Merchants of NEAR: Yield Farming
The beauty of crypto is that it allows individuals to access financial opportunities that previously was not accessible to average humans. Anyone can serve as a bank, an exchange, or borrower. This has opened up many passive incomes streams which include staking, liquidity providing, and yield farming. Some of you may already know what staking and yield farming is, but for some of you who don’t know, we will try to explain it as simply as possible.
Crypto staking is the process of locking up crypto holdings in order to obtain rewards or earn interest. Yield Farming is a way to grow your assets with high percentage of interest by lending your cryptocurrency into blockchain through smart contract (same concept with how we earn interest by putting our money in the bank) and will be used for swapping coins. (you can learn more here: https://www.youtube.com/watch?v=ClnnLI1SClA)
In this guide, we will show you step by step how to yield farming with NEAR, where to access, and other pertinent information like APY (Annual Percent Yield), TVL (Total Value Locked), etc. We will also walk you through the process of staking and where the best opportunities are.
This guide is not all comprehensive of the whole NEAR ecosystem but will touch base on the big names below:
NEAR PAD (https://dex.nearpad.io/farm)
Ref Finance (https://app.ref.finance/farms)
Difficulty to use: Medium
Where to access: https://dex.nearpad.io/farm
Note: You will need to click ‘Confirm’ in the Metamask window for most actions, there is no fee for allowing permissions.
How to Yield farm in NEAR/PAD
Below here is a step by step how to yield farm with NEAR in NEAR/PAD
- Open NEAR PAD website (https://dex.nearpad.io/)
2. Connect to a wallet by pressing “Connect to a wallet” (Metamask most common option)
3. When you connect to a wallet, you will need to connect to Aurora network with Metamask.
4. After that, you will need to transfer your NEAR from your Near wallet to Aurora Networks. Walkthrough of how to do that below:
5. After transferring your NEAR, go back to NEAR PAD website, then go to farm and choose crypto coins you want to deposit. I will chose PAD/NEAR for this guide, that mean you need both NEAR PAD and NEAR coins(You can swap in the same website here: https://dex.nearpad.io/swap. Make sure that the dollar value of both coins is the same)
6. Make sure that you have the same dollar value in both NEAR PAD and NEAR. Then fill your NEARPAD and Near coins at 1:1 dollar value, then click Approve PAD. This means you are now providing liquidity in the NEARPAD/NEAR pool, you will earn fees on any person swapping between NEARPAD <-> NEAR in this pool
7. Now we will need to stake the liquidity tokens we just got: Go to Staking and you will have some tokens called PAD/NEAR PLP, fill the blank with how many PLP coins you want, the click ‘Approve’, then click ‘Confirm Deposit’
8. Click the Investment Details, and voila! now you are yield farming with NEAR. To access rewards, you will need to click on ‘Harvest Rewards’
How to Withdraw from yield farm in NEAR PAD
- Go to staking, then click the plus button beside deposit, then it will change to minus button and deposit becomes withdraw, button. Fill the blank with how many PLP coins you want to withdraw, and then click ‘Confirm Withdraw’
2. After that go to Liquidity, click the plus button to withdraw, choose amount coins you want to remove, and then click ‘Approve’, then ‘Confirm Withdrawal’.
NEAR PAD Pools Statistics
Information is based on snapshot taken on Jan 2022
Sorted by highest APY
NEAR PAD Staking
NEAR Pad also allows you to stake your NEAR, which we will go over below
- To stake on NEAR PAD, you will need some you will need NEAR PAD tokens. To obtain, you can go to Swap tab and swap your NEAR coins into NEAR PAD coins, click ‘Swap’, click ‘Confirm swap’, then click ‘Confirm’ at Metamask window.
2. Go to Stake tab, type in how many NEAR PAD you want to stake, then click ‘Approve’. Wait for the click confirm at Metamask window, then click ‘Confirm Staking’, click confirm again via Metamask window.
How to Withdraw from staking in NEAR PAD
1. Go to Stake tab, click ‘Unstake’, then type how many tokens you want to withdraw, then click ‘Confirm Withdrawal’, click ‘Confirm’ via metamask window.
2.3 NEAR PAD Staking Statistics
This information was taken on Jan 2022
Difficulty to use: Medium
Where to access: https://app.ref.finance/farms
You will need at least 1 NEAR to cover the fees for interacting with REF
1. Go to https://app.ref.finance/farms, then connect your near wallet by clicking “Connect to NEAR” at top right corner, click next, then connect at NEAR wallet website.
2. Go to pools tab, then click view pools, chose which pools you want to join (example using wNEAR and USDT), then click the pools.
3. You will need to swap some NEAR into wNEAR or stNEAR in order to yield farm at Ref Finance. You can swap your wNEAR to stNEAR, or you can alternatively deposit stNEAR if you have some via staking
wNEAR is wrapped NEAR; stNEAR is staked NEAR. Both serve as NEAR in different forms to allow you to interact with different smart contracts and yield farms
4. You will need to deposit your tokens via the Deposit tab based on your chosen pool
5. Click the pool, then click ‘Add Liquidity’, type in how many tokens you want to add(again you will need same dollar value of both type), then ‘click Add Liquidity’, click’ Allow’ at NEAR wallet website. You will then receive shares of your chosen pool
6. Go to ‘Farms’ tab, then find your pools coins, then click ‘Stake’, fill with how many shares you wanted to yield farm and stake!
⦁ Congrats! You are now yield farming on REF Finance, do not forget to claim your rewards by clicking claim button
How to Withdraw coins from Yield Farm in Ref Finance
1. Go to ‘Farms’ tab, choose which pools you wanted to withdraw, then click ‘Unstake’, fill with how many shares you want to withdraw, then click ‘Unstake’’, click allow at NEAR wallet website.
2. Go to Pools tab, click view pools, then choose pools you want to withdraw. Click the pool and click remove liquidity, then type in how shares you want to withdraw and you can choose the slippage you desire (normal slippage of .5 or 1% is standard, try not to go above 2.5%), then click ‘Remove Liquidity‘ and ’ allow at NEAR wallet website.
3. Go to Deposit tab, click withdraw, then choose coins you want to withdraw, then click ‘Withdraw’’, click allow at near wallet website. (wNEAR will automatically change into NEAR, but you will need to swap your USDT manually at Ref Finance Swap tab)
Ref Finance Pools Statistics
This information was taken on Jan 2022, only the pools and farms with wNEAR and stNEAR were noted
Ref Finance Staking
Ref Finance is primarily a decentralized exchange but you can also stake NEAR on Ref
1. First, you will need REF coins in order to staking, you can swap your coins in Swap tab. After that, Go to xREF tab, then fill the blanks with how many coins you want to staking, then click stake, click Approve at near wallet website
Unstaking in Ref Finance
1. Go to xREF tab, then click ‘Unstake’, fill the blanks with how many coins you want to Withdraw, then click Unstake, and Approve at NEAR wallet website.
Ref Finance Staking Statistics
Metapool Staking and Yield Farming
Difficult to use: Easy
Where to access: https://metapool.app/dapp/mainnet/meta/#
1. First connect to your NEAR wallet.
2.Go to Stake tab, type how much NEAR you wish to stake. Then just click ‘Stake’, and allow in NEAR wallet website. (NEAR will become stNEAR, staked NEAR). It is as simple as that.
Benefits of staking via Metapool is that you can earn additional Meta tokens
There are two types of unstaking in Metapool, delayed-unstake and liquid unstake. The main difference is that liquid unstake will allow you to access your staked NEAR immediately at a .3% fee. Delayed unstake goes through the normal process of unstaking via validators which takes roughly 48hrs till you can access your NEAR.
Process is quite simple, just make sure your wallet is connected, type the amount of NEAR you want to unstake and click unstake.
Metapool Yield Farming:
- First connect your wallet. Then go to the ‘Liquidty’ tab and click add liquidity. Proceed to type in the amount of NEAR and click confirm
This is providing liquidity for those who wish to liquid unstake, thus the return is much lower than staking or other yield generations. You earn fees off of those who liquid unstake
Difficult to use: Medium
Where to access: https://www.trisolaris.io/#/farm/1
Trisolaris Yield Farming
1. Go to Trisolaris website here ⦁ https://www.trisolaris.io/#/farm/1, then connect to your wallet at top right corner button (wallet needs to connect to Aurora network, we will show you how to connect)
2.Go to Farm tab, then choose the pools you want to Yield Farm, click the pools you choose, then click Add “coins” liquidity (Example using TRI/wNEAR)
3. Make sure that you have the coins based on your chosen pools (you can swap it at Swap tab), then fill with amount you desire to yield farm, then click Approve TRI, click confirm at Metamask window (you might need to do it twice), then click supply, click confirm supply, click confirm at Metamask window.(will get TLP coins for your chosen pool).
4. Go back to Farm tab, then click choose your pools click Deposit, then fill with how many TLP you want to yield farm, then click Approve, click confirm at Metamask window (you might need to do it twice), then click Deposit, click confirm at Metamask window.
5. Congrats! Now you can Yield Farm at Trisolaris, you can harvest your rewards by clicking the ‘Claim’ button. You can claim your rewards without having to withdraw your liquidity as well.
How to Withdraw Liqudity from Yield Farm at Trisolaris
1. Go to ‘Farm’ tab, click on the pools you want to withdraw, then click ‘Withdraw’ then ‘Withdraw & Claim’. Finally confirm via Metamask window.
2. Go to Pool tab and navigate under manage. Click ‘ Remove’, choose amount you wanted to remove, click ‘Approve’, and confirm via Metamask window.
Trisolaris Pools Statistics (Information was taking in Jan 2022)
- In order to stake on Trisolaris, first you will need TRI tokens. You can buy/swap for them on their website. Go to the ‘Swap’ tab and you are able to swap by clicking ‘Swap’ and confirming via Metamask.
2. Go to Stake tab, then type how many TRI you want to staking, then ‘Approve’, and ‘Confirm’ via Metamask window. Lastly ‘Stake’ and Confirm again via Metamask.
How to Unstaking in Trisolaris
1. Simply go to Stake tab and click Unstake. Type in how much you want to withdraw, then click Unstake, click ‘Confirm’ via Metamask.
Trisolaris Staking Statistics
Difficulty to use: Medium
Where to access: https://wannaswap.finance/farm
- First you will need WANNA coins in order to staking. You can swap for them in the Swap tab.
- Once you have your WANNA, go to Stake tab, type how many tokens you want to stake, then click ‘Approve’, click ‘Confirm’ through Metamask, click ‘Confirm Staking’, then finally click ‘Confirm’ again using Metamask.
How to Unstaking in Wannaswap
- Go to Stake tab, click ‘Unstake WANNAx’, then fill the blanks with how many tokens you want to unstake, then ‘Confirm Withdrawal’, and finally ‘Confirm’ through Metamask.
Wannaswap Staking Statistics
Wannaswap Yield Farming
1. Go to Wannaswap website here https://wannaswap.finance/farm, then connect to your wallet at top right corner (wallet will need to connect to Aurora networks, details on how to connect at additional information).
2. Go to Farm tab, then choose which pools you want to join. Remember that you will need to have 1:1 dollar ratio of both tokens. Swap for necessary tokens of your yield farm choosing.
3. After you chose the pool and have your tokens, go to ‘Pool’ tab, click ‘Add’, then c fill with how many tokens you want to farm(example using USDT/wNEAR), then ‘Approve’. It will then ask you to give it permission to access your USDT, click accept.
4. Refresh Wannaswap website, then fill the blanks again, click Confirm Liquidity, click ‘Confirm Supply’, and ‘Confirm’ via Metamask.
5. You now need to take your LP tokens and stake them. So go to Farm tab, then choose the pool and submit how many LP tokens want to farm with. Next click ‘Approve’ and ‘Confim’ on Metamask (you might need to do it twice). Finally hit ‘Stake’ and ‘Confirm’ again.
Congrats! You are now earning on Wannaswap, claim your rewards via the harvest button.
How to Withdraw coins from Yield Farm at Wannaswap
1. Go to Farm tab, choose pools you want to withdraw, then fill the blanks with how many coins you want to withdraw, then click ‘Unstake’, and ‘Confirm’ via Metamask.
2. Go to Pool tab, then choose your pool, click remove, fill the blanks with how many you want to remove, then click Approve, click Confirm at Metamask, click ‘Approve Withdrawal’, then click’ Confirm’ and again ‘Confirm’ with Metamask.
Wannaswap Pools Statistics
This Information were taken Jan 2022 and only pools with NEAR were included
There are a few additional information you will need to be able to access the farming opportunities mentioned above.
⦁ How to Connect to Aurora Networks
1. First, open Metamask, then click Mainnet above (Number 1), then click add Network(number 2)
2. Fill the blank with the following information:
Network Name: Aurora Mainnet
New RPC URL: https://mainnet.aurora.dev
Chain ID: 1313161554
Currency Symbol: ETH
Then click Save
Now you are good to go!
⦁ How to Transfer NEAR Coins from Near Wallet to Aurora Networks
We need to transfer NEAR coins to Aurora networks in our wallet in order to yield farm for some DeFi
Note: your NEAR coins will become wNEAR after you transfer from Near Wallet to Aurora Networks, if you want to unwrap it, you can transfer wNEAR coins to Near wallet, then follow the steps below.
1. Go to https://rainbowbridge.app/transfer, and then connect Aurora networks in your wallet and NEAR wallet, after that click continue.
2. Fill the blank with how much NEAR you want to transfer, after that click continue and then click confirm transfer, and click ‘Allow’ on NEAR wallet.
How to Wrap and Unwarp NEAR
- Go Ref Finance (https://app.ref.finance/), connect to near wallet, then click on the wNEAR icon.
2. Fill in how much NEAR you wanted to wrap, then click swap and allow in NEAR wallet. You can unwrap wNEAR into NEAR by clicking the 2 small circle button at the middle.
This wraps the tutorial on how to process of staking and unstaking, farming and withdrawing. Staking and unstaking is rather straight forward, the biggest thing to look out for is fees and how long it takes to unstake. Staking is generally very low risk and you will return more tokens than you put in. The risks for staking is that there is a waiting period to unstake so you would not be able to touch your tokens in the event you need to for usually 48 hrs in NEAR case. Rates for staking are pretty stable, around 10–12% at any given time.
Yield farming is more risky but can result in higher return. The most common opportunity for yield farming is providing liquidity in a token pair, say NEAR-USDT. You can inpermanent loss occurs when one of the tokens goes up relative to the other. However, when you withdraw your LP, you will still get the same dollar value of both token pairs.
If done properly you can use your crypto to work for you and earn passive income. Hopefully this guide can help you jumpstart your journey into DeFi using NEAR.
Thanks for reading our guide on some yield farming and opportunities with NEAR. Please note that this is not financial advice but just an educational guide on different opportunities available in the dynamic NEAR ecosystem. There are significant risks involved with yield farming, such as impairment loss and rug pulls, so please do your own research before considering investing and do not invest more than you are willing to lose.
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