Yield Farming in Farms is a great way to earn BabyDoge rewards on BabyDogeSwap.
Unlike Pools, Farms require you to stake two tokens to get LP Tokens, which you then stake in the Farm to earn rewards. This lets you earn BabyDoge while still keeping a position in your other tokens!
Yield farming can give better rewards than Pools, but it comes with a risk of Impermanent Loss. It’s not as scary as it sounds, but it is worth learning about the concept before you get started.
Check out this great article about Impermanent Loss from Binance Academy to learn more.
Using farming takes a little more work to get set up. For a faster method see ZAPS
You’re going to need some "LP Tokens" to enter into a Farm. Farms can only accept their own exact LP Token; for example, the BabyDoge-BNB Farm will only accept BabyDoge-BNB LP Tokens.
To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get BabyDoge-BNB LP Tokens, you'll first have to provide liquidity for the BabyDoge-BNB pair.
It may sound intimidating, but it's not too complicated. Let's go through it step by step.
Before you proceed, you'll want to choose a Farm that's right for you. Visit the Farms page and you’ll see a list of available Farms.
BabyDoge-BNB and BUSD-BNB are pinned to the top of the list with the default CORE sorting. After the pinned Farms, the list will show other Farms in order of how new they are.
You can choose another sorting option if you like, such as by APR for the Farms with the highest reward rate currently on the sort filter option above the farms list
When you find a Farm that you'd like to use, note down the trading pair, e.g. BNB-BabyDoge in case you need it later.
Now that you've found a Farm to stake in, you will need to add liquidity to get your LP Tokens.
Click on the DETAILS dropdown of the Farm you've chosen from the list. It will open to show more details.
On the left, you'll see some links. Click the Get (your pair) LP link.
This will open the Add Liquidity page for your Farm's pair on another window. We have a guide to adding liquidity you can follow to get your LP Tokens.
Now that you have your LP Tokens, you’re ready to start staking them in a Farm and earning rewards!
Go back to the Farms page and locate your Farm. Click anywhere on the row showing your pair. It will expand to show more details.
When you’re ready, click the Enable button and confirm your action in your wallet.
2. After a short wait, the Enable button will change to Stake LP. Click it and a new window will appear.
Type the amount of LP Tokens you would like to farm into the field, or just click Max to use all of your LP Tokens.
3. When you have the amount entered, the Confirm button will enable, once you click it it will trigger a confirmation on your wallet to confirm your action.
4. After successfully completing this step, you will receive a confirmation pop-up on the top right side of your screen and you will see your new staked LP Token balance in the details.
You may decide you would like to add more LP Tokens to a Farm or remove them from a Farm. You can do this very easily whenever you please.
Return to the Farms page under EARN. At the top of the page you'll see a Staked only toggle button. Click the toggle to enable it.
You should now only see the farms in which you have LP Tokens staked in on the list, making it easier to find your desired farm.
Choose the Farm you have LP Tokens in, and click the details drop down button. You will see a - withdrawal button and + deposit button on the right-hand side. Click - withdraw to remove LP Tokens, or + deposit to add more LP Tokens.
A window will open that looks like the one you used earlier to first stake your LP Tokens. Like last time, type the amount you would like to withdraw/deposit, or click Max to remove/add all available LP Tokens.
Make sure your information is correct. When you are ready, click the Confirm button and confirm the action in your wallet.
After successfully completing this step, you will see a confirmation notice on the top right of your screen. Your new balance will show in the details section of your farm. If you've withdrawn your LP Tokens, any unharvested rewards you had will automatically have been collected and sent directly to your wallet.
Farming will bring you BabyDoge or other token rewards over time. You can collect these rewards and use them to get more LP Tokens, stake them in Pools or anything else you’d like.
You can harvest your Farm and Pool rewards together from the Home page. If you'd like to collect your farming rewards only, follow along.
To collect your rewards, you’ll need to visit your chosen Farms/Pools and collect the BabyDoge waiting for you.
Return to the Farms/Pool page under EARN.
Find the Farm/Pool you staked your LP Tokens in, and click the drop down DETAILS button. You should see an estimate of your rewards under “BabyDoge earned”.
Click the Harvest button and confirm the action in your wallet. After a short wait, the BabyDoge will be claimed to your wallet for you to use as you like.
How often you harvest your rewards is up to you, but it does help to remember that there is a small fee involved in harvesting.
You can see this fee in your wallet when confirming after clicking Harvest.
This shows the fee for harvesting as it appears in the MetaMask wallet. Different wallets will show the information a little differently. Consider leaving your rewards to grow for a while so you pay fees less often.
That's all there is to it! You may also want to look at how to use BabyDogeSwap Pools to earn rewards.
Happy farming!
