wBITC Yield Farming Starts Today!
Yield Farming will go live today on Tenet on block 5166000 (around 15:45 UTC).
Yield Farming Starts Today!
After providing initial liquidity for the wBITC-BNB liquidity pool on the decentralized exchange, Pancakeswap, the BitCash team wants to incentivize the longtime holders and new community members to add liquidity, as well.
With that being said, Wrapped BitCash yield farming will begin in next couple of hours on the yield farming platform, TENET. The wBITC-BNB LP farming will start on BSC block #5166000, which is today, Feb 24th around 15:45 UTC. The farm will last three months and distribute over 30,000 BitCash to liquidity providers.
You can access the farm here: https://bsc.tenet.farm/pool/detail?id=95
We will also launch other farms over the next few weeks!
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 BNB available to create a liquidity token. You can purchase both wBITC and BNB on https://exchange.pancakeswap.finance/#/swap. Since, wBITC is not officially listed on PancakeSwap, you will have to manually enter it by selecting the token button and entering wBITC Token address:
I would recommend click the add button so you can find wBITC later.
Once you have both BNB 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.
Select BNB and for the other just enter our token address, if you didn’t manually add it already: 0x44969fdfeeab1d7f6e500a5a8f1aeebd74785aef
At this point, you add equal parts wBITC and BNB (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
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.
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”.
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.
As a liquidity provider you earn fees on trades made on wBITC and BNB, 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