LP Farming Tutorial: How to Start Earning Rewards on Bifrost.
Bifrost has recently launched its BNC/USDT farming pool. In combination with the pool, Bifrost allows users to earn more yield by committing their cryptocurrency to farming pools. There are ten active farming pools to choose from with up to ~% APR now!
Here’s a quick tutorial on how to participate in the BNC/USDT and Bifrost farming pools in general.
Direct LP Farming
1. Access the Bifrost Dapp.
2. Cross in USDT from Statemine or Swap USDT with other tokens
Cross in USDT
Swap with other tokens
3. Add a liquidity pair to determine your LP farming participation.
4. Select Bifrost Farming
5. Deposit into an active, appropriate farming pool (BNC/USDT in this case).
6. Wait for the farming yields.
Participate by Bridging USDT to Bifrost
A double cross-chain, first to Statemine then Bifrost is possible, allowing users to swap USDT via KaruraUSD pool and execute the double cross-chain. To participate:
- Access the Swap menu on Karura.
2. Go to the Bridge menu and select Karura as the origin chain and Statemine as the destination chain. Select USDT.
3. Once on Statemine, the USDT transfer becomes similar to Bitfinex to USDT import.
4. Cross-in USDT from the Bifrost wallet through Statemine.
5. Add liquidity to the pool.
6. Deposit the liquidity pair into an LP farming pool and wait for the LP farming yield.
Enjoy your Staking Rewards with Bifrost!
