Previously we’ve discussed how to get into SpookySwap and Stake your tokens on the exchange. In this guide we will explain how you can start yield farming and how to harvest your rewards smoothly!
SpookySwap provides Liquidity Pools and Farm for token holders to generate more profits.
By staking your liquidity token in a farm, you earn transaction fees whenever someone swaps between the pair you’ve provided. The amount of your spLP tokens will not increase, but the value they represent will.
Yield Farming on SpookySwap #
As mentioned earlier, spLP tokens (Spooky Liquidity Pair tokens) can be staked in farms for extra rewards. This can help offset Impermanent Loss risks by incentivizing users to provide liquidity.
To start farming, follow these steps:
Step 1: Click Farm and select the preferred farm.
Step 2: Click Approve to Stake to start staking your spLP tokens.
NOTE: You will need to convert your tokens into Liquidity Provider Tokens (LPs). If you need to learn how to do this, follow our step-by-step guide here.
Once you have finally provided liquidity to a specific token pair and received LP tokens, we can begin!
Step 3: Click Confirm on the pop-up window of your MetaMask Wallet to approve the transaction.
Now you will be able to see the total amount of liquidity in the specific Farm, and what its APR percentage rate is. (It is subject to change when there is more or less volume coming in and out of the Liquidity Farm.
Step 4: Harvesting your LP Rewards
You can always check hourly/daily to see how many BOO tokens you have been harvesting. Once you decide to take out your earnings, you just need to approve the transaction with your MetaMask Wallet.
Click Harvest All to claim the farming rewards.
Step 5: Remove Liquidity from Farm Pool
Additionally, users can remove their tokens from the farm pool at any time.
You can remove tokens by clicking on the Unstake button and entering the amount that you wish to remove. When you are done, click Confirm.
Fantastic! Now you are set to invest in your first Farm on SpookySwap! if you found this article useful, please share it with others!
