step 5. Click “Supply”. Again, we will have to click “Confirm” to allow YouSwap to spend our LOWB in this manner. And then click on “Supply” again.
Step 6. You will see the details of the amount of liquidity that you have provided to the pool as well as your share of the pool (e.g. 3.23% of the entire pool share). Click “Confirm Supply”.
Step 7. Wait for the transaction and pay the gas fee when notified by your wallet.
Step 8. Click on “Create Pool & Supply” for final confirmation of your contribution into the liquidity pool. The transaction will be submitted and you can view this on BscScan. Click “Add ULP” to your wallet.
Step 9. Click “Add Token” to add the LP token into your wallet. LP stands for Liquidity Provider token, which is the bonus that we get for providing liquidity into the YOUz and LOWB liquidity pool.
Congratulations! You have successfully contributed to the liquidity pool. you can now see in your wallet that you have a different amount of tokens now in your wallet, including the LP Token that you earned.
Now, we can earn passive income with our new LP token that we have just received. This is called staking.
Step 1. Click on “My Liquidity” to manage your LP token. Click on “Import it”.
Step 2. Import the pool that we have just contributed to by selecting the respective tokens.
Step 3. It will detect that you have contributed to this pool previously. Click “Manage” to manage the pool. Choose the pairing you swapped:
- LOWB / YOU
Now you have liquidity for LOWB/YOU!
Step 4. Go back to the Pool tab and choose the pool that you have joined under the “Alliance” tab. In this case, look for LOWB/YOU pool.
Step 5. Choose the pool that you have joined and click on “Approve” to farm in this liquidity pool.
Step 6. Click “Confirm” to pay the transaction fee and now you can stake in this pool. Click “Stake”
Step 7. Staking our LP tokens will give us a return. Click on “Max” to use up all our LP tokens and press on “Confirm”. You will need to pay the gas fee for this.
Step 8. Now, we can see the amount of LP tokens that are staked in the liquidity pool.
Congratulations! You have successfully staked in this liquidity pool with your LP token. 20 minutes later, we can see that the amount of YOU we have earned has increased tremendously due to the high APY that LOWB/YOU has in this pool.
Once the event ended, or maybe you decided that you do not want to wait anymore, you can harvest your tokens. In this case, we have decided to wait until the event has ended to harvest our token.
Step 1. In the pool tab, click on “Alliance” and flip the “Finished” switch to view the list of finished events.
Step 2. Find your liquidity pool and click on “Harvest”. To collect your return, you will have to pay the Gas fee.
Step 3. Once you paid the gas fee, the harvest will be processed and you will be notified that it is successful! You can check your balance in your wallet.
Congratulations! You have earned passive income in terms of YOU and LOWB.
Now that the event has ended, you will need to take out the coins you initially invested and unstake. Here is how you can do it:
Step 1. After Harvesting, click on the “-” button. This is to unstake the LOWB/YOU LP that you staked.
Step 2. Click on “Max” to unstake everything. Then click on “Unstake and Harvest”.
Step 3. Pay the Gas fee for this transaction.
Step 4. Unstaking will be processed and you will be notified once it is done after a few seconds. Note that there will still be a very minute amount of LP staked that cannot be taken out (e.g. 0.00….2). It is like a “small change” that is too small to be calculated. Note: If you force withdraw it, it is likely that you will pay more in gas fees than the value of your coin.
Step 5. Go back to “Swap” tab, and click on “My Liquidity” and “Manage” to remove the tokens you inserted in the pool when you contributed to the liquidity pool.
Step 6. Click “Remove”
Step 7. Click “Max” to remove all the coins that you have contributed from the pool. Then click “Approve”.
Step 8. Sign the signature request that is notified by your wallet. You will see that your liquidity removal has been approved and now you can click on “Remove” to remove your coins.
Step 9. You will see that your liquidity removal has been approved and now you can click on “Remove” to remove your coins.
Step 10. Click “Confirm” to add the tokens back into your wallet. Then “Confirm” to pay the transaction fee.
Step 11. Once the transaction is submitted, you are done! You can view the transaction in the BscScan if you want to.
Congratulations! You are finally done with the whole process for real. It may have been a long process but it is definitely worth it.
Final thoughts on Yield Farming
*Shameless marketing plug*
This staking was done on 12th May 2021 and unstaked on 18th May 2021. In just 5 days, we managed to get a 38% increase in YOU and a 9% increase in LOWB.
Starting tokens: 100 YOU
After swapping: 50 YOU / 27156.8 LOWB
After harvesting and unstaking: 69.098 YOU / 29806.81 LOWB.
We mined quite a bit just by staking for 5 days. No wonder many people are into staking now as it is a safer and more efficient way to farm tokens. So, keep calm and keep staking!