Yield farming is arguably the biggest driver of the relatively young decentralized finance (DeFi) market. According to CoinMarketCap, yield farming helped the DeFi market grow from $500 million to $10 billion market cap in 2020. Fast forward to 2021, the total value locked (TVL) in DeFi has been hitting new highs almost on a monthly basis. A report on Yahoo Finance revealed that the TVL in DeFi has surpassed the $200 billion mark for the first time, hitting a record $208.39 billion.
With the current frenzy about yield farming, more DeFi platforms are becoming innovative and creating more user-friendly and simple yield farming pools for their users. One of such projects is Gravis Finance, a gamified DeFi ecosystem. The platform is set to launch its classic Yield Farming Pools including new characters for staking.
Details of the Classic Yield Farming Pools
Gravis Finance will launch its classic Yield Farming Pools on October 14, 2021. The launch will also come with GRVX staking, Gravis Finance Governance ($GRVS) token airdrop, as well as new characters giveaway for (A)steroid Mining NFT game. This is a way for the platform to further make yield farming easily accessible to beginners. It is an innovative approach that will undoubtedly help more people get involved in DeFi farming pools. Below is a step-by-step guide on how the classic Yield Farming Pools work:
- First, you have to visit the official farm page.
- Select a pool of your choice you want to participate in.
- Click on the “Approve” icon to permit the transaction in your wallet and allow the transfer of chosen LPs from your wallet. However, if you want to move your liquidity from a different decentralized exchange, you must click on the “Migrate Liquidity” icon and follow the instructions here. On the other hand, click on the “Get LP Tokens” icon if you want to get LP tokens.
- Now you enter the amount of liquidity pool (LP) tokens you want to move into a farm. Once that is done, click “Add” and approve the transaction in your wallet.
- After you have successfully joined a pool, the amount you earned in that pool will be shown to you.
- You can also switch to the “My Farms” tab to enable you to see every pool you have joined.
- Click on “Manage” to help you manage all the pools you have joined.
- Go to the Manage Pool modal window and click on the “Add” icon to add more LP tokens to your farming pool.
- Click the “Unstake” icon if you want to unstake any LP token, and then select the number of LPs you want to unstake.
- Click on the “Harvest” icon to collect the reward for the pool.
- You can also receive rewards from every pool you participated in by clicking on the “Harvest All” icon.
- Go to the “Archive” tab to see all the archived pools. Although you can no longer stake LPs in those pools, you can harvest the rewards and unstake your LPs from the pools.
- You can learn more about the pool’s APR by clicking on the small square icon in front of the pool.
- You can stake your GRVX tokens in a special pool located on the staking page. To do that, you will have to click on the “Enable” button and approve the transaction in your wallet. This will permit the transfer of GRVX tokens from your wallet.
- Once you have successfully enabled the transfer, click on the “Stake” button to stake your GVRX tokens into the pool.
- Now you have to select the number of LP tokens you want to stake, or you can click on the “Max” icon to stake all available GVRX tokens. Once that is done, click on the “Add” button to approve the transaction in your wallet.
General Condition For Staking GRVX
During the first 90 days of staking your GRVX token, you will receive an (A) steroid Mining First Mate NFT card for every 45-day period that you continue staking.
Please note that you can’t unstake your GRVX tokens for each 45-day period, but you can participate twice (with full unstaking in between) and win 2 times as many cards.
- Staking 1,000,000 GRVX for 45 days = 1 Jim card.
- Staking 5,000,000 GRVX tokens for 45 days = 1 Sarah Corner card.
- 20,000,000 GRVX tokens for the same 45 days period = 1 Darius Caesil card.
The same 90-day action works for farming pools with these changes:
- Staking period is 30 days.
- The total equivalent of staked liquidity is $1000 for 1 Jim card, $5000 for Sarah Corner card, and $20000 for Darius Caesil card.
Please note that you can’t unstake your LP tokens for each 30-day period, but you can participate three times (with full unstaking in between) and win 3 times as many cards.