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.

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

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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.

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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?

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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.

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

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Step 3: Go to QuiPuSwap 👉 Quipuswap.

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Step 4: Connect your Tezos wallet to Quipuswap.

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

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

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

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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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