(Old) Getting Started with UNI Pools
It's an old tutorial and some information out of date
Welcome back city slicker! Now that you roughed up your hands in the first tutorial, let's start chasing some of that crazy APY in some other pools. How about the Uniswap Pool? That APY is way up there!
Sounds too good to be true, you say? Good point. You need to understand the risk if Impermanent Loss by playing in this pool.
So you do want to live on the edge! Okay! Let's get going!
To participate in the Uniswap LP Farm, we will need to supply USDC-FARM liquidity to Uniswap's Liquidity Pool. Then use Uniswap LP tokens minted from that transaction to deposit into the Farm.
- 1.Get USDC (not sure how? Go to the previous tutorial)
- 2.Swap half of our USDC for FARM
- 3.Deposit USDC and FARM into Uniswap's Liquidity Pool. Receive UNI_LP tokens
- 4.Deposit UNI_LP Token into Farm
These steps total 6 transactions on the Ethereum blockchain. Be wary of gas prices before you start. Make sure you have enough ETH in your Wallet. Gas was at ~50 Gwei at time of doing this tutorial.
Alright, you should already know how to do this if you followed the first tutorial. In the next step, we will be exchaning half (by value) of our USDC for FARM. So make sure you have enough USDC to split.
Now, with our USDC, we are going to swap half of it for FARM
This will happen in two steps. An Approval and a Swap step. Both will charge gas!
The warning says exactly what it means. It's up to you to make sure the addresses you are using are correct. You might want to click on those View on Etherscan links and verify them against Harvest's Github page.
- All set? Okay! Take half of our USDC and Swap it for FARM! in this case, we have 1500 USDC. So we will use 750 for the SWAP.!
- Once the Approval goes through, we will now do the Swap!
- Hooray! We now have USDC and FARM in our Wallet to add to the Liquidity PoolI know, I know. You are wondering where I accumulated all that DAI and FNT. That's none of your business!
With the USDC and FARM in our Wallet, we are going to add it to Uniswaps USDC-FARM Liquidity Pool.
This will also require two transactions: Approve and Supply
- Click Earn on the top of Harvest.Finance. Then select the Uniswap Farm
- Select UNI-V2. This will take you to Uniswap's USDC-FARM Pair page
- At the top right of the page, select Add Liquidity
- Select Max FARM (or USDC)! Then click Approve
- Once Approve transaction goes through, Click Supply
- After this transaction, Uniswap will show your positions in the Pool
- We received 0.0000657 UNI_LP-V2 tokens that we will use in the next step
- Congrats! you are now a Liquidity Provider for Uniswaps USDC-FARM Liquidity Pool! You are now earning fees off user's exchange transactions from this pool. Of course, now you are also at risk of Impermanent Loss
This will also require two transactions: Approve and Stake
Time to put our UNI_LP tokens into the Farm and earn some of that high yield FARM!
- Back on the Harvest's Uniswap Farm page, we now have the ability to Stake. Select Max, then select Stake
- In our Wallet, we will do 2 transactions: Approve and Stake. I'm tired of taking screen shots; you're on your own for that
- All done! We are staked in the Farm, earning that sweet APY!
I went to Uniswap and don't see my posiitons!! When you add your UNI_LP tokens to Farm, you temporarily stake your LP tokens into Harvest, and Harvest use it to farm and sell crops to grow the amount of your LP. The value of your LP still grows with each trade on the Uniswap pool. So you get to enjoy Harvest's automated golden crops on top of Unicorn yields.
Farming is good honest work. You did great my fellow farmhand. Let's now watch the fruits of our labor!
- We now see ouf FARM_USDC_LP there and the staked balance of UNI_LP we added.
- Assets at the bottom will include the Underlying USDC and FARM that we added to the Liquidity Pool.