How to use farms
Last updated
Last updated
Yield Farming in Farms is a great way to earn MELODY or VIOLA rewards on MozartFinance.
Unlike Pools, Farms require you to stake two tokens to get LP Tokens, which you then stake in the Farm to earn rewards. This lets you earn MELODY or VIOLA while still keeping a position in your other tokens!
Yield farming can give better rewards than Pools, but it comes with a risk of Impermanent Loss. It’s not as scary as it sounds, but it is worth learning about the concept before you get started.
Check out this great article about Impermanent Loss from Binance Academy to learn more.
Yield farming takes a little work to get set up.
You’re going to need some "LP Tokens" to enter into a Farm with. Farms can only accept their own exact LP Token; for example, the MELODY-BNB Farm will only accept MELODY-BNB LP Tokens. To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get MELODY-BNB LP Tokens, you'll first have to provide liquidity for the MELODY-BNB pair.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Before you proceed, you'll want to choose a Farm that's right for you. Visit the Farming pairs page and you’ll see a list of available Farms.
MELODY-BNB and MELODY-BUSD are pinned to the top of the list with the default sorting.
You can choose another sorting option if you like, such as by APR for the Farms with the highest reward rate currently.
When you find a Farm that you'd like to use, note down the trading pair, e.g. BNB-MELODY in case you need it later.
Now that you've found a Farm to stake in, you will need to add liquidity to get your LP Tokens.
1. Click on the row of the Farm you've chosen from the list. It will open to show more details.
2. On the left, you'll see some links. Click the Deposit (your pair) LP link.
This will open the Add Liquidity page for your Farm's pair.
Now that you have your LP Tokens, you’re ready to start staking them in a Farm and earning rewards!
1. Go back to the Farms page and locate your Farm.
When you’re ready, click the Approve contract button and confirm your action in your wallet.
2. After a short wait, the Enable button will change to Stake. Click it and a new window will appear.
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.
3. When you have the amount entered, the Confirm button will light up. Click it. Your wallet will ask you to confirm your action.
4. After a short wait, the window will close, and you will see your new staked LP Token balance in the details and your LP token value.
Farming will bring you MELODY or VIOLA rewards over time. You can collect these rewards and use them to get more LP Tokens, stake them in Pools, use them later to play Lottery, Games or anything else you’d like.
You can harvest your Farm and Pool rewards together from the Home page. If you'd like to collect your farming rewards only, follow along.
To collect your rewards, you’ll need to visit your chosen Farm and collect the MELODY waiting for you.
1. Return to the Farms page.
2. Find the Farm you staked your LP Tokens in, and click the row to view details. You should see an estimate of your rewards under “Melody earned”.
3. Click the Harvest button and confirm the action in your wallet. After a short wait, the CAKE will be claimed to your wallet for you to use as you like.
How often you harvest your rewards is up to you, but it does help to remember that there is a small fee involved in harvesting.
You can see this fee in your wallet when confirming after clicking Harvest.
This shows the fee for harvesting as it appears in the MetaMask wallet. Different wallets will show the information a little differently. Consider leaving your rewards to grow for a while so you pay fees less often.
Happy farming!
