How to Farm (Stake LP Token)
StellaSwap's Farm feature allows users to generate (APR) returns. Here's the guide on how to start generating returns.
Last updated
StellaSwap's Farm feature allows users to generate (APR) returns. Here's the guide on how to start generating returns.
Last updated
To participate in StellaSwap's farms that generates yields in STELLA, you have to stake two underlying coins into a liquidity pool and generate an LP token, which represents your share of the liquidity pool. For example, if you're keen on earning rewards in GLMR-STELLA Farm, you need to provide your GLMR and STELLA into the liquidity pool and generate an LP token. Once done, you can stake the LP token into the farm.
LP tokens are proof you own part of the liquidity pool which you can use to remove your crypto tokens from the liquidity pool at any time. The fees earned from transactions go directly into the liquidity pool, so your token holdings will appreciate proportionately with the growth of the liquidity pool.
If you want to farm GLMR-STELLA you first need to have the LP token by adding your liquidity in the pool. Here’s a guide for adding liquidity in StellaSwap pools.
Visit StellaSwap’s farm page and connect your wallet by clicking on the top right button. Then, choose the farm that you want to stake in.
Enter the amount you want to stake or click on MAX button to stake all LP tokens
Click on Approve and confirm the message on your web 3.0 wallet.
It will take few moments for your transaction to be confirmed. Once the transaction is approved, you will be able to click the stake button. After confirming the transaction you will immediately start earning STELLA based on the amount staked in the pool.
After the transaction is completed, you will start earning STELLA rewards for your stake in the farm and you can harvest or unstake at any time. To compound your stake investment, you can harvest your rewards and repeat the process.
