Bancor is now the cheapest place to buy $FARM in DeFi thanks to having the lowest trading fees (0.2%) and the deepest liquidity ($7.4m as of 09/2021). Here, we will show you how to buy $FARM and stake it on Bancor to earn low-risk, passive yield on your $FARM.
1. Ensure you have Metamask installed and loaded with funds for trading
This is the first step to making transactions on the Ethereum network. If you haven’t already installed Metamask, please follow the instructions here.
2. Connect Metamask to Bancor
Visit https://beta.bancor.network/ and click on Connect Wallet (highlighted in the yellow box below), then select Metamask from the list of wallets that appears thereafter:
You may be prompted to enter your password into your Chrome or Firefox Metamask plug-in. Once connected, you will see your wallet address appear on the UI as below (in the yellow box):
3. Buy $FARM
Select the token you are using to buy $FARM by clicking on the ETH logo underneath “You Pay” (in the yellow box below) and selecting or searching for the token you wish to sell from the drop-down menu that opens up:
Ensuring that Market (and not Limit) is selected, enter the number of the chosen tokens you wish to sell:
Now select $FARM from the drop-down list that appears when you click Select a token (shown in the yellow box below), and you will see how much $FARM you can buy with the tokens you are selling:
Click Trade, and you will be prompted in Metamask to pay a small network fee (giving you permission to create a transaction) if this is your first time trading on Bancor in a while. Once confirmed, you will then be asked to pay the gas fee (highlighted in yellow below) to enact the transaction.
Click confirm, and wait for the transaction to be completed.
4. Display your $FARM in Metamask
Once complete, you need to display your new FARM tokens in Metamask. To do this, open your Metamask plugin and click on “Add token” at the bottom of the menu:
Then, click on Custom Token and insert the following token contract address: 0xa0246c9032bc3a600820415ae600c6388619a14d
Select Next, followed by Add Tokens, and your $FARM tokens will now appear in Metamask every time you open it.
Done! Now to stake your $FARM on Bancor for passive yield and full impermanent loss protection.
Wanted to place a limit order instead? Find out how to do so here.
Passive yield from trading fees with impermanent loss protection has been Bancor’s killer feature since the launch of v2.1, and the FARM pool has become one of the highest earners and most lucrative for liquidity providers. This led to the Harvest FInance community pointing the FARM buyback mechanism at the Bancor pool. Here we’ll show you how to earn passive yield on your $FARM.
- Ensuring Bancor is connected to Metamask, visit https://app.bancor.network/eth/data/ and search for the FARM pool in the search box (in the yellow box below).
If the pool is receiving BNT liquidity mining rewards, you will see the % returns from BNT rewards in the “Rewards” column. The “APR” column indicates returns earned from swap fees (paid in FARM). To get the combined APR, add together the values in the “Rewards” and “APR” columns.
Once you’re ready to add liquidity, click the blue + button under Actions for the FARM/BNT pool to add liquidity.
2. Insert the amount of FARM tokens you wish to stake. If you wish to stake all your FARM tokens, click on ‘Balance’ and the text box will auto-fill with your entire FARM stack.
3. Click Stake and Protect, you will be prompted in Metamask to pay the Ethereum network gas fee to enact the transaction.
4. Click confirm and wait for the transaction to be completed. Once completed, select ‘Portfolio’ from the sidebar and you’ll be able to see your newly provided liquidity: