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February 19, 2024

How to farm with your LYZI tokens?

After the creation of our token LYZI, we sought to enhance its ecosystem by introducing various DeFi options. We established a liquidity pool on the Quipuswap DEX, and to further enrich the experience, we launched a farming program that currently offers an annual yield of 62%. Initially, we will simplify the concept of farming, and then guide you step by step on the procedure to engage your LYZI in farming.

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What is Farming?

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The goal of farming is to encourage the provision of liquidity for exchanges on DeFi platforms.

Users contribute to liquidity pools by depositing their funds into smart contracts. These liquidity pools are often used to facilitate exchanges on DeFi platforms.

In return, participants receive tokens specific to the protocol, proportional to their contribution to liquidity. These rewards can be distributed based on the transaction fees generated by the pool.

Farming encourages users to provide liquidity to DeFi pools by rewarding them with a cryptocurrency based on the transaction fees generated.

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How to Farm with LYZI on the TEZOS Blockchain?

Firstly, you need to create a wallet on the Tezos blockchain, such as Temple Wallet. For the past few months, you can also interact with the Tezos blockchain from your Metamask using Tezos Wallet Explorer.

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Follow these steps to start farming with LYZI:

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Step 1: Add TEZ to your Tezos wallet to cover transaction fees.

Step 2: Ensure you have the equivalent value of your LYZI in TEZ. Check the helpful tutorial here πŸ‘‰ Tutorial Video.

Step 3: Go to QuiPuSwap πŸ‘‰ Quipuswap.

Step 4: Connect your Tezos wallet to Quipuswap.

Step 5: Deposit liquidity into the LYZI/TEZ pool to receive QPT tokens in exchange, called "LP tokens" πŸ‘‰ Liquidity Pool.

Step 6: In the farming category, "Stake" your LP tokens in the TEZ/LYZI pool πŸ‘‰ Farming Pool.

Step 7: After 60 days*, harvest your rewards by clicking on "Harvest."

Step 8: To withdraw your LP tokens, simply click on "Unstake."

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*Note that exiting the farming pool too early will not generate rewards. Leave your LP tokens in farming for at least 60 days to fully benefit from the rewards.

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