How to use farms
Last updated
Last updated
Yield farming takes a little work to get set up.
You’re going to need some "LP Tokens" to enter into a Farm with. Farms can only accept their own exact LP Token; for example, the POSI-BUSD Farm will only accept POSI-BUSD LP Tokens.
To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get POSI-BUSD LP Tokens, you'll first have to provide liquidity for the POSI-BUSD pair.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Before you proceed, you'll want to choose a Farm that's right for you. Visit the Farms page and you’ll see a list of available Farms.
When you find a Farm that you'd like to use, note down the trading pair, e.g. POSI-BUSD in case you need it later.
Now that you've found a Farm to stake in, you will need to add liquidity to get your LP Tokens.
Click on the row of the Farm you've chosen from the list. It will open to show more details.
On the left, you'll see some links. Click the Get (your pair) LP link.
This will open the Add Liquidity page for your Farm's pair. We have a guide to adding liquidity you can follow to get your LP Tokens.
Now that you have your LP Tokens, you’re ready to start staking them in a Farm and earning rewards!
Go back to the Farms page and locate your Farm. Click anywhere on the row showing your pair. It will expand to show more details.
When you’re ready, click the approve button and confirm your action in your wallet.
After a short wait, the Enable button will change to Deposit. Click it and a new window will appear.
Type the amount of LP Tokens you would like to farm with into the field, or just click Max to use all of your LP Tokens.
When you have the amount entered, the Confirm button will light up. Click it. Your wallet will ask you to confirm your action.
After a short wait, the window will close, and you will see your new staked LP Token balance in the details.
You may decide you would like to add more LP Tokens to a Farm at a later date, or to take some out of a Farm. You can do this very easily whenever you'd like.
Return to the Farms page. At the top of the page you'll see a Staked only toggle. Click the toggle.
You should now only see the pairs you have LP Tokens in on the list, making it easier to find your Farm.
Find the Farm you have LP Tokens.
Click Deposit if you want to add LP or Withdraw to remove LP
Make sure your information is correct. When you are ready, click the Confirm button and confirm the action in your wallet.
After a short wait, your new balance will show in the details section of your LP Token pair. If you've unsaked your LP Tokens, any unharvested rewards you had will automatically have been collected.
Farming will bring you POSI rewards over time. You can collect these rewards and use them to get more LP Tokens.
You can harvest your Farm and Syrup Pool rewards together from the Home page. If you'd like to collect your farming rewards only, follow along.
To collect your rewards, you’ll need to visit your chosen Farm and collect the POSI waiting for you.
Return to the Farms page here.
Find the Farm you staked your LP Tokens in, and click the row to view details. You should see an estimate of your rewards under “POSI earned”.
Click the Harvest button and confirm the action in your wallet. After a short wait, the POSI will be claimed to your wallet for you to use as you like.
Harvest lockup is a creative farming rewards lockup mechanism in order to help limit the frequency of harvesting to prevent farming arbitrage bots from constantly harvesting and dumping.
For example, the harvest lockup of the POSI-BUSD farm is 12 hours. It means that farmers who stake in the POSI-BUSD farm can only harvest (claim their rewards from farming) every 12 hours.
You can check the harvest lockup on each farm card.
To clarify, the harvest lockup only locks users' farming rewards. The tokens and LP tokens staked in farms can be withdrawn anytime.
Position Exchange does not charge any fees on staking or unstaking unlike most other protocols.
Happy farming!
