Introducing the idexo Liquidity Mining Farm Program for Pancakeswap
Recently idexo completed both its Bridge to BSC with Wrapped Idexo Token and a move to Pancakeswap. Members of our community have been asking when will release a Farm program for Liquidity Providers to stake their LP tokens from Pancakeswap and earn rewards. With this post, we are announcing that program and how it will rollout.
How to acquire LP tokens:
To start, you will navigate to the WIDO/BUSD pair page and click on the ‘Add Liquidity’ button and that will take you to the Add Liquidity page.
On that page, you enter the amount of WIDO and equivalent BUSD you want to provide as liquidity to the pool and then deposit those. When you complete that transaction, you will receive LP tokens in the pool. You can see your LP tokens on the LP token page on BSC scan.
Now that you have the LP tokens, you can begin earning in the idexo LP Token Farm Program. Eventually, idexo will be releasing a Farm smart contract and user interface. We are currently working on a fork of the popular MasterChef.sol smart contract that is the standard for farms, with the key modification provided in the NoMintRewardPool.sol contracts that are widely used for farms where the reward tokens are not minted, rather they are deposited in a reward pool prior, as will be the case for the idexo Farm. There will be some modifications / customizations to suit our particular use case as well.
Since that work is ongoing, we will first be launching with a manual reward farm, i.e. we will be distributing rewards to LP token holders manually every day at the same time. Once per day, an off-chain program will look at the data provided by the BSC chain about WIDO/BUSD LP token holders, and calculate and distribute rewards as transfers to those holders. The reward being distributed will be as follows:
88% APR * 2 * WIDO amount of liquidity staked.
Thus, the daily amount of WIDO to be distributed to an LP token holder is ((0.88 * 2 * WIDO amount)/365).
In addition to the staking rewards, you still continue to earn a percentage of the trading fees from providing liquidity to the WIDO/BUSD pool. The minimum amount of WIDO staked as liquidity in order to qualify for this early manual method is 100 WIDO. Later when this is launched as a smart contract, there will be no minimum. This program is available for the first 1 million WIDO staked as liquidity.
How to acquire WIDO
In order to obtain the WIDO necessary, for providing the liquidity to the pool and obtaining the LP tokens, you can get in one of the following ways:
- Transfer your existing IDO balance on Ethereum to WIDO on BSC using the IDO to WIDO Bridge UI (to be released in the coming days).
- Obtain IDO on Ascendex and then transfer to BSC using the Bridge
- Obtain WIDO directly on Pancakeswap
Happy Farming Idexonauts!