2. Farm SWISE and 1INCH tokens
Learn how to farm SWISE and 1INCH tokens using the LP tokens you received from providing liquidity.
Before you can start farming, you will have to provide liquidity to the 1INCH-SWISE pool first. Read how to do that in the previous chapter.
To incentivize market participants to provide liquidity to decentralized exchanges, the DEX operators distribute bonuses in the form of tokens to the liquidity providers. In the case of 1INCH and StakeWise, 150k 1INCH tokens together with 2mln SWISE tokens will be distributed among providers of liquidity to the 1INCH-SWISE pool.
To keep things fair, every liquidity provider will receive a Liquidity Provider Token (LP token) upon providing liquidity. The amount of LP tokens you receive represents your share of liquidity in the pool. The LP tokens you receive can be put in a special farming pool and earn the bonus tokens (1INCH and SWISE) over time. The longer you farm, the more tokens you get, and the higher your share in the liquidity pool, the higher your bonus.
First, you need to provide liquidity to the 1INCH-SWISE pool. If you haven't already done so, read the previous chapter on how to do that:
Next, let's put your LP tokens to work and start earning SWISE and 1INCH tokens.
Go to the 1INCH exchange and navigate to the DAO section. You get there by clicking on the DAO link in the top-end navigation bar of the site.
Once there, go to the Farming section by clicking on the corresponding link in the left-hand navigation bar. Once you go there, you will get a list of all active farming pools that 1INCH is currently running. Each pool is represented as a card that contains the name and some of the farm's key metrics. Find the 1INCH-SWISE farm in the list. It looks like this:
Once you found the 1INCH-SWISE farm, click on the "Deposit" button. A new dialog will appear that looks like this:
Before you can deposit your LP tokens, you have to unlock them. This will allow 1INCH to execute smart contract transactions on your behalf. Unlocking costs a small amount of ETH gas, and you will have to confirm the transaction with your wallet. To unlock, simply click the "Unlock Token" button and follow the instructions.
Once the tokens are unlocked (your transaction was confirmed), you can finally deposit your tokens. The dialog still looks the same, but the Unlock Token button has been replaced with a Deposit button:
Before you click on deposit, make sure you enter the amount of LP tokens you want to put into the farm. Most people will probably want to put all their tokens in, and that can easily be done by clicking on the 1LP-1-INCH-SWISE Balance link in the upper-right corner.
Click "Deposit" when you are ready. Your wallet will ask you to confirm the transaction, and once confirmed, your LP tokens have been put in the farm and are actively earning new 1INCH and SWISE tokens.
That's all there is to it. You can sit back, relax and watch your earnings grown.
You can go back to the Farming page at any time to check on your farming proceeds. Just find the 1INCH-SWISE farm and you will notice it is now showing you some stats for your farming rewards:
If you feel like you have farmed enough and want to claim your rewards, you can do so at any time. Just remember: The longer you farm, the higher your reward.
You have various options to end your stake. If you look at the screenshot above, you will find three options, which we will explain below:
Claim Rewards
Withdraw LP Tokens
Exit Farm
Clicking on the "Claim" button (see screenshot above) will allow you to claim the 1INCH and SWISE tokens you have accrued as rewards. When claiming the rewards, the tokens will be sent to your wallet. However, your LP tokens remain in the farm and keep earning rewards.
To withdraw your LP tokens from the farm, click the Withdraw button. This will effectively end farming and you will stop receiving further rewards. The LP tokens will be sent to your wallet, but the rewards will remain in the farm.
Clicking on "Exit" is basically a combination of Claim and Withdraw: You claim your rewards and you withdraw your LP tokens, all in a single transaction. All tokens will be sent to your wallet and farming will end.
Remember that you also deposited funds into the SWISE-INCH liquidity pool. If you want to withdraw your funds there, you need to have your LP tokens in your wallet. See the chapter on providing liquidity for more details.
Last modified 2yr ago