Have you caught the thought of getting crypto as a passive income with little effort and a few seconds? Such beneficial earnings can come true on Biswap Farms! In this article, you will find useful information about farming with all the details and clear examples.
What Is Farming on Biswap?
To begin with, Farming is a passive income opportunity that allows you to multiply crypto with high APRs by providing liquidity to a chosen pair of tokens.
Once you have provided the liquidity on Biswap, you get LP tokens which can be later staked to Enable Farm and bring you BSW rewards. Let’s dive into details and see the examples.
Now, we will go over the step-by-step guide with the screenshots so you can gain a better understanding of farming on Biswap. The BNB-BSW Farming Pair will play a role as a sample for this guide.
As you noticed, there are two tokens in a farming pair. In order to enable any farming pair on Biswap, you need to have LP tokens that could be obtained via liquidity provision on the platform.
The liquidity needs to be provided for two tokens in a farming pair that you wish to start, let’s say it is BNB-BSW:
Head to Farms on Biswap
Find BNB-BSW Farming Pair and click the Get LP button
You will be automatically transferred to the Liquidity page on Biswap, where you can provide liquidity for BNB-BSW tokens in the farming pair.
3. Enter the equivalent amount of each token from the farming pair and click the Approve WBNB button
❗️We use WBNB on the BEP-20 network, BNB Chain. So BNB (BEP-2) tokens need to be wrapped (become WBNB) to provide liquidity. You may wrap BNB to WBNB by making a swap on the Exchange tab.
Note that you need to have BNB to pay the network gas fee.
4. Once you have Approved WBNB, click the Supply button
5. Next, you need to press the Confirm Supply button
The transaction has been successfully submitted, and you can now stake your LP tokens in the BNB-BSW Farming Pair to earn BSW for free.
6. Click Stake LP tokens under BNB-BSW Farming pair to Enable BNB-BSW Farming Pair and start earning BSW tokens in return
Awesome! Your Farm is activated on Biswap! You have just started a lucrative BSW passive income.
Harvest your mighty BSW tokens by clicking on the green Harvest button near the earned BSW balance.
2. Unstake your LP tokens by clicking on the blue "-" button.
3. Enter the number of tokens that you would like to Unstake and Confirm your decision.
4. Go to the Liquidity tab, find your Liquidity, and click on the arrow.
5. Click on the Remove button.
6. Move the slider to regulate the sum you want to unstake.
7. Approve the unstaking amount.
8. Press the Remove button.
9. Confirm the operation.
10. Confirm the transaction in your wallet and that's it!
11. Now, you can see that your Liquidity is removed and sent to your wallet.
As you already know, to become a liquidity provider, you need to add liquidity on Biswap. A liquidity provider receives:
💸 Passive income on Farms:
Get passive income in BSW for the LP-staking on Biswap Farms with a high APR.
💸 The 50% from the Trading Fee:
A total of 0.05% in the form of a Fee Reward from the Trading fee of 0.1% is sent to Liquidity providers when someone makes a swap on the Biswap platform with a certain farming pair.
It is a quite beneficial method to maximize crypto, right? So, rush to become a liquidity provider and get profitable rewards!
Any trading pair can be impacted by volatility. Therefore, liquidity providers might occasionally experience a temporary loss of their funds.
Also, the impermanent loss displays how much more money a user would have had if they didn’t provide liquidity and instead held onto their assets.
Undoubtedly, the DeFi is changing the world of finances in a variety of positive ways. However, no one is insured against possible risks connected with impermanent loss.
Where To Find Live & Archive Farms on Biswap?
You can easily find Live, Archive and more sections on Farms by using filters under the description of the Biswap Farms:
Biswap Farms is a very vivid section on the platform where you can take your BSW funds to the next level, gain high APRs and experience clear UI/UX created by the talented Biswap design team.
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