Yield Farming in Bar is a great way to earn MJT rewards on MojitoSwap.
Unlike Wine Pools, Bar requires you to stake two tokens to get LP Tokens, which you then stake in the Bar to earn rewards. This lets you earn MJT while still keeping a position in your other tokens!
Yield Farming can give better rewards than Wine Pools, but it comes with a risk of Impermanent Loss. It is not as scary as it sounds, but it is worth learning about the concept before you get started.
How to stake on MojitoSwap?
Yield Farming takes a little work to get set up.
You're going to need some ‘LP Tokens’ to enter into a Bar with. Bars can only accept their own exact LP Token; for example, the MJT-KCS Bar will only accept MJT-KCS LP Tokens.
To get the exact LP Token, you will need to provide liquidity for that trading pair. So to get MJT-KCS LP Tokens, you will first have to provide liquidity for the MJT-KCS pair.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Connect your wallet
This is the first step which enable you to take part in yield farming. You will see a ‘Connect Wallet’ button when you hit the homepage of MojitoSwap. Click it and connect your wallet to MojitoSwap in KCC network.
Finding your Bar
Before you proceed, you will want to choose a Bar that's right for you, and you will see a list of available Bars.
MJT-KCS and USDT-KCS are pinned to the top of the list with the default Hot sorting. After the pinned Bars, Hot will show other Bars in order of how new they are.
You can choose another sorting option if you like, such as by APR for the Bars with the highest reward rate currently.
When you find a Bar that you'd like to use, note down the trading pair, e.g. KCS-MJT in case you need it later.
Providing liquidity to get LP Tokens
Now that you've found a Bar to stake in, you will need to add liquidity to get your LP Tokens.
Click on the row of the Bar you've chosen from the list. It will open to show more details.
On the left, you will see some links. Click the Get (your pair) LP link.
This will open the Add Liquidity page for your Bar's pair.
Putting your LP Tokens into a Bar
Now that you have your LP Tokens, you are ready to start staking them in a Bar and earning rewards!
Go back to locate your Bar. When you're ready, click the Enable button and confirm your action in your wallet.
After a short wait, the Enable button will change to Stake LP. Click it and a new window will appear.
Type the amount of LP Tokens you would like to Bar with into the field, or just click Max to use all of your LP Tokens.
When you have the amount entered, the Confirm button will light up. Click it. Your wallet will ask you to confirm your action.
After a short wait, the window will close, and you will see your new staked LP Token balance in the details.
Adding or removing LP Tokens from a Bar
You may decide you would like to add more LP Tokens to a Bar at a later date, or to take some out of a Bar. You can do this very easily whenever you would like.
At the top of the Bar page you will see a Staked only toggle. Click the toggle.
You should now only see the pairs you have LP Tokens in on the list, making it easier to find your Bar.
Find the Bar you have LP Tokens in, and click the row to view details. You will see a - and + button. Click - to remove LP Tokens, or + to add more LP Tokens.
Like last time, type the amount you would like to unstake/stake, or click Max to remove/add all available LP Tokens.
Make sure your information is correct. When you are ready, click the Confirm button and confirm the action in your wallet.
After a short wait, your new balance will show in the details section of your LP Token pair. If you've unstaked your LP Tokens, any unharvested rewards you had will automatically have been collected.
Collecting your Baring rewards
Baring will bring you MJT rewards over time. You can collect these rewards and use them to get more LP Tokens, stake them in Wine Pools or anything else you'd like.
To collect your rewards, you will need to visit your chosen Bar and collect the MJT waiting for you.
Return to the Bars page. Find the Bar you staked your LP Tokens in, and click the row to view details. You should see an estimate of your rewards under ‘MJT earned’.
Click the Harvest button and confirm the action in your wallet. After a short wait, the MJT will be claimed to your wallet for you to use as you like.
How often should I harvest my rewards?
How often you harvest your rewards is up to you, but it does help to remember that there is a small fee involved in harvesting.
You can see this fee in your wallet when confirming after clicking Harvest.
This shows the fee for harvesting as it appears in the MetaMask wallet. Different wallets will show the information a little differently. Consider leaving your rewards to grow for a while so you pay fees less often.
And that's all there is to it! You may also want to look at Wine Pool to earn rewards.