Is Essentia a Low Cap Hidden Gem? Yield Farming, DeFi & Interoperability
Essentia.one is a masternode powered blockchain that enables interoperability and cross-chain transactions. It is an ‘all-in-one platform’ that manages all things crypto. With Essentia users can: trade, swap, and add liquidity. Integrated with L2 transactions via zk-SNARKs sdk and Starkwave - Essentia is designed to be simple, secure, and most importantly decentralized.
Yield Farming Ess Tokens:
If you are new to yield farming please watch the video above. The video shows an example of how to use Uniswap to get the LP (liquidity pool) tokens and stake them into the ESS/ETH pool on Unicrypt. Here are the steps if you are looking to participate in yield farming Essentia to earn passive income.
- Have an equal value of ESS tokens and Ethereum coins in your wallet. You can 'trade' to achieve this here.
- Once you have both sides of the pool from your trade/swap in step 1. you can 'add liquidity' by clicking the add liquidity here.
- Once your transaction has confirmed you will have LP tokens. LP tokens represent your stake in the pool. The amount of ESS and ETH tokens will rebalance within your LP token holdings. The LP amount will stay the same but due to impermanent loss there will be a rebalancing of tokens. For example if one of the assets outperforms the other, there will be slightly less of the outperforming token and more of the less performing token, This is due to arbitrage.
- Go to the ESS/ETH farm on Unicrypt here. You need to 'stake' your LP tokens here in order to start farming ESS and earning the rewards.
- When you are done farming you can remove your LP tokens and 'harvest' your ESS tokens. The amount of ESS tokens you farmed will be added to your wallet. Be sure to add ESS token to your wallet to see the balance.
- You will also need to sell your LP tokens, you can do this again using Uniswap.
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