Feb 25, 2021
BitCash Partners with MonetaryUnit to Bring BSC Yield Farming Pair
wBITC-wMUE yield farming will begin on Tenet on block 5250000 (February 27th 14:45 UTC).
wBITC & wMUE Yield Farming
After a fantastic response to our first yield farm on Binance Smart Chain, we have decided to launch an additional farm. But to make this even more special, we have partnered with MonetaryUnit. MonetaryUnit is a well-established and respected brand with a mature ecosystem, progression driven by a dedicated foundation team and large supportive community. MonetaryUnit assisted in making our wrapped BitCash (BEP20) a reality.
MonetaryUnit has also launched their own wrapped token, wMUE. To show support for each other’s project, we have created a pair, added some liquidity, and will launch joint yield farming on block 5250000 (February 27th 14:45 UTC). This pool will offer over 50,000 BitCash and will last one month.
You can find the pool here: https://bsc.tenet.farm/pool/detail?id=97
How to Add Liquidity
First, you need to migrate your BitCash to Binance Smart Chain, read HERE on how to move your convert your Bitcash to wBITC (BEP20).
Next, you will need to make sure that you have an equal amount of wMUE available to create a liquidity token. You can purchase both wBITC and wMUE on https://exchange.pancakeswap.finance/#/swap. Since, wBITC or wMUE are not officially listed on PancakeSwap, you will have to manually enter them by selecting the token button and entering the token addresses:
wBITC 0x44969fdfeeab1d7f6e500a5a8f1aeebd74785aef
wMUE: 0x00abaa93faf8fdc4f382135a7a56f9cf7c3edd21
I would recommend clicking the add button so you can find wBITC and wMUE later.
Once you have both wMUE and wBITC go to: https://exchange.pancakeswap.finance/#/pool or go to the side panel on the left and click Liquidity.
Then click Add Liquidity.
Find wMUE and wBITC. If you didn’t add them then just enter the contract addresses listed above.
At this point, you add equal parts wBITC and wMUE (PancakeSwap does this automatically for you).
Once you are satisfied, click Supply.
You will now receive your LP Tokens.
Add LP Token and start liquidity mining
STEP 1
Head to: https://bsc.tenet.farm/pool/detail?id=97
STEP 2
Click Unlock Wallet and select a wallet supplier to connect your wallet.
Currently, Tenet has included MetaMask, WalletConnect, MathWallet,Binance Chain Wallet, Imtoken, TrustWallet. More platforms, wallets and functions will be added and updated later.
STEP 3
Click Authorize to authorize LP token for liquidity tap. Confirm authorization through your wallet. Please wait 10 to 60 seconds (due to on-chain traffic) until you see the status button changes to “Lock LP token”.
STEP 4
Click Add LP Token and enter the amount of LP token you want to add into the pop-up window. After conforming, based on your authorized wallet, a corresponding window will pop up. After paying gas fees, LP token added by you will be put into liquidity taps.
Liquidity mining will begin after you transfer LP token into liquidity taps. Mining reward will be based on the ratio of your LP Token to the total amount of LP Token.
If you don’t have LP Token, click Convert and add LP Token
Select to buy tokens you use to pay, enter the amount you need to pay, and click “Swap”. After this deal is done, LP Token you got will be automatically added into Liquidity Tap.
How to calculate rewards:
Mining reward you receive per block = the amount of your LP Token / the total amount of LP Token added by all liquidity providers*reward per block. The APY will be displayed but can always fluctuate.
Impermanent Loss
As a liquidity provider you earn fees on trades made on wBITC and wMUE, but you can also incur something called Impermanent Loss. Impermanent loss happens when you provide liquidity to a liquidity pool, and the price of your deposited assets changes compared to when you deposited them. The bigger this change is, the more you are exposed to impermanent loss. In this case, the loss means less dollar value at the time of withdrawal than at the time of deposit. Learn more about impermanet loss here: https://academy.binance.com/en/articles/impermanent-loss-explained
Be on the lookout for more farms! Happy Farming!
BitCash Official Links:
Website — https://www.choosebitcash.com/
Discord — https://discordapp.com/invite/7P4YcXU
Twitter — https://twitter.com/ChooseBitCash
Bitcointalk ANN — https://bitcointalk.org/index.php?topic=5106123.0
wBITC Contract Address (BEP20) — https://bscscan.com/token/0x44969fdfeeab1d7f6e500a5a8f1aeebd74785aef
Telegram — https://t.me/chooseBitCash
