SolChicks Yield Farming — Live on Raydium, Orca, and Cropper
Dear SolChicks fam,
We’re excited to announce that yield farming is now available to our community of $CHICKS holders on Raydium, Orca, and Cropper! Starting on 26th (Orca and Cropper) and 28th (Raydium) December 2021, liquidity pools are live on your DEX of choice to begin earning three digit APY!
$CHICKS holders can provide liquidity and earn Liquidity Provider Tokens (LP tokens) on Liquidity Pools. Liquidity has to be provided in pair with a coin, i.e. USDC in most cases on Solana-based DEXs, and in the same dollar-value amount. For instance 50$ worth of $CHICKS and 50 USDC. The LP tokens that you get in return will grow over time according to the current APY. Whenever you want you can swap your LP tokens back to the original pair. Farming on the other hand allows you to further your staking experience and earn $CHICKS as well. Farms require you to stake your LP tokens and get $CHICKS tokens as a reward for doing so.
About Yield Farming
A liquidity pool is a pool of cryptocurrency funds that are collected and locked in a smart contract. These crowdsourced funds are usually traded between assets in decentralized exchanges in a permissionless manner. Liquidity pools are an essential part of yield farming, with funds playing a crucial role in the development of yield farming by facilitating liquidity in decentralized finance platforms.
Yield farming is a means for holders of a token to earn rewards, through allowing holders to stake (locking up the deposited cryptocurrency) their token into a lending protocol or decentralized app, in the same way you would deposit money into a bank. In exchange for staking, participants of yield farming are able to earn interest on their deposits, with the interest sums earned from individuals borrowing the deposited tokens for speculation.
Unlike earning interest in a bank account, yield farming is exposed to changes in the relative value of the tokens in the liquidity pool. For more information please see DailyDefi’s impermanent loss calculator: https://whiteboardcrypto.com/impermanent-loss-calculator/.
Raydium Liquidity Pool
Raydium is an Automated Market Maker and liquidity provider based on the Solana blockchain for the Serum Decentralized Exchange. It provides executions for swaps at the best price for users through determinations through its liquidity pool or its Serum order book.
For details on how to participate in yield farming on Raydium’s liquidity pool, please see Raydium’s guide to yield farming on its Raydium Farms.
Orca Liquidity Pool
Orca is a Solana blockchain based cryptocurrency exchange, providing cryptocurrency trading at minimal fees and latency. Orca also offers trading pools for its community to provide liquidity in exchange for rewards gained from trading fees.
For details on how to participate in yield farming on Orca’s liquidity pool, please see Orca’s guide on how to provide liquidity to an Aquafarm.
Cropper Liquidity Pool
Cropper is the first permission-less yield farming platform based on the Solana blockchain, allowing for its community to engage in swaps, yield farming, and staking at low fees with high return yields.
For details on how to participate in yield farming in Cropper’s liquidity pool, please see Cropper’s tutorial on how to add liquidity to a Farm.
SolChicks is the fastest growing and largest P2E in the Solana ecosystem, with a team of over 70 members, including a blue-chip game development team who have previously brought to market titles such as MapleStory, PUBG, Dungeon Fighter, and Tera, and a business management team from institutions such as Wharton and McKinsey & Company.
Join the #SolChicksFam:
📫 Telegram: https://t.me/solchicksnft
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Game Mechanics | Whitepaper | Pitch Deck:https://www.solchicks.io/papers