Staking LP Tokens on KogeFarm
KogeFarm has hundreds of vaults you can stake tokens into but, unfortunately, it's not quite as easy as clicking a button. Many KogeFarm vaults require special tokens called liquidity pool (LP) tokens. These are special tokens you receive from providing liquidity on a decentralized exchange (DeX).
KogeFarm has hundreds of vaults spread across dozens of different farming platforms each with a unique way of providing liquidity and obtaining these necessary LP tokens. But, each platform has a similar workflow to do so.
A typical workflow of contributing to a KogeFarm vault entails three steps:
- 1.Obtaining the token(s) required for the source farm. For example, a USDC-USDT farm will require an equal value of both the USDC and USDT tokens.
- 2.Depositing the required tokens into the liquidity pool/farm to obtain the LP tokens.
- 3.Depositing those LP tokens into the KogeFarm vault.
To demonstrate these steps, we'll be using a KogeFarm vault called DINO-USDC which is part of the DinoSwap platform. The steps in this tutorial will be specifically for DinoSwap but the process is similar to just about every other platform out there.
To deposit into any liquidity pool (LP), you must first get the tokens inside of that LP. In this tutorial, we'll need DINO and USDC. To buy tokens from DinoSwap:
If you haven't visited the platform before you must give them access to your MetaMask wallet. This access only allows the service to read your MetaMask tokens. It does not give them access to remove your tokens.
- 1.Click on Unlock Wallet to give DinoSwap access to your MetaMask wallet. Every platform will have some kind of interface that looks like the below example.
- 2.Select the MetaMask field which will bring up the MetaMask confirmation dialog box.
- 3.Click Next and Connect to give the platform access to your wallet.
Now with your wallet connected, let's buy some tokens!
- 1.Back on the DinoSwap Exchange page, click on Select a currency and select the first token you need to swap for. In this case, we'll first need the DINO token.
- 2.Next, set the amount of DINO you want to buy by inputting the amount of the source swap token (USDT in this case) or via the DINO destination token.Be sure to note the exact amount you swap for. You'll need to provide this same amount for the next token you must purchase.
- 3.Click on the approval button to give the platform permission to spend your USDT. This action is only necessary for the first time. Click Approve USDT.
- 4.Confirm the transaction in your wallet and wait 10-15 seconds depending on network congestion.
- 5.Once the transaction is confirmed, you should see the Swap button show up. When this happens, click on it and confirm the swap.
- 6.Confirm the transaction in your MetaMask wallet and after a short period of time, you should see the total amount of the token you swapped for show up both in your wallet and on the platform's page, as shown below.
- 7.Now, repeat the steps in this section for the other farm token you need ensuring you purchase the same value as the first token.
- 1.Go to the KogeFarm vaults page and find the vault you'd like to contribute to. A quick way to do that is to search for the farm name in the search bar. Once you find the vault, click on it and click on the Get DINO-USDC link.Each KogeFarm vault will have a handy link you can click on that will go straight to the page you to add liquidity to. This page may not be the same page that you obtained the farm tokens from though.
- 2.On the Add Liquidity page, connect your wallet as you did on the farm platform page.
- 3.With your wallet successfully connected, click on either a Max button or the balance shown for either farm token. The page should automatically match up the same value for each token.
- 4.Click on Add Liquidity or Confirm Liquidity like below and confirm the transaction in your wallet as you have when getting the farm tokens.
After a few seconds, you should see your new liquidity position or count of LP tokens in the pool.
Now that you have created the LP tokens, it's time to stake them in the KogeFarm vault.
- 1.Find the click on the KogeFarm vault again.
- 2.Next, click on Enable vault and confirm the wallet transaction. Enabling a vault gives the vault the ability to interact with your wallet. You'll only need to do this step on time.After you confirm the transaction, the Deposit and Withdraw buttons will be shown.
- 3.Click Deposit, click Max assuming that you'd like to stake all of your LP tokens, click Deposit again and confirm the wallet transaction.
After a short period of time, your LP tokens should be successfully staked in the KogeFarm vault!