If you have been following this website for a while, you would know that yield farming is one of the profitable passive income growth strategies available on the internet. For those of you just reading about it for the first time, visit our yield farming guide. This article focuses on how to yield farm the SOURCE and mcUSD tokens.
Short Overview of Yield Farming
Although there are yield farming risks, the benefits are immense, including the growth of your money. Unlike crypto trading, where you have to spend so much time monitoring charts and whatnot, yield farming is more laid back. All you need to do is identify a profitable pool and add your coins.
A pool can have two tokens or coins. In a yield farming pool, you can add those tokens to earn rewards which could be in those or other coins. SOURCE and mcUSD are two coins that you can farm yields.
Why Yield Farm SOURCE and mcUSD?
mcUSD is a stablecoin. Stablecoins are…well stable, meaning they are not volatile like Bitcoin and other regular coins, and as such, you are unlikely to lose your money.
SOURCE is the token that powers the Resource Network platform. Resource Network is a crypto mutual credit platform for businesses that allow businesses to obtain uncollateralized loans, sell their products or services, and earn money.
Since Resource Network is like a mini economy, SOURCE isn’t only driven by the crypto market but also real businesses that exist on the Resource Network. Even if Bitcoin moves with the breeze that comes with public fear and things like Elon Musk’s Twitter updates and goes down, the activities on ReSource will mitigate the effects of such on SOURCE. As such, you can hold a coin that grows based on commerce activities and demand on Resource and other platforms.
Yield farming SOURCE and mcUSD in a pool is taking your investment further to earn even more.
The pool earns 0.25% on trading fees and you get your cut based on your share of the pool. On top of that, you get triple incentives of 50000 SOURCE / Month, 26,160 UBE / month, and 7,700 CELO / month. All of these are good value coins and you are getting them for free :).
How to Yield Farm SOURCE and mcUSD on Ubeswap
Step 1: Ensure you have SOURCE and mcUSD
Ensure that you have SOURCE and mcUSD in your Ubeswap. With CELO, you can purchase both coins on Ubeswap. If you don’t have SOURCE, follow our guide on how to buy SOURCE on Ubeswap.
The same way you swap your CELO for SOURCE is the same way you purchase mcUSD; navigate to swap on Ubeswap and select CELO” in the “from” box and mcUSD in the “to” box.
Enter the amount of CELO you want to swap and click on the “swap” button. Follow the prompts in the pop-up. The pop-up depends on how you connect your wallet to Ubeswap. Our article on how to buy SOURCE shows how to connect Metamask as well.
Step 2: Add your tokens to a liquidity pool
Now that you have SOURCE and mcUSD in your Ubeswap, click on “pool” in the menu.
Click on “add liquidity” to get the box. Select one of the coins in the first input area; this can be mcUSD or SOURCE, then select the other coin in the second input area.
If you don’t easily see one of the coins when you click on the arrowhead icon, you can type to search for the coin.
Click on the “supply” button and confirm the transaction in your Metamask extension; if you use Valora, Ledger, or Celo extension wallet, the same applies.
Step 3: Farm the liquidity
Now we can farm our token. Click on “farm” in the top menu. You should see something like the screenshot below:
Scroll through to the available pools to find the SOURCE-mcUSD pool. If you can’t find it easily, click on “Filter By Token” at the top and search for SOURCE.
When you have seen it, click on the “Deposit” button on the right side and then the “Add SOURCE-mcUSD liquidity” button; add all or some of your liquidity. As usual, you need to confirm this transaction in the Metamask extension which should pop up once you approve the deposit.
Now, all you need to do is relax and watch your coins earn money for you.
Yield farming is still working great and will continue to work well for a while, so why not jump on this now and earn rewards with high APRs rather than waiting until the market is saturated. If you have any questions on anything discussed in this article, contact us.
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Till next time, cheers!