Yield Farming in Farm is an excellent way to earn MIA token rewards.
Farms, as opposed to Mining Pools, require you to stake two tokens to obtain LP Tokens, which you then stake in the Farm to earn rewards. This allows you to earn MIA while maintaining a position in your other tokens!
Yield farming can provide better rewards than Mining Pools, but it is subject to Impermanent Loss. It's not as frightening as it sounds, but it's worth learning about the concept before you begin.
Yield farming requires some effort to get started.
To enter a Farm, you must first obtain some "LP Tokens." Farms can only accept LP Tokens that are identical to their own; for example, the MIA-ONUS Farm will only accept MIA-ONUS LP Tokens.
To obtain the precise LP Token, you must provide liquidity for that trading pair; for example, to obtain MIA-ONUS LP Tokens, you must first provide liquidity for the MIA-ONUS pair.
It may appear intimidating, but it is not overly complicated. Let's take it one step at a time.
Locating Your Farm
Before you begin, you should select the Farm that is best for you. A list of available Farms can be found on the Farms page.
When you find a Farm that you'd like to use, note down the trading pair, e.g. MIA-BUSD in case you need it later.
Now that you've found a Farm to invest in, you'll need to add liquidity in order to receive your LP Tokens. Select the Farm from the list.
Putting your LP Tokens into a farm
Step 1: Navigate to the Farms page and find your Farm.
Step 2. Click Enable Contract and confirm your action in your wallet.
After a brief delay, the Enable Contract button will be replaced with Stake LP. When you click it, a new window will open.
Step 3: Enter the number of LP Tokens you want to farm into the field, or simply click Max to use all of your LP Tokens.
When you have entered the amount, the Confirm button will light up. Click on it. Your wallet will request confirmation of your action.
Farming will eventually bring you MIA rewards. You can collect these rewards and use them to obtain more LP Tokens, stake them in Mining Pools, or do anything you want with them. To receive your rewards, go to your chosen Farm and collect the MIA that is waiting for you.
Step 1. Back to the Farms page.
Step 2. Find the Farm where you staked your LP Tokens and click the row to see more information.
Step 3. Click the Harvest button and confirm the action in your wallet. After a short delay, the MIA will be claimed and added to your wallet.
Select 'Harvest' to collect rewards
How frequently should I collect my rewards?
It is up to you how frequently you harvest your rewards, but keep in mind that there is a small fee associated with harvesting.
When you confirm after clicking Harvest, you will see this fee in your wallet. The information will be displayed differently in different wallets. Consider leaving your rewards to grow for a while to reduce the frequency with which you pay fees.
And that's the end of it! You might also be interested in learning how to use MiaSwap's Mining Pools to earn rewards. Best wishes!