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.
Token holders who provide liquidity to our trading pair on Uniswap v2 will be able to earn PKEX tokens via the FARMS UI.
- 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
- Be sure to have PKEX and USDC in your Metamask.
- 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.
- Before you can add liquidity, you need to approve the tokens, click “Approve” and confirm the transaction.
- 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 has been listed on Uniswap, and the PKEX Yield Farming Reward is Live!! Those who add liquidity on Uniswap on the PKEX-USDC pair can easily stake their LP tokens and earn PKEX with their Uniswap LP tokens.
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
Visit app.polkaex.io/farms, and make sure the wallet is connected. Select a pool in the ‘Active’ state, more information will appear on the screen, then click on the ‘Approve’ button, and confirm the transaction in your wallet.
Step 2 — Stake
The first successful Approval will bring you to prompt information, please check the reminder message, enter the number of LP tokens and click ‘Stake,’ than confirm the transaction in your wallet again.
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
If you want to Unstake your LP tokens, just click on the ‘Unstake’ button. Remember: You can unstake your LP tokens at any time without penalties, but there is a 5 days unstaking period you must wait before withdrawing your LP tokens. Once you succeed in Unstake, you will not be able to participate in this round of Farming again. The PKEX reward can be withdrawn at anytime.
Risks and Costs
Providing liquidity to Uniswap involves risk like any other AMMs(Uniswap, Bancor, Balancer):
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.