How to use Farms
Last updated
Last updated
Yield Farming in Farms is a great way to earn BSCS rewards on BSCS.
Unlike Start 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 BSCS while still keeping a position in your other tokens!
Yield farming can give better rewards than Start 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 BSCS-BUSD Farm will only accept BSCS-BUSD LP Tokens. To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get BSCS-BUSD LP Tokens, you'll first have to provide liquidity for the BSCS-BUSD 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 Farms page and you’ll see a list of available Farms.
When you find a Farm that you'd like to use, note down the trading pair, e.g. BSCS-BUSD in case you need it later.
We will add more Farms pools in the future.
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 Details 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 Get (your pair) LP link.
This will open the Add Liquidity page for your Farm's pair. We have a guide to adding liquidity you can follow to get your LP Tokens.
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 LP. Click it and a new window will appear.
Type the amount of LP Tokens you would like to farm 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.
You may decide you would like to add more LP Tokens to a Farm at a later date or to take some out of a Farm. You can do this very easily whenever you'd like.
1. Return to the Farms page.
2. Find the Farm you have LP Tokens in. You will see an Unstake and + button on the right-hand side. Click Unstake to remove LP Tokens, or + to add more LP Tokens.
3. A window will open that looks like the one you used earlier to first stake your LP Tokens. Like last time, type the amount you would like to unstake/stake or click Max to remove/add all available LP Tokens.
4. Make sure your information is correct. When you are ready, click the Confirm button and confirm the action in your wallet.
5. After a short wait, your new balance will show in the details section of your LP Token pair. If you've unstaked your LP Tokens, any unharvested rewards you had will automatically have been collected.
If you unstake your funds within 72 hours from staking, the system will charge you an unstaking fee.
BSCStation Unstaking Fee is 2%. After 72 hours, you can unstake with no fee. The unstaking fee timer resets back to the start every time you stake more tokens.
Farming will bring you BSCS rewards over time. You can collect these rewards and use them to get more LP Tokens, stake them in Start Pools, buy some NFT Collectibles or anything else you’d 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.
And that's all there is to it! You may also want to look at how to use BSCS Start Pools to earn rewards.
Happy farming!
