Yield Farm $renDGB & $1INCH on Ethereum
Coming today at 9:00 pm UTC (5:00 pm EST) renDGB/1inch liquidity mining for a period of 4 weeks ending on May 7. The total rewards for the pool will be $50k ($25k usd $renDGB and $25k $1inch). To convert your DGB to renDGB you will need to visit Linkswap and use their renDGB bridge then add renDGB and 1inch into the liquidity pool on 1inch.exchange to receive their LP tokens, then stake them in the renDGB/1inch farm. Below are the instructions. As always, do your own research and understand all the risks of DeFi before yield farming anywhere.
How to mint/burn renDGB and add liquidity on Linkswap:
To mint DGB to renDGB you will need: a DigiByte wallet, an ERC-20 wallet like Metamask, MyEtherWallet (MEW), or Coinbase wallet and some ETH to cover gas fees and of course some DGB to mint.
Using the renDGB Bridge:
1. Go to the Linkswap Bridges page, select the renDGB bridge and click ‘mint’ (before this step please make sure you have connected your Ethereum wallet client to Linkswap)
2. Send your DGB to the address shown (please note bridge uses uses a Segwit DGB-Address format starting with S instead of D)
3. Wait for 50 confirmations (this can take some time)
4. Minted renDGB will be sent to your connected Ethereum wallet
To redeem DGB back from renDGB you will select the ‘Release’ or ‘Burn’ option and follow similar steps.
Adding liquidity to renDGB/1inch pool:
Please, note that assets for each pool pair are provided in equal USD values. Therefore, you need to make sure you have a sufficient balance of both assets, in this case renDGB and 1inch tokens.
- Go to https://app.1inch.io/#/dao/pools?network=1 and make sure your ERC-20 wallet is connected. Make sure you have enough ETH for gas.
- enter renDGB in the Filter and select renDGB.
- click on the ‘+’ icon or the ‘provide’ button;
- select the amount of liquidity you want to provide by entering a value in the ‘enter LP token amount to mint’. You can also go for the maximum number of tokens by clicking ‘max’;
- click on ‘unlock’, select one of the unlock options in the token field, sign a transaction in your wallet application and wait until it is mined;
- click on the ‘provide liquidity’ button. Sign it in your wallet and wait for the transaction to be mined;
Now you have LP tokens of that pool in your wallet, which represent your share of liquidity in the respective pool. To participate in the farming, you need to stake those LP tokens on the farming tab:
- on the ‘farming’ tab, find the pool you have just provided liquidity to (1INCH-renDGB) and click on ‘deposit’;
- enter the maximum number of LP tokens by clicking on the ‘balance’: in the upper right corner of the field, click on ‘unlock token’, select one of the two unlocking options, confirm the transaction in your wallet and wait for it to be mined;
- click on the ‘deposit’ button. Sign the transaction in your wallet application. As soon as the transaction has been mined, the liquidity providing process has been completed.
Remember, when exiting the pool and claiming your rewards (1inch and renDGB) you must go back to the farming tab, find the 1INCH-renDGB pool, and press the EXIT button to withdraw your rewards and also get back the LP token. At this point, you will need to go back to the liquidity pool and REMOVE your liquidity by going to https://app.1inch.io/#/dao/pools?network=1, filtering for renDGB, pressing the minus button, and signing the transaction to lease your renDGB and 1inch tokens.
DigiByte is more than a faster digital currency. It is an innovative blockchain that can be used for digital assets, smart contracts, decentralized applications and secure authentication.
About 1inch Network
The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest and protected operations in the DeFi space.
Ren is an open protocol that enables the movement of value between blockchains.