We are delighted to announce that we are re-launching the ETH/ESS pool for the fifth time already! We were happy to see the amount of interest you guys have shown in staking and earning your ESS rewards — and it doesn’t seem to cease. That is why we have decided to launch round 5 of the pool on Unicrypt, and we have a feeling it will not going to be the last time either.
So, if you missed your opportunity before, make sure you jump in on this one. Below, in this article, you will find a detailed guide on how you can stake your tokens to the said pool, as usual.
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:
Block reward: 1.2713 ESS
Duration: 152 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:
All done! Now you are an official liquidity provider. Sit back, while your tokens earn you even more token. For any questions that may occur, please contact us in the Telegram channel.