With the imminent release of the farms at 29 March 2021 3.00PM UTC, it’s time for a little reintroduction of GYA. For those who are already acquainted with GYA, keep reading till the end — we still have a little surprise for you.
The GYA Yield Farming Guide
GYA is the inflationary token of Magikarp’s Finance ecosystem. There are 3 ways to earn via GYA with yield farming. Each of these ways of yield farming carry their own sets of risks and rewards, tailored for your risk appetite. Understand the mechanics of each method, so you can come up with your own strategies to maximize your profits with our system. As usual, we provide the transparency and information so you can DYOR and capitalize on gains in the crypto world!
Aqua farms work by providing liquidity to trading pairs. When you provide liquidity to a liquidity pool, you receive LP tokens. You earn in 2 ways through this method: your LP tokens help you to earn via trading fees for helping to provide the liquidity in that trading pair, while at the same time, you are rewarded with GYA for your contributions to the ecosystem.
- Hold equal values of GYA and BUSD.
- Head over to https://exchange.pancakeswap.finance/#/pool to add your liquidity
- Select GYA as one of the tokens, and BUSD as the other token. PancakeSwap will ensure you have equal values of each token you are adding to the LP.
- Click supply to get your GYA-BUSD LP tokens in return for providing GYA and BUSD liquidity to the pool
- Take your LP tokens to https://farm.magikarp.finance/farms, approve the contract if you haven’t already, and deposit your GYA-BUSD LP tokens.
- Watch your GYA rewards grow!
Yes, it’s that simple! Do take note that there are costs to farms, though. Each LP farm has their own deposit fee, and if any, the fee is taken off your deposit and sent to the dev wallets for GYA buyback and marketing. There is also a 9.09% GYA fee when unstaking. These are necessary fees to ensure that the ecosystem remains sustainable — without such measures, there would be an oversupply of GYA in the market, which negatively impacts prices. Therefore, it is critical that you plan your investment and staking such that the rewards surpass the fees incurred!
Earning from swimming pools is much more straightforward. All you have to do is to:
- Hold sufficient GYA
- Head over to https://farm.magikarp.finance/pools
- Stake your GYA to earn GYA rewards
Once again, take note that there is a deposit fee incurred on staking. There is also a fee taxed on the rewards when withdrawing, and these 2 fees are sent to the dev wallets to be used for GYA buyback and marketing purposes.
Shrines are the latest features of the Magikarp ecosystem. This is a concept that has never been done before, and we’re proud to be bringing it to the Magikarp community. In shrines, you earn your rewards in MAGI or BNB. This reward pool is exhaustive, and is initial filled by the dev. This comes with a cost — there is a 99% unstaking fee, which means you are essentially sacrificing GYA for crazy rewards. This 99% fee, however, is subject to tweaking, as this concept is experimental. It will be lowered manually when the supply of GYA is low, and increased back to a max of 99% when there is an oversupply of GYA in the market.
The Shrine feature is experimental and will only run for 24h after release. We will open new Shrines if it’s successful 😊