Tutorial: How to farm Swingby tokens on Ethereum
Thanks to Arnold Nowak (Discord arnoldinho71), one of our biggest Swingby superheroes, for writing the original version of this tutorial.
What is liquidity farming?
Liquidity mining (yield farming) is providing a liquidity pair of tokens to decentralized exchanges (DEXs) in order to earn rewards. Since the primary goal of an exchange is to be liquid, DEXs seek to reward users willing to bring capital to their platform. They offer a share of the fees in return. Uniswap offers 0,3% of swap fees, Sushiswap — 0,25%.
Swingby offers additional yield farming rewards to users that provide liquidity to Swingby token markets, every single ETH block (10 seconds), 2 Swingby tokens are shared across all liquidity providers.
What is impermanent loss?
Impermanent losses are one of the risks concerned with liquidity farming. An impermanent loss is when you provide liquidity to the pool and the price of the deposited assets changes compared to when they are deposited. The greater this change, the more vulnerable you are to a temporary loss. In this case, the loss means a lower dollar value at the time of withdrawal than at the time of deposit.
Do you want to know more about impermanent loss? Watch this video.
Want to calculate impairment loss? Try this tool.
How to farm SWINGBY?
1- Send your SWINGBY from exchange to Trustwallet using the BNB (bnb1…) chain.
2- Swap SWINGBY from BNB to BSC chain — click “More” and then “Swap to Smart Chain”.
3- Select the amount and click “Swap”. Confirm the transaction.
4- Go to the settings menua and add the Swingby BEP20. If there is no Swingby BEP20 Token option then click “Add Custom Token” and input the following contract address ‘0x71DE20e0C4616E7fcBfDD3f875d568492cBE4739’.
5- Repeat previous, but this time as an ERC20 token. Add the following contract address ‘0x8287c7b963b405b7b8d467db9d79eec40625b13a’
6. Top up your address with some ETH tokens to pay gas fees, if you don’t have some already.
7. Go to https://farm.swingby.network/ and click “Get LP from Uniswap” or “Get LP from Sushiswap”.
8. Wrap ETH to WETH9 to put it in the liquidity pool.
9. Select the number of tokens you want to lock. Click “Approve Swingby”, “Approve WETH9” before if using these tokens for the first time.
10. Go back to https://farm.swingby.network/ and connect your Trustwallet app using Walletconnect. To find wallet connect on your TrustWallet app, go to settings -> WalletConnect.
11. Add the LP token amount that you would like to stake or click “Max” to stake all the tokens in your wallet. Click the“+” button and begin the transaction, which will need to be approved from your TrustWallet.
12. All done! Once you’ve farmed some juicy Swingby tokens, you can go ahead and harvest your rewards using the “harvest” button. This will also require WalletConnect and you will need to approve the transaction in your trust wallet.
Thanks for reading!
Want to trade Swingby? Check us out on CoinGecko or CoinMarketCap.
Get Rewards! Head over to farm.swingby.network to participate in our yield farming program or earn up to 15% APR by staking on AscendEX or Pool-X.
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