Swingby launches Uniswap and Sushiswap yield farming. Want to earn crazy high APR in rewards?
Swingby launches their new yield farming ecosystem incentives scheme, encouraging tokens holders to put their Swingby to use by becoming Sushi or Uniswap V2 liquidity pool holders in return for additional rewards.
Try it now: https://farm.swingby.network/
At the start of June, the Swingby team posted a tweet announcing the launch of their brand new BEP20 to ERC20 Swingby token bridge, which allows Swingby token holders to easily convert their precious Swingby to an ERC20 equivalent and vice versa. The launch aimed to expose the Swingby token to all of the amazing DeFi opportunities that exist on the Ethereum chain.
A week later, the team announced a series of tweets that advertised the listing of the Swingby token on the popular AMMs Uniswap V2 and Sushiswap. To further increase the liquidity provided to both of these AMMs, the Swingby team is launching their brand new yield farming incentives scheme which aims to reward Sushi and Uni Swingby liquidity providers.
How does it work?
Simply head to either the Uniswap v2 Swingby pool or the Sushiswap Swingby pool and add liquidity. In return for adding liquidity, you will receive LP (liquidity provider) tokens which represent your share allocation of the overall pool. Next, deposit the LP tokens into the swingby yield farming tool on the Skybridge explorer and sit back as the additional rewards accumulate. When you decide to cash out, simply withdraw from the yield farming pool.
Rewards per block for UNI LP: 2 Swingby
Rewards per block for SUHI LP: 2 Swingby
Rewards per month: ≈770,000 Swingby
Changes to pre-staking
As of this coming Monday (5th of July), the Swingby pre-staking program APR will be reduced from 30% to 15%. This reduction will help to incentivize Swingby token holders to put their tokens to use by providing liquidity to the various liquidity pools in order to receive rewards.
How much APR can I earn by yield farming my Swingby?
It’s hard to calculate the exact APR that you will earn since it depends on how much Swingby has been deposited into the yield farming pool. Every Ethereum block (13 seconds), 4 Swingby is shared across all UNI and SUSHI yield farmers. This means that in the early stages, yield farmers could easily earn over 4000% APR, but that will slowly reduce as the pool matures.
When do I get my yield farming rewards?
When you execute the “withdraw” function on the smart contract, your additional tokens will be sent to your wallet.
Who pays for my yield farming rewards?
You will earn a portion of the trading fees generated by the UNI or SUSHI pool, along with additional rewards paid from the Swingby ecosystem wallet.
Try yield farming here: https://farm.swingby.network/