Here we go again! We are delighted to announce that the Unicrypt farm will be relaunched again, for the fourth time, and we couldn’t be happier about it. For the past few days, we’ve been receiving multiple requests to relaunch the pool once again since the previous one was going to close. Seeing how keen our community is we couldn’t help but to provide. So, ETH/ESS farm will go on for the whole summer! Keep on reading to see all the pool details and a guide for those who are new to the party.
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:
Rewards to be distributed: 2.9 mln tokens.
Rewards start: 00:01 AM UTC 8th of June.
Rewards end: 00:01 AM UTC 8th of September (92 days).
How to farm $ESS?
1. The first step would be to visit https://farm.unicrypt.network/farms?token=0xfc05987bd2be489ACCF0f509E44B0145d68240f7.
2. Click ‘Farm ESS’.
3. Connect your wallet: you can choose between Coinbase and Metamask.
4. In order to stake your LP tokens in the farm, and receive $ESS as a reward, you will first need to add liquidity to the ETH/ESS pool on Uniswap.
Click on Get liquidity tokens. This will redirect you to the Uniswap pool. Or, you can go directly to Uniswap by the following link: https://app.uniswap.org/#/add/ETH/0xfc05987bd2be489accf0f509e44b0145d68240f7
6. Add liquidity to the pool by clicking on Add liquidity in the top right corner.
7. Pick the number of tokens you’d like to add to the pool. Approve the tokens, and confirm the transaction in your wallet — in our case it’s Metamask.
8. Press Confirm supply and confirm the transaction in Metamask.
9. Go back to https://farm.unicrypt.network/farms?token=0xfc05987bd2be489ACCF0f509E44B0145d68240f7, and click on Farm ESS once again.
10. Stake the UNI LP tokens you received before. Click Approve, confirm on Metamask. Then click on Stake.
Note: If you cannot see the $ESS tokens in your Metamask wallet, here’s what you need to do.
- Follow this link: https://www.coingecko.com/en/coins/essentia.
- Click on the Metamask icon here:
Pretty easy right? Now you’re an official liquidity provider, which allows you to sit back and earn passive income from your tokens being in the pool. For any questions that may occur, please contact us in the Telegram channel.