How do you farm with your Lyzi?

After creating our LYZI token, we sought to boost its ecosystem by introducing various DeFi options. We created a liquidity pool on the Quipuswap DEX, then to further enrich the experience, we launched a farming program that currently offers an annual return of 62%. First, we will simplify the concept of farming, then we will guide you step by step on the procedure for engaging your LYZIs in farming.

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What is farming?

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The objective 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 trading on DeFi platforms.

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As a reward, participants receive protocol-specific tokens in proportion 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 bring liquidity to DeFi pools by rewarding them with cryptocurrency based on the transaction fees incurred.

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How to farm with LYZI on the TEZOS BlockChain?

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First, you need to create a wallet on the Tezos blockchain, such as Temple Wallet. For some months now you have also been able to interact with the Tezos blockchain from your Metamask thanks to Tezos Wallet Explorer.

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Follow these steps to start farming with LYZI:

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

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Step 2: Make sure you have the equivalent value of your LYZIs in TEZ. Check out our tutorial.

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Step 3: Access Quipuswap

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Step 4: Connect your Tezos wallet to Quipuswap.

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Step 5: Deposit liquidity in the LYZI/TEZ pool to receive QPT tokens in exchange, called “LP tokens”.

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Step 6: In the category Farming, “Stake” your LP tokens in the TEZ/LYZI pool. Â

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Step 7: After 60 days*, reap your rewards by clicking “Harvest.”

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

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*Note that leaving the farming pool too early will not generate rewards. Leave your LP tokens in farming for at least 60 days to take full advantage of the rewards.

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