Most people assume that all they have to do to earn with cryptocurrencies is to hold them, wait until they gain high value, then sell them for profit. But why play the waiting game when you can grow your crypto even more with yield farming as you hold it?
Yield farming is one of the most profitable ways to grow your portfolio. With yield farming, you can earn higher percentages than what your bank gives you on your savings account or what you will get from holding your crypto alone. If you don’t know what yield farming is, take a look at these posts we have written on the topic:
- Yield farming guide
- CELO yield farming on Ubeswap tutorial
- Yield farming risks
- How to Yield Farm SOURCE and mcUSD
This article will focus solely on SOURCE and Tokensfarm.
What is SOURCE?
Although we have defined SOURCE in some of our previous guides, we will do so again here just in case you are not familiar with this cryptocurrency.
SOURCE is a cryptocurrency that you can find on CELO mainnet, Binance Smart Chain (BSC), and ETH. It is the crypto powered by ReSource Network, which is a platform for businesses to obtain uncollateralized crypto credit and sell online.
SOURCE has potential and is one of the coins you can farm on Tokensfarm for sweet rewards.
What is Tokensfarm?
Tokensfarm is a platform for yield farming. On Tokenfarms, you can access several yield farming pools and staking farms. The platform also allows you/crypto managers to create and host farming programs for various crypto tokens.
Currently, you can yield farm SOURCE and BUSD on Tokensfarm for 599.31% APY and 50,000 SOURCE per month.
What do I Need to Yield Farm SOURCE?
To yield farm SOURCE on Tokensfarm, you need some SOURCE and BUSD tokens. Also, you need a wallet with access to the Binance Smart Chain network; MetaMask is a perfect wallet for that.
You also need a platform to add SOURCE and BUSD to a liquidity pool before farming yields on them; PancakeSwap is the platform we will use. If you are unfamiliar with PancakeSwap, read our how to buy SOURCE on PancakeSwap article.
How to Farm SOURCE rewards on Tokensfarm
Step one – Get some BNB
You need BNB to do anything on the Binance Smart Chain; it’s your currency to pay for transactions. You can get BNB on an exchange like Binance. When you have purchased BNB, transfer it to your MetaMask account through the address at the top of your MetaMask BSC.
Copy that address, go to Binance’s withdrawal section and send your BNB to the MetaMask address.
Step Two – Get SOURCE and BUSD
The next step is to get some SOURCE and BUSD. You can do that by swapping your BNB for SOURCE and BUSD on PancakeSwap.
Go to https://pancakeswap.finance/ and connect your MetaMask wallet.
Click on the “Connect Wallet” button, choose MetaMask, and follow the prompt to connect your MetaMask wallet to PancakeSwap.
Then, hover over “Trade” in the top menu and click on “Exchange” or go to this URL. Select BNB in the first dropdown and SOURCE in the second dropdown as depicted below.
If SOURCE is not in your PancakeSwap, you can import it. When you click on the dropdown in the box to select a coin, you will see “Manage tokens” at the bottom; click on that and select the “Tokens” tab, then paste this into the box: 0xea136fc555e695ba96d22e10b7e2151c4c6b2a20 to import SOURCE.
Swap any amount of BNB for SOURCE but ensure you leave some BNB in your account to cover transaction fees. Do the same for BUSD. That is, swap some BNB for BUSD or SOURCE for BUSD.
Step Three – Add SOURCE and BUSD Liquidity
Now that you have both coins, hover over “Trade” in the top menu and select “Liquidity” or go to this URL. Click on “Add liquidity” and select SOURCE in one box and BUSD in another as depicted below:
Type in an amount of SOURCE or BUSD that you want to add. Note that your SOURCE must be an equivalent value of the BUSD. That means, if one SOURCE is 1.8 BUSD and you add one SOURCE, you must add 1.8 BUSD. When you type a figure in one of the boxes, PancakeSwap will automatically calculate the right figure for the other box. You can also select max to select all the coins in one of the cryptocurrencies.
Click on “Supply” and confirm the transaction in your MetaMask pop-up. If you can’t see supply on that page after typing a figure, likely, you don’t have enough of that or the other crypto.
Step Four – Add Liquidity to the Pool on Tokensfarm
Go to https://tokensfarm.com/source/lp/1 and click on the “connect wallet” button. That is at the top right of your screen.
As usual, select MetaMask and connect the same wallet and account that you used on PancakeSwap. Then, scroll down and type in the liquidity you want to add. You can also add all the liquidity you provided on PancakeSwap by clicking the “Deposit Max” link.
After that, click on “Approve SOURCE-BUSD” to approve that and the staking transactions in the MetaMask pop-up.
That’s all! In about seven days, you will be able to claim your earnings.
Farming cryptocurrencies is nice and rewarding. It’s one of the best ways to earn passively on your funds. You just stake your crypto in the farms and relax without doing anything but looking at it periodically to claim your rewards or withdraw your liquidity, which takes less than 5 minutes.
If you have any questions on yield farming or growing your income/wealth with crypto, book an appointment with a cryptocurrency consultant today. Don’t forget to subscribe to our blog for updates.