Obtaining LP Tokens for PRV2 Farms
Getting some tokens is just the first step. How to start farming and earning rewards is what comes next.
There are essentially up to two steps to farming. Depending on what you're farming. Farms? Or pools? For farms, you will need Liquidity Pool (LP) tokens. For pools, you will just need that particular pool's assets. So here you will learn how to get LP tokens in order to stake in PrivacyFarms.
If your intent is to farm Liquidity Pools (LPs) using PrivacyFarms, you first need to understand that you'll need to obtain LP tokens. LP tokens are token representations of the share of assets you have provided as liquidity to the pool. To obtain LP tokens, you first need to provide liquidity to that particular pair. Below we will highlight the example of providing liquidity to the PRV2-BNB pair.
To provide liquidity for a pool, you will need a ratio of both tokens. The ratio required is calculated automatically based on the current liquidity in the pool along with the current value of both tokens and their prices, usually 1:1 at current price. So to provide liquidity for PRV2-BNB pair, you'll need both PRV2 and BNB.
As of 4 May 2021, PrivacySwap's Exchange pages are not functional yet. They are being worked on. As an interim, ALL swaps and adding/removing of liquidity should go through PancakeSwap. The web may look different, but the steps are the same. We will announce via our social channels when we have fixed this issue.
Step 1: Go to "Trade" followed by "Liquidity" from the left menu bar. Select "Liquidity" to begin adding liquidity to your desired pool.
Step 2: Select "Select a Currency" to add PRV2. For this example, we are going to get LP tokens for the PRV2-BNB pair. If you wish to provide liquidity for the PRV2-BUSD pair instead, select both PRV at the top or bottom and BUSD on the opposite of PRV on this page.
Step 3: Key in PRV2's Contract Address in the "Select a Token" field. PRV's Contract Address is <<TO BE ANNOUNCED>> then select "Add" PRV2 from the bottom so you will not need to search it again in future.
Step 4: Enter the amount of liquidity you wish to add. The ratio of tokens are calculated automatically and it is based on the current liquidity pool and the asset prices. To add liquidity, the ratio of value for each of the tokens will be 1:1.
Step 5: If this is your first time adding liquidity to this pool, you will need to "Approve PRV2" first and confirm the approval via MetaMask. You only need to approve one per token, per wallet address.
Step 6: Once approved and back on the main page, now you can "Supply".
Step 7: Review the amount you are supplying. If all is good, please proceed to select the "Confirm Supply" button. (Sorry about the cut off button!)
Step 8: Confirm the transaction via MetaMask by selecting the "Confirm" button.
Step 9: Once the transaction is confirmed, you may check and confirm the amount of LP tokens you have by scrolling down on the main page.
Congratulations! You have provided liquidity and now have LP tokens. You can now stake them for PRV2 rewards in PrivacyFarms!