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How to start farming on SpiritSwap
SpiritSwap is a decentralized AMM exchange on the Fantom Opera Chain. In an AMM, liquidity providers simply deposit a pair of tokens and an algorithm automatically makes markets for the token pair. In return, they receive SPIRIT-LP tokens. SPIRIT-LP tokens represent a proportional share of the given LP and liquidity providers may claim their underlying tokens anytime.
Liquidity providers receive a 0.25% fee for every swap that is made in their pair as payment for work. The 0.25% fee is directly added back to the LP, increasing the value of SPIRIT-LP tokens. Liquidity providers can also participate in yield farming with supported LPs.
To understand how this works, let’s look at the steps to farming the SPIRIT token on the SpiritSwap protocol by providing liquidity in MIDAS/WFTM pool:
- 1.
2. Click on the "+ Liquidity"
3. Select MIDAS and FTM, and enter the amount you want to provide.
4. Click on "Confirm Supply" and confirm the transaction in your wallet
6. Click on the "Approve" and deposit your MIDAS/WFTM LP tokens
7. Confirm the transaction in your wallet
8. Congratulations! Now click on the "Details" and check you staked balance + rewards
Last modified 1mo ago
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