Missed the previous pools on Unicrypt? We’ve got you covered!
ESS/ETH pool is back so everyone can still get that passive ESS tokens.
As a reminder, Unicrypt farm allows you to become a liquidity provider and gives you rewards for doing providing liquidity. Practically all you can do to start earning ESS tokens right now is to provide the idle tokens you currently have — everything can be unstacked the moment you decide to. But as long as the tokens are locked in the farm, you will keep earning the rewards.
Note: If you’re not sure if you want to earn ESS through farming, we have alternative ways like staking .
What is yield farming a.k.a liquidity farming?
“Yield farming is the process of lending cryptocurrencies to a variety of decentralized application (or Dapp) smart contracts for a set period of time, in order to receive rewards (or ‘yield’) in the form of additional cryptocurrency.”
In other words, you provide the liquidity — add the assets you currently have to the existing supply. By doing so, you become a liquidity provider. You add to the ecosystem and are rewarded for that.
What are liquidity provider tokens (LP)?
LP tokens are mathematical proof that you provided assets to a pool, you can think of them as a coupon or a receipt. Naturally, you receive them only after you provide liquidity.
This was a short explanation of how liquidity mining works, you can check out the following video to learn more:
Video > https://www.youtube.com/watch?v=ClnnLI1SClA
We will be launching the farm mid September, so stay tuned!
All instructions on how to provide liquidity and farm will be released once the farm is up!
For any questions that may occur, please contact us in the Telegram channel.