To yield farm on MinSwap, you need to participate in their liquidity pools by providing liquidity and staking your LP tokens to earn MIN tokens as rewards. Here’s how to yield farm on MinSwap:
- Set up a Cardano-compatible wallet: Ensure you have a Cardano-compatible wallet, such as Nami, Eternl, or Typhon. If you don’t have one, create a wallet and securely store your private keys.
- Fund your wallet: Deposit ADA and any other Cardano native tokens you want to provide as liquidity into your wallet.
- Connect your wallet: Visit the MinSwap website and click on “Connect Wallet” in the upper right corner. Select your wallet from the list of compatible options and follow the prompts to connect it to MinSwap.
- Provide liquidity: Navigate to the “Pool” tab on the MinSwap dashboard and add liquidity to your desired pool by following the steps mentioned in the previous answers. Once you’ve provided liquidity, you’ll receive LP (Liquidity Provider) tokens representing your share in the pool.
- Navigate to the Farms section: On the MinSwap dashboard, click on the “Farms” tab to access the yield farming options.
- Select the farm: Choose the farm that corresponds to the LP tokens you received when providing liquidity. Click on the “Deposit” button next to the selected farm.
- Stake LP tokens: Enter the amount of LP tokens you want to stake in the farm and click the “Approve” button to allow MinSwap to interact with your LP tokens. After approval, click the “Stake” button to confirm your staking.
- Confirm the transaction: Review the transaction details in your wallet and approve it. Once the transaction is confirmed on the Cardano blockchain, your LP tokens will be staked in the selected farm.
By staking your LP tokens in a MinSwap farm, you’ll start earning MIN tokens as rewards. You can claim your rewards or withdraw your staked LP tokens at any time by navigating to the “Farms” tab and clicking the “Claim” or “Withdraw” buttons, respectively. Remember to consider the risks associated with yield farming and providing liquidity, such as impermanent loss, before participating in MinSwap farms.
