Meat (Farms)
(accessed via Staking > Meat (Farms))
Farming is the process of staking an LP token in a pool to receive rewards in return. The rewards come either from AMM fees or are provided by the project the LP token represents to ensure adequate liquidity.
Farms exist to incentivise liquidity providers and compensate them for the risk of impermanent loss (see Liquidity) – the rewards may be paid out in one of the tokens provided, or in another token.
How to Stake
Open the side menu and tap on Meat. Ensure your wallet is connected to the DEX (see Connecting Your Wallet).
Find the farming option you have LP tokens for, and open it by tapping the chevron on the right side. Each option lists the liquidity pair you need to have contributed to, the token you will earn, and the APR of rewards you will receive.
Tap the + button.
Enter the amount of LP tokens you would like to stake. Your wallet balance is listed on the right side of the pane. You can tap the Max button to stake it all.
Tap Confirm.
You will then be prompted by your wallet app to approve the transaction and pay the transaction fee (paid with Binance Smart Chain BNB).
Once approved, the transaction will be sent to the network for processing. Though this usually takes only about a minute, when the network is under high demand, transactions can take much longer.
Once the transaction completes, the tokens will be removed from your wallet and will now be displayed as Staked on the DEX.
NOTE: When adding LP tokens to a meat farm you are already staked in, any available rewards will be harvested automatically as part of the transaction. There is no additional gas fee incurred for this action.
YouTube - How to stake your LP tokens in a farming pool?
How to Harvest
You can harvest your staking rewards at any time, though you must harvest the full amount.
Open the side menu and tap on Meat. Ensure your wallet is connected to the DEX (see Connecting Your Wallet).
Find the staking option containing the rewards you wish to harvest, and open it by tapping the chevron on the right side. Both the quantity of tokens and their value are displayed on the left.
Tap the Harvest button.
You will then be prompted by your wallet app to approve the transaction and the associated transaction fee (paid with Binance Smart Chain BNB).
Once approved, the transaction will be sent to the network for processing. Though this usually takes only about a minute, when the network is under high demand, transactions can take much longer.
When complete, the reward tokens will be removed from the smart contract and deposited in your wallet.
YouTube - How to harvest your earnings?
How to Unsake
You can remove all or part of your staked balance at any time, doing so will automatically harvest any outstanding rewards and send the total to your wallet.
Open the side menu and tap on Meat. Ensure your wallet is connected to the DEX (see Connecting Your Wallet).
Find the staking option you would like to unstake, and open it by tapping the chevron on the right side.
Tap the - button.
Enter the amount of the token you would like to unstake. Your total staked balance is listed on the right side of the pane. You can also tap the Max button if you intend to withdraw your full balance.
Tap Confirm.
You will then be prompted by your wallet app to approve the transaction and the associated transaction fee (paid with Binance Smart Chain BNB).
Once approved, the transaction will be sent to the network for processing. Though this usually takes only about a minute, when the network is under high demand, transactions can take much longer.
When complete, the staked tokens and all your rewards will be removed from the smart contract and deposited back in your wallet.
NOTE: When removing LP tokens from a meat farm you are already staked in, any available rewards will be harvested automatically as part of the transaction. There is no additional gas fee incurred for this action.
YouTube - How to unstake your staked tokens?
Features and Concepts
APR
APR stands for Annual Percentage Rate, and is the amount by which your principal would grow if you kept it invested for one year without any compounding.
APRs in Meat are variable rates that constantly change based on the total amount of tokens staked to the pool, and the relative values of both your staked token and the reward token. Calculating APR for Meat is complicated, but you can read more about it in Calculating APR for Meat Pools.
Compounding
Compounding refers to the process of reinvesting your rewards, this increases the amount of tokens you have staked continually, and therefore the value of the reward received. This can have a dramatic effect on your annual yields.
For Example: if you were to stake $1000 for one year in a cave with a 30% APR:
you'd receive $300 in rewards, without compounding.
you'd receive $349 in rewards, with daily compounding.
APY stands for Annual Percentage Yield and indicates our total expected yield at the end of one year, taking compounding into account. In the example above the APR in both cases is 30%, but the APYs are 30% and 34.9% respectively.
How frequently investments should be compounded is complicated on a DEX, by the need to pay transaction fees, and additional exchange fees. For smaller investments compounding too frequently can reduce the total annual reward.
Rewards
Rewards are tokens paid to investors at the completion of each block (approximately every 3 seconds), these rewards are similar to the interest received on conventional savings, but are instead paid for staking your tokens. The rewards may be more of the same token you have staked, or a completely different token.
The amount of reward you will receive is determined by the APR at the time of each reward distribution, and based on the value of your staked principal at that time.
All rewards remain on the DEX, unstaked, until harvested.
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