Harvest Finance recently launched $iFARM – a new value accruing token which represents your profit share stake and can be put to work in various DeFi applications all while accruing interest on its corresponding amount of $FARM from the Profit Sharing Pool.
Pretty cool, right?
However, we all know that $ETH fees are pretty high right now and that discourages smaller players from buying some $iFARM. But don’t worry friends, there’s a way to quickly buy $iFARM without breaking the bank and I’m going to show you how.
This guide is for all of you looking to buy $iFARM cheaper via Matic’s layer 2 AMM - QuickSwap.
First, let's connect with Matic Mainnet
Before you can begin using Quickswap, you need to configure your MetaMask wallet to interact with L2 products atop of Matic Network. Once it’s set up, you can easily transfer tokens from the Ethereum mainchain (L1) to the Matic mainnet (L2).
Andre’s Chainlist tool makes the whole configuration process super quick and easy to do:
Simply connect your MetaMask wallet to Chainlist:
Then scroll down until you see “Matic Mainnet” and click “Add to MetaMask”:
Next, your MetaMask wallet window will pop up and you click “Allow Chainlist to Switch the Network”, then click “Approve” at NO COST, wait a few seconds, and then your MetaMask wallet is set up for Matic Mainnet L2:
Second, onboard your tokens to Matic Network
When you switch MetaMask over to Matic Mainnet L2, your $ETH and other ERC-20 tokens remain on the Ethereum mainchain. Therefore, you still have to transfer your assets from the Ethereum L1 to the Matic mainnet for use on QuickSwap.
You can do this using the POS Bridge via the Matic Web Wallet.
Here’s how to do it:
Step 1: Go to wallet.matic.network and open the wallet with your MetaMask account (that’s configured for Ethereum Mainnet where your tokens are located). Once you’re logged in, you will see your Matic Wallet V2 interface.
Now, click the “Move Funds to Matic Mainnet” button:
Step 2: Enter the amount of Ether ($ETH) that you want to transfer from the Ethereum Mainnet to Matic Mainnet L2, and click “Transfer”.
For the transfer method, the POS Bridge should be selected by default. If not click “Switch Bridge” and select POS Bridge
A message will pop up, click “Continue”:
Transfer Overview showing the gas cost, click “Continue”:
Confirm the transfer, click “Continue”:
Confirm the transfer in MetaMask, click “Confirm”:
Wait for the transaction to complete (it may take minutes or even hours, depending on Ethereum’s network congestion):
Once your transaction is successful, you’ll receive a confirmation message, and then you can switch over to the Matic Network on MetaMask in order to interact with Layer 2.
That’s it! It’s that easy.
Now it’s time to buy $iFARM from QuickSwap at lightning-fast speeds with near-zero gas fees.
Buying iFARM on QuickSwap
Step 1: Go to quickswap.exchange/#/swap and connect your MetaMask wallet that’s on the Matic Network.
Step 2: Select the token you want to swap. In this guide, we’re swapping $ETH for $iFARM. Now, manually enter in the amount you want to swap or click “MAX” to swap all your $ETH in that wallet to $iFARM. It's super similar to Uniswap.
Once you do that, click “Approve ETH”:
Step 3: Before you can swap your $ETH for $iFARM, you need to allow QuickSwap exchange to spend your $ETH from your MetaMask wallet. So, Click “Confirm” in the MetaMask pop-up window to approve the ETH spend limit (note the $0 cost! ):
Step 4: Now that your $ETH is approved, you need to click “Swap”:
Then you need to click “Confirm Swap”:
Now you need to confirm the transaction in your MetaMask wallet. Click “Confirm”:
Finally, your token swap is complete and you have $iFARM tokens on the Matic Network!
Now you can trade iFARM back and forth against any other token available on QuickSwap at zero cost. The only $ that you have to pay is the onboarding cost from L1 to L2 but that's pretty much it. If you do more than one Defi trade per month, L2s like QuickSwap is great solution.
What exactly is iFARM Token?
The $iFARM token is an ERC-20 token that represents your share in Harvest’s Profit Sharing Pool where staked $FARM tokens are auto compounding to earn you interest paid out in $FARM.
The difference between $FARM and $iFARM is that $iFARM tokens can be transferred to any Ethereum address and put to work in DeFi applications all while accruing interest on your $FARM from the Profit Sharing Pool.
What is QuickSwap?
QuickSwap is Matic’s Layer 2 AMM DEX. It’s a fork of Uniswap and operates just like it, only it’s much faster, with near-zero gas fees as it’s built on Matic’s Layer 2 Mainnet, however with a security of
QuickSwap enables users to swap between any ERC-20 on Matic’s L2 Mainnet and also to provide liquidity to earn a 0.3% fee on all trades proportional to their share of the pool.