How to Use Farms
Yield farming on LP Restaking Farm is a great way to earn PURSE rewards.
Users are required to stake a cryptocurrency pair to a liquidity pool (E.g. PURSE and USDT on PancakeSwap) to get LP Token. The LP Token can then be staked in LP Restaking Farm to earn PURSE rewards while still keeping your cryptocurrency pair position!
Note that each Farm can only accept a specific LP Token.
For example, PURSE-USDT Farm only accept PURSE-USDT LP Token.
You have to provide liquidity for that cryptocurrency pair in order to get that specific LP Token.
Yield farming can earn good PURSE rewards, but it comes with a risk of Impermanent Loss. It’s not as scary as it sounds and it is worth learning about the concept before you get started.
Check out this great article about Impermanent Loss from Binance Academy to learn more.
Getting Prepared
It takes a little work before the yield farming starts.
It may sound intimidating but it's not too complicated.
Let's go it through step by step!
Choosing your Farm
Before you proceed, you may want to choose a farm that's right for you. Visit LP Restaking Farm and you will see a list of available farms.
Please note that the PURSE-BUSD Farm has been deprecated. Please use the PURSE-USDT Farm instead. The steps to interact with the PURSE-USDT Farm are exactly the same as you would interact with the PURSE-BUSD Farm.
Providing Liquidity to get LP Token
Now that you have chosen a farm, you will need to provide liquidity to the liquidity pool in order to get LP Token.
Click Select on the farm you have chosen from the list.
On the popup, click Get PURSE-USDT and it will direct you to an external link (E.g. PancakeSwap) so that you could provide liquidity and get LP Token.
3. This will direct users to the respective liquidity page according to the chosen farm. If the cryptocurrency pair is correct, click Add Liquidity to proceed.
4. If you do not have liquidity for either one of the tokens, you will not be able enter the amount and the Supply button will be disabled.
Add liquidity for BUSD and/or PURSE before you proceed.
5. You will be able to provide liquidity as long as you have at least one token available. For example, if user only has PURSE token, some of the PURSE will be converted to BUSD before adding liquidity. User will then have to click Enable PURSE to allow spending of PURSE.
There might be extra gas incurred for converting PURSE to BUSD.
6. If you have both the tokens, input an amount under one of the tokens, the other should be calculated and filled automatically.
If you are supplying liquidity for the first time, there will be Enable PURSE and Enable BUSD buttons. You need to click these two enable buttons to allow spending of both PURSE and BUSD tokens in your wallet.
7. After you have clicked Supply, there will be a popup to show the amount of LP Token you will receive. Click Confirm Supply and it will be reflected on the Farm LP Balance shortly after you confirm the transaction in your wallet.
Details on Adding / Removing Liquidity can be found on respective DEX.
Depositing LP Token to the Farm for the First Time
Once you have obtained your LP Token, you are ready for yield farming and can start earning PURSE rewards!
Click the Connect Wallet button either on the top right of navigation bar or inside the popup after you clicked the Select button.
Click the Approve button and confirm the transaction in your wallet.
Shortly after the transaction is confirmed, you will see that you Deposit and Withdraw. Input the LP Token amount which you would like to deposit.
Click the Deposit button and confirm the transaction in your wallet.
You will see your newly staked LP Token shown on the LP Balance shortly.
Adding or Removing LP Token from Farm Subsequently
At any point of time, you can choose to either deposit more LP Token to the farm or withdraw some or all LP Token out of the farm.
Look for the farm which you have LP Token in and click the Select button to view details. You will see both Deposit and Withdraw on the popup. Click Withdraw to remove LP Token or Deposit to add more LP Token.
Similar as the instructions above, input the amount of LP Token you would like to deposit or withdraw.
Click the Deposit or Withdraw button and confirm the transaction in your wallet.
Your new LP Balance and the PURSE Earned will be updated shortly later.
When you deposit or withdraw your LP Token, any unharvested PURSE rewards you have will automatically be transferred to you.
Harvesting PURSE Rewards
Yield farming will bring you PURSE rewards over time. You could harvest these rewards and use them to either
Provides cryptocurrency pair to liquidity pool and get more LP Token
Stakes the PURSE in PURSE Staking
How to Harvest PURSE Rewards?
To harvest your PURSE rewards, you could harvest it directly on the Farm Menu by clicking on the Harvest button.
Alternatively
Instead of clicking the Harvest Button on Farm Menu, click the Select button to view more details. You should see an estimated of PURSE rewards under PURSE Earned.
Click the Harvest button at top right corner of the pop up. The PURSE will be transferred to you shortly after you confirm the transaction in your wallet.
It's encouraged to harvest less frequent so that you could save more on the gas fee. Besides, when you deposit or withdraw, the PURSE rewards will automatically be transferred to your address.
Last updated
