How to Yield Farm With GoC on TangoSwap: Step-by-Step Guide

By Eligma | GoCrypto_Official | 22 Mar 2022


Yield farming is a DeFi method of earning interest on your cryptocurrency, comparable to the way you earn interest on money in your bank savings account. If you are searching for a wider overview of what Yield Farming actually is, we recommend that you first read our blog What is Crypto Yield farming?

In this article, we would like to lead you through a 6-step process of Yield Farming with GoC and TANGO tokens on the TangoSwap DEX. But before we begin, it is worth mentioning that TangoSwap currently offers two different Yield Farms GoC/BCH and GoC/TANGO – issued on the smartBCH chain. 

  • The GoC / BCH Farm: offers rewards in TANGO token.
  • The TANGO / GoC 2x Farm: offers rewards in both TANGO and GoC tokens.
  1. Get some Bitcoin Cash (BCH) to your Metamask wallet.

Since both farms are on the smartBCH chain we need to first acquire some smartBCH. All you need to do is to buy some Bitcoin Cash on any of the Exchanges. 

  1. Use a bridge to migrate BCH to the smartBCH chain.

You can convert BCH to smartBCH by using a bridge. You can simply search for “SmartBCH Bridge” in your preferred browser. For the purposes of this tutorial, we decided to bridge it via CoinFLEX which at the moment of the writing, doesn’t charge any fees.  

Open CoinFLEX and deposit your desired amount of BCH. Next, go to “Withdrawal” and choose smartBCH (SEP20). Insert your Metamask address and confirm the transaction.

You also need to make sure you have the smartBCH Network set up in your wallet. If that isn’t the case, you will not be able to see your smartBCH tokens in Metamask.

  1. Choose your preferred GoC farm on TangoSwap.

For the purposes of this tutorial, we will use the TANGO / GoC 2x Farm as an example.

Once you have smartBCH in your Metamask wallet you can navigate to TangoSwap, connect the wallet and buy some GoC and TANGO tokens. Do not forget to leave some smartBCH in your wallet to cover your transaction fees. 

Now, choose the Farm you want to Yield. 

  1. Provide liquidity into the TANGO / GoC pool.

Go to Liquidity on the TangoSwap site and choose TANGO and GoC tokens from the drop-down list. Select the quantity of the upper token and the bottom one will fill out on its own. You then need to confirm liquidity, confirm the supply and once again confirm the transaction in Metamask.

Once this is done, you will no longer see GoC and TANGO tokens in your Metamask. Instead, there will be the so-called TLP tokens which are the “Liquidity Providing Tokens”.

  1. Stake your TLP tokens in the TANGO / GoC 2x Farm.

Choose your farm again. The left pane gives you the option to choose the amount of TLP tokens you want to stake. Press “Stake” and confirm the transaction in your Metamask wallet. 

Congratulations! You have successfully Yield your TANGO / GoC 2x Farm! 

If you check your wallet, you will no longer be able to see the TLP tokens, because they have been locked in the selected farm. However, you can follow live updates of your Stake and Yield under your selected farm on TangoSwap.

  1. How to harvest your yield?

The best thing about the TANGO / GoC 2x Farm is that you can withdraw your investment at any time. You can decide to harvest the Yield or to unstake your entire investment. 

  • Yield harvesting: All you need to do is to click “Harvest” in your selected farm and the Yield funds will be transferred to your Metamask wallet. These will appear in the form of GoC and TANGO tokens.
  • Unstaking: If you wish to obtain your entire investment + yield you need to click “Unstake” in your selected farm. The funds will be transferred to your Metamask wallet. These will appear in the form of TLP tokens (original investment), GoC and TANGO tokens (Yield). 

If you wish to revert TLP tokens to GoC and TANGO tokens again, you need to go to “Liquidity”, define how much of your investment you want to revert to GoC and TANGO and click “Unstake”. GoC and TANGO tokens will appear in your Metamask wallet. 

Fees and risks associated with Yield Farming. 

The good news is that the fees associated with the following procedure are quite manageable. According to our report, we paid approx. 0.00015 BCH = 0.045 USD per transaction. 

You need to keep in mind that providing liquidity always poses a risk of impermanent loss, so always make sure that you understand what is at stake. The overall chances of losing your funds are pretty slim in comparison with the promised gains. In the end, it is all about making informed decisions.

Enjoy your farming experience!Join the GoCrypto community on Telegram!

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