Comment on page
How to Farm with Elk on Q Blockchain
Now you don't need ranch to farm elk!
As with anything in DeFi, farming carries risks such as impermanent loss if the value of any farmed tokens change dramatically. Please take your time to understand these risks before farming and/or swapping tokens.
- 1.Make sure you have a DeFi wallet. We recommend MetaMask (either the mobile app or the desktop extension for your browser) or other multi-chain compatible wallet such as TokenPocket, Brave Wallet, or Elastos Essentials. Make sure you have the funds you need in your DeFi wallet and are connected to the desired chain in like so:
- 3.Decide which tokens you would like to farm. If you already know which farm you want to enter and have equal value amounts of both tokens, skip to step 6. We will be using the $QUSD-$ELK farm in this example.
In the example below, we’ve selected $QUSD to farm with $ELK, which would allow us to deposit into the QUSD-ELK farm on the farming page from Step 2. Let’s say we want to farm 1 $QUSD. Typing 1 into the QUSD input field will tell us how many $ELK we must pair it with. In this scenario, I would want to hold at least 10.7526 $ELK for each $QUSD I'd like to farm with.
Example LP pairing of $QUSD and $ELK
Pay attention to price impact before swapping tokens. If the impact is too high, feel free to check the price impact of this swap other DEXs on the chain before swapping and compare it against what you’ll get on the ElkDEX. You can find a list of DEXs for most chains at DefiLlama. If farming an $ELK pair, users can swap for $ELK on other blockchains and use ElkNet to send the $ELK to $Q Mainnet.
- 8.After all of these transactions have succeeded, go to the Elk Farm Page to put your liquidity provider (LP) tokens into the farm, click "Deposit" (or if already in the farm "Manage"), and then click "Deposit", then "Approve" to sign the transaction, and finally selelct "Deposit" and approve that transaction.
The buttons will be bright green as long as you have deposited the two tokens into the liquidity pool. It will also show you what the estimated daily rewards will be before depositing.
- 9.You're finished! Happy farming! You can click the "claim" button accross from "Unclaimed" any time to claim your token rewards for the price of a normal gas fee.
You're all finished!
If you click "Withdraw" on that page, you will have the option to withdraw your LP tokens from the farm. Keep in mind that you must also remove your LP tokens from the pool to return them to your wallet. If you don't see your pair on the pool page, click "Import it" and manually select the pair to bring up the option to remove some or all of your liquidity from the pool.