I've been into Yield Farming for about ten days now and really enjoy learning about all the different aspects of this complex process. I can tell that yield farming is something of interest to the readers here as the views on my two articles on the subject had a lot of views:
If you want to give Yield Farming a try, the new Statera coin offered on Publish0x can help you get started. Now that I'm off an running yield farming on the Binance Smart Chain with The Animal Farm I am wanting to expand onto other blockchains to diversify my yield farming investments. The Statera coin we earn on Publish0x is now on the Fantom Opera Network so I plan to try yield farming on this network once I have enough Statera coins to make it worthwhile.
This article will serve as a guide to walk you through the process of yield farming using the Statera coin. Yield farming does involve a number of steps, but once you go through it one time it isn't as intimidating. There are YouTube videos that can explain any of the steps before and I certainly used them to make sure I was doing it correctly my first go through.
Step One - Set Up Metamask Wallet Extension
You are going to need a wallet to store your Statera coins and then interface with the Yield Farm and I suggest Metamask. This wallet is very flexible, working with a lot of blockchains, coins/tokens and yield farming platforms. If you haven't downloaded Metamask, simply go to Metamask.io first and it will add an extension to your browser (Chrome, Firefox, Edge or Brave).
Once Metamask is set up, it comes with the Ethereum Network on as a default and you will have to add the Fantom Opera Network. There are YouTube videos explaining this, however, I simply connect my Metamask wallet to Chainlist which makes adding networks to Metamask intuitive and easy. Once you have the Fantom Opera Network listed on Metamask, you will automatically have the Fantom coin (FTM) listed on it. The next step is to add Statera, you can do this by simply clicking "Import Tokens" and entering the contract address which is 0x89d5e71e275b4be094df9551627bcf4e3b24ce22 - please note this is the STA address on the Fantom Opera network. The rest of the information should pop in and you are ready to fund you STA coins to your Metamask Wallet.
Step Two - Funding You Metamask Wallet
You will need two coins for yield farming, the Statera (STA) you get from Publish0X and some Fantom (FTM) to pair with it and also pay for gas fees. Fortunately gas fees on the Fantom Opera Network are very low which is why it is a good place to get started. Many yield farms are built on the Ethereum Network but those fees are high and better for large amounts of currency.
I'd suggest buying FTM on your exchange of choice and then transferring them to your Metamask Wallet. You will be pairing FTM coins with STA coins so you need an equal amount of values worth of each. Due to gas fees, you will actually want a bit more FTM so make sure you add extra and always keep a little bit in your Metamask Wallet to pay for transactions on the farm. You will also then want to send you hard earned Statera coins earned from Publish0x to your wallet. Both of these coins will go to the same address which you will copy from your Metamask Wallet Fantom Opera address right under where it says your account name (likely Account 1 unless you have changed it).
Step Three - Yield Farm on SpookySwap
SpookySwap is a well known yield farming platform on the Fantom Network. I've not used it yet but many of these platforms work in much the same way. You simply need to hit the "Connect Wallet" button and then connect to your Metamask wallet to get started. You will want to click on the Liquidity tab to first create your FTM/STA liquidity pool (LP) token which will be sent to your Metamask wallet. The final step is to go to the Farm tab to add your LP tokens. Congratulations, you have just set up your first yield farm. I believe you will then be able to harvest BOO tokens, native to the SpookySwap platform. Remember that harvesting this BOO will incur a gas fee so make sure you have enough to be worthwhile before harvesting. Also, you will need to set up BOO on your Metamask but you already know how to do that. Tip - each time you harvest your reward coins the ones showing on SpookySwap will go straight into your Metamask wallet.
Step Four - Sit back and relax and harvest your earnings
First, a little disclaimer - none of this is financial advice and yield farming is very risky. The point of this article is to let you know you can yield farm with your new STA coins and to show you the process for getting starting. I will not be doing this until I have enough STA for it to make sense, probably somewhere around $25 worth to get started.
I hope you found this interesting and please let me know what you plan on doing with your STA coins. I'm curious if there are some good staking options out there.