PKEX Yield Farming Reward is Live! Here is a full guide

Today, we are glad to announce that FARMS function enabled in 19:00 on Sept 30th UTC!! The PKEX Yield Farming program will reward liquidity providers (LPs) of the PKEX/USDC trading pair on Uniswap.

Introduction

  • A total of 15,000,000 tokens will be for farming rewards that are 15% of the total supply of PKEX.
  • The FARMS will have multiple pools, the first round will reward 300,000 PKEX for 30 days with an average of 10,000 PKEX rewarded to PKEX/USDC Uniswap LPs per day!!
  • The initial APR: Over 3,000,000%
  • More farming options will be added in the near future.

The motivation for incentivizing liquidity into the Uniswap pools is to promote healthier liquidity in the ecosystem. Liquidity providers (LPs) will share the rewards proportionally according to their liquidity provision percentage.

Providing Liquidity for PKEX-USDC pair at Uniswap

  1. Navigate to the ‘Add PKEX-USDC Liquidity page’ and deposit the desired amount of PKEX and USDC into the pool. Note: the amount should be in equal parts as it is with providing liquidity on uniswap.
  2. Before you can add liquidity, you need to approve the tokens, click “Approve” and confirm the transaction.
  3. After the ‘add’ transaction has been confirmed, you can find and manage your new positions on the ‘Pool’ page, and you will receive Uniswap LP tokens.

Get rewards through LP Tokens

PkEX Yield Farming Diagram (The data is for reference only)

Once you have the LP tokens, follow the following instructions(The following screenshots were taken on the Kovan testnet. Remember to switch to Ethereum Mainnet for your own use):

Step 1 — Connect Wallet & Approve

Step 2 — Stake

Congratulations, you have successfully staked your Uniswap LP tokens and you can now start earning PKEXs on the pool! You can see the number of LP tokens staked, and the amount of PKEX you have earned so far in the list.

Step 3— Unstake

Risks and Costs

1. Impermanent Loss

When providing your PKEX and USDC to the Uniswap pool, the fluctuation of the token price will lead to a temporary loss of funds.

2. Gas fee cost to provide liquidity

Adding and removing liquidity on Uniswap will require gas fees to send the transaction through.

Make sure to -

PolkaEx is a cross-chain trade platform based on Polkadot, using Astar Network to provide higher TPS, lower transaction cost.