hey riders,
We understand that rewards are important to liquidity providers and farmers, and we’re excited to introduce a new twist on yield farming with dual rewards. We will also discuss the latest updates to farming scripts/smart contracts that will make farm rewards distribution faster, more efficient and cheaper for users with LPTs locked in these farms.
Farming with double yield
The advantages of yield farming are obvious. If you’re already planning to hold a cryptocurrency for any length of time, you might as well look for ways to increase your profits. In regular yield farming, you deposit your LP tokens received for providing liquidity to a pool into an active farm and receive some type of token as a reward. For example, if you deposit into the ADA/DANA farm, you will receive WRT tokens as a reward.
Our new Double Yield farms reward farmers with two types of tokens instead of one. Let’s see how they work in practice.
To create a Double Yield Farm, we are collaborating with other projects that want to distribute their native Cardano tokens to the community. The two tokens are used to create a liquidity pool and then an associated farm. Note that not all pools will have a double yield farm or even a normal farm. In general, only selected pools benefit from a yield farm.
Under Pools, look for a liquidity pool that contains a double yield farm in the Farming section of the app UI. First, provide liquidity to the pool with equal amounts of both assets. If you don’t have one or both tokens, you can easily obtain them using the WingRiders DEX’s “Swap” feature. Once you have provided liquidity and received your LP tokens, go to the relevant farm and deposit them there. You will be rewarded with not just one, but two types of tokens from this farm. Now you are Double Yield Farming!
Upgrade to farming scripts
To make the process of farm reward distribution more efficient, we have updated our farming scripts/smart contracts. We’ve used a lower-level smart contract language (Plutarch) to reduce code size (2x) and increase efficiency (10x), while still performing all necessary validations to keep your funds safe. These new scripts allow farms like double yield farms and regular farms to distribute rewards faster and also result in lower transaction fees (2-3x) for users who have deposited their LPTs in updated farm contracts or have upgraded their farm contract to the new version.
Those new to farming can deposit their LP tokens into the farm and benefit from these upgraded contracts without having to do anything else.
Those riders who have been farming on WingRiders using the old scripts just need to click the “Upgrade” button or perform an action in the app such has been upgraded to the new version of the farming scripts. No further action is required.
All Double Yield Farms with WRT as one of the rewards and subject to allocation will be distributed after the TGE. Partner tokens in these farms can be used as they accrue.
We will keep you continuously informed about script upgrades and the opening of new Double Yield Farms on our platform via our announcement channels.
Double Yield Farms are an exciting addition to how you can get more rewards in WingRiders and we hope you benefit from using these new farms and the updated scripts. The first dual yield farm will be Drip/ADA.
DISCLAIMER: If you want to participate in Double Yield Farming on WingRiders from the start, make sure you get your farm before the end of Era #348-4. Upgrade July 2022 21:45 UTC. The upgrade can be done by clicking the upgrade button in the farm section, depositing or removing your LP tokens, or participating in the stake pool vote.
If you later decide to upgrade your farm, you will receive rewards afterwards. If you don’t update your farms then you are not eligible to receive double rewards.
wing rider
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