WeOwn farming is a great way to earn CHX rewards on the WeOwn Wallet. Yield Farming allows CHX-holders to lock up their tokens to earn interest, placed in smart contracts. Simply states, farming is like lending your CHX-tokens to DeFi protocols to get returns.
Unlike other pools, the WeOwn farm requires you to stake two tokens to get so-called LPr (Liquidity Provider) Tokens, which you then stake in the Farm to earn rewards. This lets you earn CHX while still keeping a position in your other tokens.
Below, you can find a few terms to make your introduction to the farming process simple and seamless:
- bCHX: This token represents CHX on the Binance Smart Chain Blockchain.
- Liquidity provider (LPr): User who funds a liquidity pool with crypto assets he owns to facilitate trading on the platform and earn passive income on her deposit.
- Liquidity pool (LPo): Crowdsourced pool of tokens locked in a smart contract that is used to facilitate trades between the assets on a decentralized exchange (DEX).
Yield farming takes a little preliminary work to get set up. Please use the following recommendations below:
1. You’re going to need some LPr Tokens to enter the WeOwn Farm with. The Farm can only accept its own LPr Token.
2. To get the exact LPr Token, you’ll need to provide liquidity for that trading pair.
Additionally, you need to take care of some extra topics:
4. You will need some BNBs (Binance coins) to pay for transaction fees and BUSD.
5. Finally, you’ll need CHX on the Binance Smart Chain network. The best way is to acquire CHX directly on PancakeSwap.
To add bCHX as a token, you’ll just need to add the contract 0xD883D21AF976Ec9fA409c9f2944A1E7D03D21946 in the “Select token” field
In case you’re rather tech-savvy, here are the underlying contracts you can use:
- LPr Token: https://bscscan.com/address/0x2d20f8edc7f6759e1171d4ea119dc94cce44858e
- bCHX Token: https://bscscan.com/address/0xD883D21AF976Ec9fA409c9f2944A1E7D03D21946
An alternative way is to bridge your CHX from the Ethereum Blockchain to Binance Smart Chain via the WeOwn blockchain. Read this step-by-step article to get info about this option.
Step by Step Guide Farm Process
It may sound intimidating, but it’s not too complicated. Let’s go through step by step.
Activating the Farm
1. Login to the WeOwn Wallet and make sure that you connect to the Binance Smartchain Network.
2. Once the connection is established, hit the FARM button in the left main navigation menu.
3. On the Farm page, hit the APPROVE FARM button.
As this requires a small transaction fee in BNB, please ensure you have sufficient BNB in your wallet to give permission to access your LP-Token.
Once the transaction is confirmed, the Farm gets enabled:
Providing liquidity to get LPr Tokens
Now that you’ve activated the FARM to stake in, you will need to add liquidity to get your LPr Tokens. To do so, hit the ADD LIQUIDITY tab and follow the link provided. This will open the ADD LIQUIDITY feature on the Pancake website directly with the pair CHX and BUSD pre-selected:
1. Connect your wallet with sufficient CHX and BUSD token
2. Add the desired amounts and confirm the transaction by hitting SUPPLY
3. Confirm the supply on the next screen and proceed with the transaction in your wallet
All done! You have just provided liquidity to the CHX/BUSD Pool and you have received a Cake-LPr token. After the transaction, the Cake-LPr token is visible in your wallet.
Please note: By adding liquidity you’ll earn 0.17% of all trades on this pair proportional to your share of the pool. Fees are added to the pool, accrue in real-time, and can be claimed by withdrawing your liquidity.
Putting your LPr Tokens into the Farm
Now that you have your LPr Tokens, you’re ready to start staking them in a Farm and earning rewards!
1. In the WeOwn Wallet, switch to the tab STAKING in the main menu FARM.
2. Type the amount of LPr Tokens you would like to farm into the field, or just click MAX to use all of your LPr Tokens.
3. When you have the amount entered, the DEPOSIT button will light up. Click it. Your wallet will ask you to confirm your action.
How to add or remove LPr Tokens from the Farm
You may decide you would like to add more LPr Tokens to the Farm at a later date or to take some out of a Farm. You can do this very easily whenever you’d like.
In the WeOwn Wallet, access the FARM menu and ensure you are in the STAKING tab.
Select DEPOSIT if you want to stake an additional LPr Token. Enter the desired amount and complete the transaction.
Select WITHDRAW if you want to unstake LPr Token. Enter the desired amount and complete the transaction.
In both cases, make sure your information is correct. When you are ready, click the button at the bottom and confirm the action in your wallet.
After a short wait, your new balance will show in the REWARDS section of your LPr Token pair. If you’ve unstaked your LPr Tokens, any unharvested rewards you had will automatically be collected.
How to collect farming rewards
Farming will bring you CAKE rewards over time. You can collect these rewards and use them to get more LPr Tokens or anything else you’d like.
You can harvest your Farm from the REWARDS section of the Farming menu. To get there, click FARM on the main Menu of the WeOwn Wallet.
To collect your rewards waiting for you, click the COLLECT REWARDS button at the bottom.
On the next page, select the number of LPr Token you want to collect – or select the desired percentage:
Click the HARVEST button and confirm the action in your wallet. After a short wait, the LPr Token will be claimed to your wallet for you to use as you like.
And that’s all there is to it! Happy farming!