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Farms
VyFinance will be introducing Stakeless-LP Farming. Once a user has either deposited liquidity, or bought LP tokens from the market - they will instantly begin farming!
Farming will function on a 24 hour reward cycle, with a minimum of two cycles before users can access their first harvest. Every 24 hours, the rewards earnt by the user will be moved from "Estimated Rewards" to "Pending Rewards". All "Pending rewards" become available on the next reward cycle.
Emissions Algorithm
We are adjusting our emissions algorithm to include significantly more factors such as current daily BAR distribution, total volume, the price of $VYFI, TVL on the platform, and the change in all of these metrics over the farming set.
The design of this algorithm is to allow the maximum growth in emissions, when there has been minimal change in the platform’s condition over the farming set. The maximum increase in emissions per farming set will be 3%, with the minimum change in emissions of -2%.
As an example, if for the period of a farming set we have 0% change in all of the metrics listed above, the emissions will increase by 3%. If we experience a growth or reduction in all of these metrics by 50% the algorithm will reduce the emissions by 2%.
For the next farming set we will be increasing emissions by the maximum of 3%. We are doing this as an interim before we fully implement this algorithm next month. We will be making the algorithm public by the end of the month, alongside a calculator to assist users in understanding how the algorithm functions.
FAQ's for Farms
- What do I do with my LPs when they get to my wallet?
Nothing! On VyFinance, we’ve introduced stakeless LP, so users don’t require any additional steps once LP tokens have been acquired!
- Can you move LP Tokens between Wallets?
Yes, you can. You can send through LP tokens to different wallets, and those wallets will start accruing rewards. Be aware, like Cardano, it will take two days before rewards on the new wallet are able to be harvested. You will forfeit the ‘Pending rewards’ from the wallet the tokens are being sent from.
- Will I lose pending rewards if I move only a portion of my LP tokens?
You will lose pending rewards equal to the amount of farm those LP tokens sent have accrued. Any LP tokens remaining in the wallet will continue to farm as usual.
- Why do I lose my pending rewards if I move my LP tokens?
We use this as an anti-whale measure. It stops larger wallets being able to jump in and out of liquidity over small time-frames to earn disproportionate rewards.
- Do my L2LP tokens still earn all my farm from the L1LP?
Yes. We’re currently looking at ways to better display the rewards L1LP tokens are accruing while in a L2LP pool.
- How often can I claim my rewards?
It takes 48 hours for the first set of rewards to become available, and you can claim rewards every 24 hours thereafter.
- What happens if I accidentally claim my rewards twice?
If you claim your rewards twice, the second transaction will remain in lue until the next set of rewards are available. Once these rewards are available, your farm will be instantly harvested will arrive in your wallet.
- Where can I learn more about layer 2 liquidity providing?
We have two articles dedicated to this topic, which you can find here:
Farming on Layer 2 Liquidity pools, how does it work?
https://medium.com/@vyfinance/farming-on-layer-2-liquidity-pools-how-does-it-work-bd52808ecdfa
Layer Two (L2) Liquidity Pool (LP) farming | DEEP DIVE
- Can I stake my farm at the BAR?
Yes. Once you harvest your $VYFI, you can do with it as you wish.
- Can I farm from my phone?
Yes. Flint Wallet is compatible on the app.
- Can I use a hardware wallet like Trezor or Ledger?
Yes you can. You will need to follow the hardware wallet guide for connecting to Eternl Wallet. This can be found through Eternl Wallet support.
See the articles below for more information:
Last modified 2mo ago