Farming via MantleWallet has opened up a world of opportunities for web3 enthusiasts to earn attractive annual percentage yields (APYs) via various LP tokens on their $MNTL-x holdings across chains. By contributing to specific pair-based Liquidity Pools on platforms like Uniswap (Ethereum) or Quickswap (Polygon), users can tap into the potential of decentralized finance and grow their digital assets. In this article, we will explore how easy it is to get started with farming on MantleWallet and the benefits it offers to both investors and the broader cosmos & web3 ecosystem.
Farming: Unlocking Additional Rewards through Staking Liquidity: Farming, also known as yield farming, has emerged as a popular practice in the decentralized finance (DeFi) space. It allows crypto holders to maximize their returns by participating in liquidity provision and earning additional rewards. In this article, we will delve into the concept of farming, focusing on a two-step process that involves adding liquidity and staking LP tokens to earn rewards on platforms like Uniswap and/or QuickSwap.
The 2 Step MantleWallet Farming Process:
Step 1: Adding Liquidity to Token Pairs
The first step in the farming process is adding liquidity to a token pair on a decentralized exchange (DEX) such as Uniswap or QuickSwap. Let’s take the example of the MNTL-ETH pair on Uniswap. Users who wish to farm with this pair must provide liquidity by contributing an equal value of MNTL and ETH tokens. By doing so, they become liquidity providers and receive LP (Liquidity Provider) tokens in return.
These LP tokens represent the user’s share of the liquidity pool and entitle them to a proportionate portion of the transaction fees generated by the DEX. LP tokens are essential for the second step of the farming process, as they serve as a proof of liquidity provision and enable users to stake them for additional rewards.
Step 2: Staking LP Tokens in Farming Pools
Once users have obtained LP tokens from their liquidity provision, they can proceed to the second step of the farming process: staking these tokens in farming pools. These pools are specifically designed to reward users for their contribution to liquidity provision.
In the case of MNTL-ETH LP tokens obtained from Uniswap, users can stake them in the Uniswap V3 LP Farming Pool. By staking their LP tokens, users become eligible to receive MNTL tokens or other LP tokens prescribed by the DEX protocol as rewards. The rewards are distributed based on factors such as the duration of staking and the amount of liquidity provided. This incentivizes users to hold their LP tokens and actively participate in the farming ecosystem. A similar process applies to users farming on the Polygon network using QuickSwap. After staking LP tokens obtained from QuickSwap, users can participate in the farming pool created by Versa Games. This enables them to earn additional rewards in the form of MNTL tokens or other tokens supported by the farming pool.
The Benefits of Farming
Farming offers several benefits to participants in the DeFi ecosystem. Firstly, it allows users to generate additional income through the rewards earned from staking LP tokens. These rewards often come in the form of native tokens of the platform or project, such as MNTL tokens in the case of AssetMantle.
Secondly, farming contributes to the liquidity and stability of decentralized exchanges. By adding liquidity to token pairs, users play a vital role in facilitating smooth trading experiences for others in the ecosystem. This is particularly important in the DeFi space, where liquidity depth can significantly impact the efficiency and cost of transactions.
Moreover, farming offers an avenue for cryptocurrency holders to actively engage with projects and protocols they believe in. By participating in liquidity provision and staking, users become more involved in the growth and success of the platforms they support. This fosters a sense of community and aligns the interests of participants and project teams.
Farming presents an enticing opportunity for cryptocurrency holders to earn additional rewards by staking LP tokens obtained through liquidity provision. The two-step process of adding liquidity to token pairs and staking LP tokens in farming pools has become a cornerstone of the DeFi landscape. Platforms like Uniswap and QuickSwap, along with MantleWallet, provide users with the infrastructure and tools necessary to participate in farming and maximize their returns.
Getting Started with MantleWallet Farming:
To embark on your farming journey, the first step is to visit wallet.assetmantle.one and either log in or connect your web-wallet-extension, such as Keplr or Cosmostation, to MantleWallet. This streamlined process allows users to access a singular user interface (UI) that presents all available Liquidity Pools across multiple chains.
Exploring Liquidity Pools:
Once you have logged in to MantleWallet, navigate to the Farm tab, where you will discover a wide array of Liquidity Pools denoted by $MNTL-x pairs. These pools provide an opportunity to earn rewards for providing liquidity. Simply click on the desired LP link, and follow the instructions on the DEX to begin farming & earning.
Earning Rewards and Providing Liquidity:
By participating in LPs for across multiple chains, you not only earn juicy APYs on your $MNTL holdings but also play a crucial role in providing much-needed liquidity to the broader ecosystem. This symbiotic relationship creates a win-win situation for farmers and the overall health of the Cosmos & the larger web3 network.
Farming on MantleWallet presents an accessible and profitable way to generate yield on $MNTL holdings. By contributing to specific pair-based Liquidity Pools, users can take advantage of attractive APYs while supporting liquidity provision within the Cosmos ecosystem & the entire web3 ecosystem. Whether you are an experienced farmer or new to the world of DeFi, MantleWallet offers a user-friendly platform that opens the doors to lucrative opportunities in the ever-evolving landscape of decentralized finance.
To learn more about farming on MantleWallet and explore additional contents and perspectives, visit this link: https://wallet.assetmantle.one/farm. Start farming on MantleWallet today and reap the rewards on your $MNTL holdings!
AssetMantle is a multi-tenant NFT marketplace framework that enables creators and collectors to securely mint, own, and trade digital assets on its fast-finality blockchain. The AssetMantle no-code toolset allows creators to create customized assets and marketplaces permissionless-ly . Likewise, collectors can own the assets minted across these marketplaces and compatible chains in a singular wallet with minimal gas and a lower carbon footprint. Built on the interNFT standard, AssetMantle implements an end-to-end stack of open-source modular tools that developers can modify to fit advanced use cases.
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