How to farm $DFYN tokens on Dfyn Exchange
We are excited to announce that $DFYN token rewards are now live on Dfyn network. The Dfyn community can now stake their LP tokens here to farm $DFYN tokens. Since many members of the community were unclear on the steps to follow for farming these tokens, we’ve put together this step-by-step guide to help you understand the entire farming process.
Before we start this guide, you should note that there are 9 different pools in which you can provide liquidity and earn DFYN tokens as rewards. These pools will have a combined daily reward of 400,000 DFYN tokens. The list of these pools with the pool rate is give below:
- WBTC/ETH (40,000 DFYN tokens)
- ETH/USDT (40,000 DFYN tokens)
- MATIC/ETH (40,000 DFYN tokens)
- USDT/USDC (40,000 DFYN tokens)
- DAI/USDT (40,000 DFYN tokens)
- ETH/USDC (40,000 DFYN tokens)
- UNI/ETH (40,000 DFYN tokens)
- AAVE/ETH (40,000 DFYN tokens)
- ROUTE/ETH (80,000 DFYN tokens)
In this guide, we will be farming DFYN tokens from the ROUTE/ETH pool.
Ensuring sufficient value of both the tokens in a liquidity pair
First thing to ensure before adding liquidity to any one of Dfyn’s liquidity pools is that your wallet has enough amount of tokens for providing liquidity to the desired pool. In case it does, you can skip the following steps and jump directly to this section. Otherwise, you need to follow these steps:
Step 1) Connect your MetaMask to Matic Mainnet and check your balance. Since my wallet doesn’t have sufficient amount of ETH for adding liquidity to ROUTE/ETH pool, we would need to swap some of the other assets in exchange for ETH.
Step 3) From the first dropdown, choose the asset that you want to swap from. In the second dropdown, choose the asset you want to swap into. In this case, I would be swapping my Matic tokens for ETH.
Step 4) Enter the amount of tokens you want to swap and click on Swap to initiate the transaction.
Note: If Matic tokens on your wallet haven’t interacted with Dfyn’s smart contract before, you would be asked to Approve the interaction before swapping the assets.
Step 5) Before signing the transaction, Dfyn will ask you to review the transaction details and confirm the transaction. Click on Confirm Swap to continue.
Step 6) If you have turned off the gasless feature for your wallet, you will be asked to pay a very small gas fee to complete the transaction. After reviewing the gas fee, click on Confirm.
Your transaction should be confirmed within a matter of seconds. Once it does, you will receive a notification from MetaMask.
You can confirm that your tokens have been swapped by checking your wallet balance.
Now that we have enough tokens to add liquidity, we will see how we can add these tokens to Dfyn’s liquidity pools to gain LP tokens.
Adding liquidity to Dfyn liquidity pools to gain LP tokens
Step 1) Go to https://exchange.dfyn.network/#/pool and click on add liquidity.
Step 2) Click on Add Liquidity button.
The following screen should open up:
Step 3) Choose the tokens you want to add to the liquidity pair and click on Supply.
Note: You would only be allowed to add assets in 1:1 ratio (in terms of their USD value).
Step 4) Dfyn will show you the estimated number of LP tokens you will receive. Review the transaction details and click on Confirm Supply.
Step 5) MetaMask notification asking you to sign the transaction will show up. Scroll down and click on Sign.
Once the transaction gets confirmed, you can revisit https://exchange.dfyn.network/#/pool and confirm your liquidity position.
After ensuring that we have received LP tokens from Dfyn, we can move on to staking these tokens on the Dfyn farms to gain $DFYN tokens.
Staking your LP tokens on Dfyn to farm $DFYN tokens
Step 1) Visit https://exchange.dfyn.network/#/dfyn. You will see the following screen:
Identify the farm that you’re eligible for (I am eligible for ROUTE-ETH since I own ROUTE-ETH LP tokens) and click on Deposit. You can participate in multiple farms as long as you have LP tokens corresponding to that farm.
Step 2) In the screen that opens up following the last step, click on Deposit Dfyn LP Tokens at the bottom.
Step 3) Enter the amount of LP tokens you want to stake and click on Approve.
Step 5) After signing off the transaction on MetaMask, you will be allowed to Deposit your LP tokens. Click on Deposit to proceed.
Step 6) Review the gas fees and confirm the MetaMask transaction.
Congratulations! You have now successfully staked your LP tokens on Dfyn to earn $DFYN tokens. You can also check out the amount of $DFYN accrued under the “Your unclaimed DFYN” heading.
Note: You can withdraw your LP tokens from the farm any time you want. However, you will only be able to claim your rewards (DFYN tokens) in accordance with the vesting schedule.
Dfyn is a multi-chain AMM DEX currently functional on the Polygon network. Dfyn nodes on various chains act as liquidity entry and exit points into the cross-chain liquidity super mesh that is being enabled by Router Protocol.
Telegram Announcement : https://t.me/dfynofficial