Yield Farming
Maximizing Returns through Yield Farming in AbstraDEX
Last updated
Maximizing Returns through Yield Farming in AbstraDEX
Last updated
Yield Farming stands out as an optimal mechanism for profit optimization within the DeFi space.
Participants can strategically engage in farming by contributing liquidity to paired tokens, as a result, you will have a representative LP token to certify additional liquidity. Then, these LP tokens can be staked in Yield Farming to get lucrative rewards in the native ABS tokens.
This lets you earn ABS while still keeping a position in your other tokens!
Yield Farming takes a little work to get set up.
You’re going to need some "LP Tokens" to enter into Yield Farming. Farms can only accept their own exact LP Token; for example, the ABS-ZETA Farm will only accept ABS-ZETA LP Tokens.
To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get ABS-ZETA LP Tokens, you'll first have to provide liquidity for the ABS-ZETA pair.
Let's go to Add Liquidity to read more. Let's go through step by step.
Before proceeding, you need to determine to choose the Farm that is suitable for the assets you have.
Go to the Yield Farming page and you’ll see a list of available Farms.
Now that you've found a Farm to stake in, you will need to add liquidity to get your LP Tokens.
Click on the row of the Farm you've chosen from the list. It will open to show more details.
On the left, you'll see some links: Get (your pair) LP: go to Add Liquidity View Contract: checking the contract of LP pool How to Farms: get a guide for Farms
Now that you have your LP Tokens, you’re ready to start staking them in a Farm and earning rewards!
Enable Staking Contract: click the Enable button and confirm your action in your wallet.
After the transaction is completed, a new window will display, and click on Staking LP
Stake LP Tokens: Type the amount of LP Tokens you would like to farm into the field, or just click Max to use all of your LP Tokens.
When you have the amount entered, the Confirm button will light up. Click it. Your wallet will ask you to confirm your action.
After the transaction is completed, you will see your new staked LP Token balance in the details.
The Farms process has been completed, you will wait to Harvest the reward, and the amount of ABS reward will be displayed on the window and will be accumulated continuously every minute.
You may decide you would like to add more LP Tokens to a Farm at a later date, or to take some out of a Farm. You can do this very easily whenever you'd like.
Find the Farm you have LP Tokens in, and click the row to view details.
You will see a - and + button on the right-hand side. Click - to Remove LP Tokens, or + to Add more LP Tokens.
Unstake LP Tokens: Enter the amount of LP Token you want to remove then click Confirm and confirm the transaction in your wallet.
You will receive LP tokens and ABS reward tokens in your wallet
Add more LP Tokens: Like Remove LP Tokens, you also will enter the amount of LP Token you want to remove then click Confirm and confirm the transaction in your wallet.
