DeFinity farming is a great way to earn DEFX rewards on the Clarity App.
Unlike other pools, the DeFinity farm require you to stake two tokens to get LP Tokens, which you then stake in the Farm to earn rewards. This lets you earn DEFX while still keeping a position in your other tokens.
Yield farming takes a little work to get set up.
You’re going to need some "LP Tokens" to enter into the DeFinity Farm with. The Farm can only accept their own LP Token.
To get the exact LP Token, you'll need to provide liquidity for that trading pair.
Please note, that you also will need some BNB to pay for transaction fees and BUSD.
Finally you’ll need DEFX on the Binance Smart Chain network. The best way it to acquire DEFX directly on PancakeSwap.
To add DEFX as a token, you’ll just need to add the contract 0xbe4cb2c354480042a39350a0c6c26bf54786539f in the “Select token” field:
In case you’re rather technical, here are the underlying contracts:
- LP Token: https://bscscan.com/token/0xb58427aa1dd54dd13689fb948a32be2f58b9007a
- DEFX Token: https://bscscan.com/token/0xbe4cb2c354480042a39350a0c6c26bf54786539f
An alternative way is to bridge your DEFX from the Ethereum Blockchain to Binance Smart Chain via the WeOwn blockchain. Read this step-by-step article to get info about this option.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Activating the Farm
Login to the Clarity dashboard and make sure that you connect to the Binance Smartchain Network. Once the connection is established, hit the FARM button on the dashboard.
On the next screen, 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 LP Tokens
Now that you've activated the FARM to stake in, you will need to add liquidity to get your LP 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 DEFX and BUSD pre-selected:
- Connect your wallet with sufficient DEFX and BUSD token
- Add the desired amounts and confirm the transaction by hitting “Supply”
- Confirm the supply on the next screen and proceed with the transaction in your wallet
All done! You have just provided liquidity to the DEFX/BUSD Pool and you have received Cake-LP token. After the transaction, the Cake-LP token are visible in your wallet – and the Clarity App.
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 LP Tokens into the Farm
Now that you have your LP Tokens, you’re ready to start staking them in a Farm and earning rewards!
- In the Clarity App, switch Go back to the Farms page and switch to the tab “Staking”.
Type the amount of LP Tokens you would like to farm with into the field, or just click MAX to use all of your LP Tokens.
- When you have the amount entered, the DEPOSIT button will light up. Click it. Your wallet will ask you to confirm your action.
- After a short wait, the window will close, and you will see your new staked LP Token balance in the tab “Rewards”.
And that's all there is to it! Happy farming!
Read here for more additional information:
- How to add or remove LP Tokens from the Farm?