Farming and Staking
How to prepare for farming and staking
In this case, we will swap $BNB for $RFOX.
Choose the token you want to trade from the dropdown menu in the "From" section. The default setting is BNB.
When we enter the desired amount we wish to swap of $BNB, the amount of $RFOX will be calculated automatically.
Once we've entered a number of tokens the 'Swap' button should appear.
Check the details, and click the Swap button.
You will be greeted with a pop-up confirmation window, if you are happy to continue please 'Confirm' to execute the trade.
Congratulations, you have now obtained $RFOX!
If we wish to swap other cryptocurrencies, simply follow the same steps as listed above.
For this example, we will add liquidity using the RFOX and VFOX tokens.
Proceed to add liquidity from the 'Trade' page. Select the 'Liquidity' tab and then 'Add Liquidity'.
Once we have reached the add liquidity section, select RFOX and VFOX in each field. Whichever field you specify an amount to add to liquidity, it will auto-populate the other token to ensure a 1:1 peg at market value. When both sides are populated 'Approve' the contract.
If this is your first time adding liquidity you'll need to 'Approve' the contract.
Select 'Supply' when the button appears. Please wait as it might take up to 30 seconds for it to appear. You will be presented with a window asking you to confirm and displaying the amount of liquidity pool (LP) tokens you will receive.
Select 'Confirm Supply' when you are ready.
The 'LP TOKENS IN YOUR WALLET' will update once you have supplied liquidity.
If you don't see Your Liquidity, click "Import it" and select the two tokens that you provided liquidity for to import your liquidity.
You've now received a quantity of Cake-LP tokens specific to the pool you provided liquidity for. Do not be alarmed by the LP token name. RFOX Finance DEX routes through PancakeSwap Liquidity Pool smart contracts. They will be visible in your wallet after adding liquidity.
If it does not appear you can paste your wallet address into bscscan.com explorer to locate them. You can remove your liquidity in exchange for your LP tokens at any time.
- Take your LP tokens, which are effectively a receipt that you have provided liquidity, deposit it into farms to begin receiving a share of $VFOX.
- To execute any transaction on Binance Smart Chain, you will need $BNB in your wallet to fund gas fees.
Your LP tokens may appear here, if not select 'Import Pool'.
Populate the fields with RFOX and VFOX, then select the arrow to return to the previous screen. Your LP tokens will be visible along with an option to specify a quantity to 'Remove' from the liquidity pool.
Please note, if you wish to remove the liquidity you have supplied and you have staked you LP tokens in a Farm, then you must first unstake your LP tokens from the farm.
There will be an RFOX/VFOX farm available. Approve the contract to enable staking.
Once approved, you add your stake of LP tokens to the farm.
Once completed you will begin to generate token rewards in real-time for harvest at your discretion.
If you are not familiar with yield farming and risks such as Impermanent Loss, you have the option to single-stake your $RFOX and $VFOX.
If this is your first time staking you'll need to "Approve"
Once you select the 'Stake' button you can specify what amount of tokens you would like to stake in the pool then click "confirm".
You will begin to generate token rewards, also known as yield.
You can stake by hitting the "+" to add more tokens or unstake some or all of your tokens at any time by hitting the "-"
While fees are incredibly cheap on BSC, they add up over time and should be factored into your yield farming strategies.
If you are seeking to compound, doing so daily would be sufficient to increase your total stake and share of total available yield.
Whenever you add or remove LP tokens from a farm or single assets from a pool, you will automatically harvest any outstanding yields along with it.
Block times on the Binance Smart Chain are processed approximately every 3 seconds.