Biswap V3 Farms
V3 Farms can be compared to cloud crypto mining, as Biswap Liquidity Providers get lucrative and easy usage advantages. Let's discover it deeply.
Get in and receive additional crypto by choosing a liquidity pool with a specific fee tier with active rewards from Farms and setting your liquidity position into the range.
For example, there is a BSW-BNB pool with 4 different fee tiers: 0.015%, 0.8%, 0.28%, and 1%, the Farm rewards will be activated only for one of these fee tiers.
The pools are selected by Biswap professional analyst team aftermarket and internal analysis. Biswap reserves the right to change the pools with additional Farm rewards depending on market conditions and other data.
Since you activate V3 Farms without taking additional actions, you don't have to pay an extra fee by staking your LP tokens, as it used to work on V2 Farms.
As was mentioned before, to start earning, you need to provide liquidity to the liquidity pool with a specific fee tier for which the Farm is active, selected by the Biswap analyst team, and set the range matched with the current price. Moreover, on Biswap V3 Farms, you can save on network fees as you don't have to stake LP tokens and take additional actions.
So, by participating in Farms and providing liquidity to the designated pool, you can earn additional crypto, allowing your assets to work for you and potentially generate passive income.
Also, farming on Biswap V3 offers Liquidity Providers advantages like simplified initiation. Instead of LP tokens, they receive NFT LP, which stores data of provided liquidity such as fees, amount of assets, selected token pair, etc. This NFT LP acts as an independent contract confirming pool participation.
Follow these steps to find out how to provide liquidity and set the range.
Please note that the screenshots provided in this article are not final. After the release, there may be some changes, but they will be minimal.
Note that you will get Farms' reward if your liquidity pool has a specific fee tier, which the analysts' team has chosen as a reward pool for Farms.
Step 1: Connect your wallet and head to the 'Liquidity' page. Click the 'Add Liquidity' button.
Step 2: Choose a token.
You can add preferred tokens to the Favorite Token list for easy and quick access.
Step 3: Select an appropriate fee tier with an active Farm.
This pool can be identified by the gift icon.
Step 4: Then, set the price range for your liquidity position and click the 'Preview' button.
Step 5: Check if everything is correct and press 'Confirm'.
Step 6: Great! You've added liquidity, so now you can see your liquidity position on the 'Liquidity' tab.
Note that on Biswap V3, there's no separate 'Farms' page. All your liquidity positions will be shown on the 'Liquidity' tab.