Beginner’s Guide to Yield Farming — League of Ancients
Introducing…League of Ancient’s very own Yield Farm! Now you can stake and reap some juicy rewards with just a few simple steps.
Yield Farming is a common commodity in the crypto space, where investors can stake tokens and earn rewards over a period of time. If you’re new to Yield Farming, fret not as we’ve prepared this beginner’s guide for you guys to understand the concept of yield farming, as well as walk you through the process step by step. Let us begin!
About our farms
Upon launch, we will be having 2 farms as listed below - but these will not be the only ones! More farms will be introduced in the future for everyone to stake, earn and compound even more rewards.
Tokens Released Monthly: 2,142,856.8
Rewards: $LOA + LP Fees
$LOA Single Staking
Tokens Released Monthly: 535,714.2
How does yield farming work?
Yield farming is also known as liquidity mining or liquidity farming, and involves locking cryptocurrency assets to get rewards. In general, yield farming works with Liquidity Providers (LP) users who contribute funds (LP tokens) to Liquidity Pools in permissionless liquidity protocols such as PancakeSwap.
Liquidity Pools are pairs of crypto-assets locked by smart contracts to form an aggregated store of assets pooled together by investors. One such pair is — you guessed it — $LOA-BUSD!
Liquidity Providers (you!) can earn a tidy sum from the interest gained in cryptocurrencies.
There are 2 farms available in League of Ancient’s Yield Farm: $LOA-BUSD and $LOA single staking. We will be walking you through the steps for both farms below.
To stake $LOA-BUSD, you’ll need $LOA-BUSD LP tokens. To do so, you will have to provide liquidity for the trading pair. Here’s how to do it:
*Disclaimer: All values shown in the screenshots below are placeholders from the test site and will not reflect during the official launch
How to Get $LOA-BUSD Liquidity Tokens:
Step 1: Head over to the marketplace
Step 2A: At the home page, click on “Connect Wallet” at the top left corner.
Step 2B: Next, connect your preferred wallet.
Step 3: After connecting your wallet, get liquidity by clicking “Get LOA-BUSD LP” on the homepage. If you do not see it, click on the drop down arrow on the right in the green circle.
Step 4A: A pop-up window will appear, click on “ZAP”
4B: Select the drop down list to change tokens.
4C: Select desired token
4D: Enter the desired amount of tokens and click “Approve BUSD”
4E: Wait for your wallet pop-up and confirm the transaction
4F: Click on “Confirm” once it lights up.
4G: Wait for the transaction pop-up and click “Confirm”
Once you’re done, you can now stake your tokens in the liquidity pool.
How to Stake:
Step 1: Click “Stake LOA-BUSD Now” or “Stake LP” on the homepage.
Step 2: Fill in the desired amount of tokens and click “Approve LP Tokens”
Step 2B: Confirm the transaction in your wallet pop-up
Step 2C: The pop up may take some time to process the transaction. Click “Confirm” once it lights up.
Step 2D: Confirm the transaction in the wallet pop-up
And you’re done! You have now staked your tokens into the liquidity pool.
The amount you’ve staked will be visible on the homepage and all you have to do now is come back and ‘Harvest’ your rewards. Or you can choose to stake more or unstake.
How to Stake more LP:
To stake even more LP, simply click “Stake LP” on the homepage and repeat the process earlier in “How to Stake”.
How to Unstake LP:
Step 1: Click on “Unstake LP”
Step 2: Type in the amount and click “Unstake”
Do take note that a withdrawal fee will be charged based on how long you’ve staked.
For example: I have staked 200 tokens for less than 7 days, my withdrawal fee will be 1 token. The withdrawal fee will be deducted from the LP tokens.
Step 3: Wait for the wallet pop-up and confirm the transaction
You have now unstaked your tokens and your new balance will be reflected in the homepage and your wallet.
How to Remove Liquidity
Removing liquidity will mean that the amount of $LOA-BUSD LP tokens removed will be burned. In return, you will be getting $LOA and BUSD according to the current market rate.
Step 1: Click on “Get LOA-BUSD LP”
Step 2: Type in the desired amount of tokens and click “Remove Liquidity”
Step 3A: An estimate of your liquidity rewards will be shown. Click on “Approve” and wait for your wallet pop-up
Step 3B: Confirm the transaction in the wallet pop-up
Step 4A: Click on “Confirm” once it lights up and wait for the wallet pop-up.
Step 4B: Confirm the transaction in your wallet pop-up
Step 5: Once you’re done, a gold pop-up will show on the right of the screen.
You have now removed your liquidity and can enjoy your hard-earned rewards!
Now if you’d like to stake, earn and compound more $LOA for your future marketplace needs, here’s how you can do it:
How to get $LOA for single staking
Step 1: Click on “Get LOA” on the homepage. If you do not see it, click on the drop down arrow on the right in the green circle.
Step 2A: In the Exchange window, you can swap your tokens by clicking on the drop down list.
Step 2B: Once you’ve selected your tokens, enter the amount of $LOA needed and click “Approve”.
Step 2C: Wait for your wallet pop up, click on “Confirm”
Step 2D: The pop up may take some time to process the transaction. Click “Confirm” once it lights up.
Step 2E: Click “Confirm” the transaction in your wallet pop up
Once the transaction is approved you can now stake your $LOA in our $LOA single staking farm by clicking “Stake” on the homepage as shown below
Harvesting your rewards
Farming will bring you rewards over time. Once you’re ready to harvest, return to the homepage and follow the steps below:
- Return to the home page here
- Click on the drop down arrow of the respective farms you’ve staked in. You should be able to see an estimate of your rewards.
- Click the “Harvest” button and confirm the action in your wallet. After a while, the tokens will be claimed to your wallet for you to use as you like!
And that’s it! Now that you’ve learned how to navigate our yield farm, it’s time to get ready to earn! Yield Farming will be going live soon, so stay tuned to our Facebook and Twitter for the big announcement and be one of the first few early birds to reap up to 650,000% APR!
Handy tip: Each time you stake/unstake, your rewards will be auto-harvested! This way you don’t have to pay extra gas fees.