Farming, in the crypto world, is staking your Liquidity Pool (LP) token into the DEX to harvest more rewards or returns as additional cryptocurrency.
The LP token can be obtained by providing liquidity to a DEX in smart contract-based pools. Liquidity providers are incentivised to provide to the liquidity pool as in doing so, they can earn a percentage of transaction fees, interest from lenders, or a governance token.
XcelSwap facilitates its user with a liquidity pool and farms to make the optimum utilization of its governance token, XcelDefi and other crypto assets based on Binance Smart Chain.
In this article, let us learn the steps to farm the LP tokens that you can obtain by providing the liquidity to XcelSwap liquidity pool.
Step-by-step guide on how to farm on XcelSwap
Step 1: scroll down to the “Farm” section of XcelSwap and locate the XLD/BNB pair. Click on ‘Enable Contract’ in the middle of the box.
Step 2: A metamask dialog box will pop up asking you to confirm the transaction. Press on the ‘Confirm’ button to move to the next step.
Step 3: Press on the ‘Stake LP’ button at the bottom right of the corner of the box.
Step 4: Set the amount of LP token you want to stake and press ‘Confirm’.
Step 5: Press ‘Confirm’ to make a transaction on Metamask.
Step 6: You have successfully farm your LP Token in XcelSwap. You can easily add or remove your farms by tapping into “+” or “-” button. Farming will reward you with $xld over time. You can collect these rewards simply by pressing ‘Harvest’.
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