👨🌾 How to farm $PLOT via Liquidity Mining
- When you provide liquidity in the PLOT-ETH pool on Uniswap, you receive Uniswap Liquidity Provider's tokens (LP tokens)
- As soon as you stake your LP tokens, you'll start receiving $PLOT tokens every second, till the time your LP tokens are staked on PlotX Staking Contract
- You can claim your $PLOT rewards anytime without exiting the liquidity pool on Uniswap
This is kind of obvious, but to be able to provide liquidity in a PLOT-ETH pool, you need to have some $PLOT first. You can buy $PLOT on:
- To provide liquidity, you'll need to provide an equal value of $ETH and $PLOT to the pool. So for example, if you want to provide $50 liquidity to the pool, then you'll need to deposit $50 worth of $ETH as well as $50 worth of PLOT
- After you have successfully provided liquidity to the PLOT-ETH pool, you will receive a certain amount of Uniswap LP (Liquidity Provider) tokens that represents your share in the pool
Now that you have acquired PLOT-ETH Uniswap LP tokens, you can farm/mine $PLOT by depositing these LP tokens with the PlotX Staking Contracts using the Plotx Liquidity Mining UI.
- You will be able to see a screen like this:
- As you can see, there are three main tabs in the UI - Deposit, Withdraw, and Stats
- To deposit all or a part of your Uniswap LP tokens, simply go to the Deposit tab and enter the amount of tokens you want to deposit
- As you enter an amount, your estimated rewards until the end of the program will be automatically calculated (based on the current APY) and displayed in the ‘Your Estimated Rewards’ field
- Then, simply hit the 'Approve' button to make the approval transactions
- After the transaction is successful, the ‘Approve’ button will change to the ‘Deposit’ button.
- Just click on ‘Deposit’ and that will initiate the deposit transaction.
- Click on confirm and viola! You have now successfully deposited the entered amount of Uniswap LP tokens with the PlotX Staking Contracts
- After you have successfully deposited your LP tokens, the same will be reflected in the ‘Your Deposits’ field. And since $PLOT rewards are distributed to participants every second, you will soon start noticing a change in the ‘Accrued Rewards’ field as well
After you deposit your Uniswap LP tokens, you will start accruing rewards every second. This means that when you want to withdraw the liquidity, you have to make a choice - do you want to withdraw your Uniswap LP tokens or just the rewarded $PLOT?
- If you want to withdraw just the rewarded $PLOT, then, you can simply click the ‘Claim PLOTs’ button, and that will initiate the transaction for withdrawing your rewarded $PLOT.
- Afterwards, just confirm the transaction and you will get your $PLOT in your connected wallet.
- Since there is no minimum time for staking LP tokens, you can withdraw your LP tokens anytime you want
- Withdrawing all or any part of your deposited LP tokens will also withdraw all your accrued rewards till that moment in time
- You can withdraw all or a part of your deposited LP tokens by entering the amount of LP tokens you want to withdraw, and then hitting the ‘Withdraw’ button
- Afterwards, just click confirm on the initiated transactions and you’re good to go!
Your deposited LP token balance and total accrued rewards are showcased just below the farm details
- The 'APY' field indicates your Annual Percentage Yield that all the participants of the Liquidity Mining program enjoy against their LP token deposits
- The 'Your Deposits' field indicates the amount of Uniswap LP tokens you have deposited with the PlotX Staking Smart Contract
- The 'Accrued Rewards' field indicates the total $PLOT rewarded against your deposited LP tokens, till that moment in time
- You can see the amount of rewarded $PLOT, that are available for you to claim, and the amount of reward $PLOT that you have already claimed, in the 'Withdraw' section
Clicking on the 'Stats' tab opens the global stats page. Here you can look at 6 pieces of information that define the status of the entire liquidity mining program.
- 1.Total Rewards are the total $PLOT to be rewarded during the program duration.
- 2.Total Deposits are the total LP tokens deposited across all participants.
- 3.Locked Rewards are the amount of $PLOTs yet to be rewarded in the program.
- 4.Unlocked Rewards are the amount of $PLOT already rewarded to the LP token depositors.
- 5.Program Duration is the time left for the program.
- 6.Reward Unlock Rate is the amount $PLOT released per day as rewards during the program.
…and that’s a wrap!